Entrepreneurial and innovation ecosystem for space: A handbook on how to start your own space company

This is a great time to start a space company. A revolution is underway and the commercial space industry is taking off. Less dependence on government business means that aerospace companies can attract new customers to emerging space markets. This dynamic global context promises of opening the new frontier to exploration and development in ways not anticipated by the established industry. Investments from venture capitalists along with new approaches to raise capital-such as crowdsourcing-are providing opportunities for small entrepreneurial space companies to gain a foothold in the sector. Between 2005 and 2012, investments were estimated at around 12 billion USD and this support is expected to continue as the new industry develops. This paper presents the results of an International Space University team project focused on helping new companies get started and take advantage of the new opportunities. The first of two outputs of this project is “The Galactic Guide to Space Entrepreneurship”, a handbook designed to be an easy-to-read guide for current and future space entrepreneurs-also referred to as astropreneurs. Alongside the handbook, we developed astropreneurs.space. This dynamic web resource features relevant and up-to-date content that will provide astropreneurs with the tools and insights needed to build and manage a successful space business. This article summarizes the creative process and the major findings of the team project including: a review of the market opportunities; the basics required knowledge in the areas of finance, business modelling, and the minimum viable product process; suggestions for effective branding; and the different stages of the fundraising journey. We also study the relevant legal aspects-for incorporating and running a space enterprise-and the currently available government sponsorships, university and incubation programs.