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Space Tech Pegged at $415 Billion; Research Drives New Adulation for the Economy

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A leader in Space Tech research- the Space Foundation Launched the Center for Innovation and Education; Workforce Opportunity in the $415 Billion Space Economy Now Readily Accessible to All People 

In a massive boost to the next-gen technology, also called (emerging tech), the Space Foundation has declared its vision for the economy. The Space Foundation will create a sustainable workforce development roadmap, providing ample learning and development programs focused on growing space tech entrepreneurship. The institution has sought assistance and endorsement from the corporate world, seeking finance and donations from the partners, sponsors, grantors and corporate businesses.

Space Foundation Launches the Center for Innovation and Education

Space Foundation Launches the Center for Innovation and Education

As part of the Space Tech roadmap, the Space Foundation has launched its Center for Innovation and Education. The new space research institution would create and deliver inclusive, innovative and sustainable workforce development and economic opportunity programs for the rapidly growing $415 billion global space economy during the COVID-19 pandemic.

Through a partnership model, Space Foundation’s Center for Innovation and Education unites the entire spectrum of global stakeholders, including public and private businesses, government agencies, educational institutions and local communities, to serve the entire life cycle of the workforce, from students and young leaders to entrepreneurs and professionals.

S[pace Foundation also runs some of the most well-known space tech development programs, including the annual Space Symposium, publishes The Space Report. It also runs the Discovery Center which offers rich programming on-site and online for teachers, parents and students.

At the time of this announcement, Tom Zelibor, CEO, Space Foundation stated,

“Every person on planet Earth can find a place in the space economy, regardless of the present state of the job market. The space industry has remained one of the most resilient business sectors throughout the COVID-19 crisis. With 80% of business coming from private enterprise, and ample time for building awareness and skills, a rare opportunity exists to solve the workforce shortage and drive innovation forward in the space economy.”

Only a few decades ago, space technology was considered as the pinnacle of science and innovation. In the Cold War era, the domination by the US, and erstwhile USSR inspired many other countries to explore new avenues in the Space Tech world. Today, we have many more privately-owned space tech research companies partnering with world-class government-backed organizations. It is no longer restricted to the select few. Instead, the Space Tech market has become a home to most dynamic and growth-oriented companies in the world that is single-mindedly focused on putting innovations at the center.

Today, every community, infrastructure and aspect of modern life is acutely dependent on or indirectly affected by space-related technologies. These innovations span all industries, including telecommunications, health and medicine, public safety, agriculture, and consumer goods — impacting societies and regions across the globe.

Quick fact check on the space tech economy:

  • Space Tech growth is a global phenomenon.
  • There are over 80 nations operating in the space
  • The space tech market is estimated to grow to $1-3 trillion within the next 20 years.
  • The number of space tech startup ecosystems has skyrocketed, paving way for new funding and government-assisted programs to build a nation-wide infrastructure.
  • Ongoing space developments will be key to solving the most pressing issues of our time and ensuring a healthy, sustainable future.
  • Space Tech is a key player in the STEM buildup.
  • Statistics and analysis from the U.S. Department of Labor’s Bureau of Labor Statistics (BLS), the Commerce Department’s Bureau of Economic Analysis (BEA), the U.S. Census Bureau, the Organisation for Economic Co-operation and Development (OECD), and the American Action Forum all forecast significant shortages in workers and needed skills.

Space Tech Connection with the Pandemic

When we don’t have answers on the ground, we look up to the stars. Our ancestors did that– and so would we. To battle it out with the COVID-19 pandemic, researchers are looking up to the Space Tech innovations. From restarting the labor workforce engine to developing new skill sets to handle a pandemic at a global scale, the Space Foundation education hub is expected to fill the gaps between human upskilling, knowledge and technical applications.

Today, a unique opportunity exists to raise awareness, share knowledge and provide training to prepare workers for space-related jobs, particularly as many must now spend time at home.

Similarly, millions of students are home from school. This presents a window of opportunity to inspire future space workers and instill a culture of lifelong learning. Multimodal and blended learning platforms can serve as effective training mechanisms, starting with students and spanning an individual’s entire career.

A Workforce Development Roadmap to the Space Economy

As a global steward and convener of the world’s space community, Space Foundation unites and facilitates collaboration across the entire spectrum of stakeholders from the global space community — business, government, education and local communities. Its Center for Innovation and Education brings these constituencies together in partnership, sponsorship, fundraising and grants to serve the entire life cycle of the workforce — students, young leaders, entrepreneurs and professionals.

The Center for Innovation and Education operates according to its Workforce Development Roadmap, which lays out initiatives for building the professional workforce of today as well as the next-generation workforce of tomorrow. It follows five core disciplines designed to combat the obstacles standing in the way of building a qualified space workforce:

  1. Awareness of space impact and the economic opportunity
  2. Access to jobs, careers and business ventures for all people
  3. Training for lifelong learning of sustainable skills
  4. Connections to a vast space network of people, businesses and resources
  5. Mentorship of young leaders to be next-generation role models

Entrepreneurship Programs Reveal Early Signs of Success

To date, the Center for Innovation and Education has piloted two successful programs through vital partnerships with public and private enterprises, government agencies, universities and local communities:

Space Commerce Entrepreneurship Program 

Funded primarily by a grant from the U.S. Department of Commerce’s Minority Business Development Agency, Space Foundation conducted workshops in nine cities for 275+ minority entrepreneurs and small businesses. Spotlighting the program’s early success, one small business has signed multi-million-dollar deals, and other space scholars are progressing through engagements in the space community.

Junior Space Entrepreneur Program (JSEP)

Supported by Lockheed Martin, NASA and Junior Achievement, a successful pilot program for 26 teachers from 16 states led to the first student entrepreneur program in early 2020 for 50 public high school students. This program won recognition in the Fast Company World Changing Ideas award competition.

Call to Action: Corporate Members, Partners, Sponsors, Grantors and Donors

Space has never been more important. It unites and inspires people around the globe, and the Center for Innovation and Education is committed to helping people find their place in the space economy. With unemployment high and schools closed, this mission is even more critical. Shelli Brunswick, COO, Space Foundation, said —

“Space Foundation has spent the last three decades developing and collaborating with the largest global network of space professionals in order to conduct world-class training and research.”

Shelli added, “We rely on corporate members, partners, sponsors and grantors to support our efforts to deliver services to the global space community. The Center for Innovation and Education can take these assets and apply them to build today’s professional workforce and a strong pipeline for the future.”

(To share your insights on Space Tech economy and peripheral innovations in emerging tech, please write to us at sghosh@martechseries.com)

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