THE AVION
B2 Industry
Space Entrepreneurship Opportunities Continue to Grow
Embry-Riddle is a hub for space-related education, offering majors like Aerospace Engineering, Spaceflight Operations, and Space Physics. There are many professional options for these students, but one of the fastest areas of growth in the aerospace industry is in entrepreneurial ventures. While there are many entrants into the commercial space startup world, like Planetary Resources, OneWeb, Planet Labs and even SpaceX, there are still plenty of resources for young entrepreneurs in the space realm. These resources range from technology incubators to funding sources, to competitions to garner recognition. Embry-Riddle also offers many resources to space student-entrepreneurs. Many students at Embry-Riddle develop technologies, either through projects or through personal interest, that may be useful for commercial space activities. Technology incubators, a resource to young space entrepreneurs, help those students develop their technologies further. Technology incubators, like AeroInnovate, LightSpeed Innovations, and Boeing HorizonX Ventures, provide students with mentorship, resources, business services, and networking opportunities. A related resource is business accelerators, which offer similar services but are not specifically geared for technology companies. There are also other sources of support for commercial space ventures. For those seeking funding, there are multiple space-focused venture capital firms. Though a relatively new area in venture capital, space funding has snowballed in recent years. CI Research stated that in 2017, there was about $4B in combined financing distributed to space ventures. The Space Angels Network is an excellent resource for interested students since the firm compiles information about commercial space investment opportunities and has invested in over twenty companies.
Another area of growing support for space entrepreneurship is in competitions. Such competitions compare the business plans of fledgling space ventures and help to expose the entrants to both networking and funding opportunities but also the harsh reality of the business world. There are many competitions for space entrepreneurs, including the National Space Society’s Space Business Symposium and Business Plan Competition, the SATELLITE conference Startup Space 2019 Entrepreneur Pitch Contest, and the SpaceCom Entrepreneur Summit. These competitions are not limited to the United States, either. For example, the YSpace in Canada is a business plan competition designed to increase resources for young space entrepreneurs. There was even space entrepreneurial venture competition at the International Astronautical Congress in 2018, the IAF Startup Pitch Session. The contest required ten teams from around the world to present their projects to a panel of judges, as well as a large audience. Both the audience and the panel of judges voted on the best venture.
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One thing I really enjoy about working at WEINTRAUS is the energy and determination I see to get the company off to a solid start. I enjoy being a part of paving a new path in commercial space, enabling us to effectively demonstrate our company’s mission in a way that is both fun and effective.
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Jaclyn Wiley Editor-in-Chief
Keenan Thungtrakul Embry-Riddle offers many resources for student-entrepreneurs looking to get their start. The Embry-Riddle Center for Entrepreneurship, part of the David B. O’Maley College of Business, was founded in 2015 to “marry technological knowledge in aeronautics, aerospace, engineering & computer science with business acumen to build world-class companies.” Students with an idea are encouraged by the Center for Entrepreneurship to attend their UpStart Hangar program. This
program is the first stage of an entrepreneurial venture, according to the Center for Entrepreneurship, and is open to students, alumni, faculty, and staff, with no reservation or appointment necessary. Another resource for students is the Center for Entrepreneurship’s Test Flight Bootcamp, which is a four-day intensive preparation program for entrepreneurs and their businesses. Participants learn about the value of a company’s value proposition and the customer discovery process.
Center for Entrepreneurship Opportunities • • • •
UpStart Hangar Program Test Flight Bootcamp TREP Entrepreneurship Expo Launch Your Venture Competition
The Center for Entrepreneurship also hosts the semesterly TREP Entrepreneurship Expo, a competition for entrepreneurial ventures held annually at the Daytona Beach Embry-Riddle campus. Entrants compete for cash prizes over the course of a three-day event that also features lectures from business professionals, networking opportunities, and business consultations for contending teams. Another competition that the Center for Entrepreneurship hosts is the Launch Your Venture competition. Presented by Boeing HorizonX Ventures, the Launch Your Venture competition features student-led startups in the aviation, aerospace, and engineering realms. Teams have 10 minutes to pitch their startups and have the chance to win up to $10,000. The Launch Your Venture competition is open to students currently enrolled at an accredited university in Florida. While there are many resources available to space entrepreneurs, there is still a great deal of risk. Like any business, entrepreneurial ventures must contend with a fluctuating market, and competition, which has risen dramatically over the last decade.
During a panel at the SmallSat Symposium in Silicon Valley, California, panelists stated that over 900 commercial space companies, many of which are start-ups and other small entrepreneurial ventures, plan to launch over 20,000 satellites in the coming decades. The panelists continued to discuss the future “shakeout” of the commercial small satellite industry, which would reduce the overpopulated field of competitors. Entrepreneurs should not lose hope, however; there are many success stories, some of which are close to home for Embry-Riddle students. WEINTRAUS, founded by Embry-Riddle alum Scott Weintraub, is designing a spacecraft that inserts other spacecraft into their desired orbits. WEINTRAUS currently operates out of the John Mica Engineering and Aerospace Innovation Complex (MicaPlex) and has utilized many of the resources that Embry-Riddle provides to entrepreneurial ventures. Keenan Thungtrakul is an intern at WEINTRAUS. “One thing I really enjoy about working at WEINTRAUS is the energy and determination I see to get the company off to a solid start. I enjoy being a part of paving a new path in commercial space, enabling us to effectively demonstrate our company’s mission in a way that is both fun and effective.” WEINTRAUS’s stated goals are to “provide more access to space, reverse orbital debris build-up, and make satellite refueling and servicing an affordable reality.” Students interested in the resources offered by the Center for Entrepreneurship should call 386226-7554 or email dbentrec@erau. edu. They can also attend the HappE Hour event in the Incubator Space in the MicaPlex on Feb. 22. Embry-Riddle students have many options when looking for a career after graduation. Entrepreneurship can be a risky path, especially in the already hazardous space industry, but there is a lot of support available as well, and students should consider it as a potential path.