Space industry innovation has already led to many creations that have become commonplace in the world. However, the industry itself is also in need of disruptive technologies, especially since the expansion into private business.
Consequently, amazing opportunities exist for organizations willing to innovate. Countless opportunities are also available for startups, emerging companies, and mature innovators within the space industry.
The New Space Economy
The potential for any organization to change, improve, and disrupt the space industry is immense. The global space economy reached $469B in 2021 and the commercial space sector had a 6.4% revenue growth since 2020.
Many sectors previously untouched by space technologies are also ripe for innovation. For instance, the agricultural, fisheries, and insurance sectors could potentially benefit from the data from satellites to monitor earth conditions. The transportation sector could use GPS to monitor their supply chain. Communication companies could reach previously inaccessible markets.
Technology Will Continue to Play a Leading Role
Technology already plays an important role in space, but as private investment expands more innovation is inevitable. Both private business and governments want to reduce costs, expand the lifespan of space assets, and improve performance.
Consequently, many disruptive technologies are already gaining traction in the industry. Reusable space vehicles and rockets could make space travel more sustainable. Smart propulsion systems can reduce fuel consumption. Smaller satellites could drastically reduce resource needs.
More Space Activity Opportunities
Untapped economic benefit for innovators and organizations also lies in digitization, connectivity, and data availability. As more sectors demand access to what space has to offer, they will need user-friendly services and interfaces. They will also need to process, analyze, and manage large volumes of data.
Space industry innovation can also drastically improve space products and services. Advanced robotics, 3D printing, improved automation, and faster data processing may allow space explorers to do more quicker and more economically. Technologies such as high-capacity antennae and decentralized power stations can also improve communications.
Innovation can also play an important role in reducing waste in space and lowering the carbon footprint of space exploration. AI and the Internet of Things can track down and record the location, size, and number of pieces of debris. Alternative low-cost, non-toxic propulsion systems are also essential if governments and organisations are to meet carbon emission goals.
Space industry innovation is also growing in activity management. As space becomes more available to the private sector, issues such as food production, waste disposal, and space station amenities become more important. Space trade will also become a new sector with a new set of challenges such as satellite, station, and possibly lunar base servicing.
Space missions will also increase, each with their own specific needs. For instance, mining companies will need technology to locate and identify asteroids with valuable resources.
Tapping into Space Industry Innovation
Innovators and organisations need to connect to realize the benefits of space industry innovation. Business and government alike will definitely want to create new capabilities and services so they can be increasingly competitive on the global market and more able to respond to future needs.
Regrettably, both the private sector and government space programs struggle to connect with the innovations they need. Luckily, EarlyBirds is perfectly positioned to help, because many of the capabilities needed are already built or in the works.
EarlyBirds expertise, Subject Matter Experts, and expansive marketplace of new and disruptive technologies can help organizations connect to innovations so they can become self-learning, self-sustaining, and incredibly agile.
We also offer unique programs for ad hoc or supplementary needs, as well as ongoing transformational support.
EarlyBirds Innovation Ecosystem
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4 million global innovations that may already address your organization’s challenges. This AI-enabled platform of startups, scaleups, and mature innovators is updated regularly and can be searched and curated using unique tools that meet business and technology needs.
Alternatively, organisations can list their challenges and request solutions from innovators. Innovators can easily add their offerings to the ecosystem to connect with government and business too.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organisational or technical challenge. It looks for the most relevant innovators that meet your organisational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
EarlyBirds helps governments and business connect with technology. Our resources deliver innovative solutions and expertise.
If you’re interested in partnering for success, please register at https://earlybirds.io/, or contact us to discuss your needs.