Business Strategy

Meet The Business Entrepreneurs At The Forefront Of The Space Race

Meet The Business Entrepreneurs At The Forefront Of The Space Race
Space Rocket

Image Source: Google Image

 

There is a craze of new age also known as the New Age Space where the people are excited about all the things which are extraterrestrial and the entrepreneurs take the chance and lead the charge. The commercial enterprises are capitalizing the opportunities through the zero-gravity tourism, satellite and software development themed entertainment and flourishing in the space industry. These entrepreneurs are widening the people’s imagination with these extraterrestrial possibilities.

Many companies like SpaceX have stated that they are finding the possibilities and will land the humans on Mars in the near 10 to 20 years. XCOR Aerospace reported that could start functioning in 2015 with tickets of approximately $95,000 each. Virgin Galactic is keen on initiating these commercial flights and state that there is a space for the commercial companies to work in sending people up to space and bringing in new investment.

Also Read: 5 Inspiring Documentaries Which Is A Must Watch For The Entrepreneurs

Mark R. Johnson, who has been studying the internal workings of U.K. space industry, says that space is not a kind of the space race but is cooperative and focused on gains and business profits. When NASA adopted a decentralized market approach in 2005 and entered into contracts with the private companies like SpaceX to market their services to the people at large, the private companies took it as an opportunity to expand their businesses outside the Earth. FedEx introduced its services aiming to walk their customers through the intricacies of shipping satellites and other sensitive equipment which had the slogan: “Helping you launch on time.”

Space foundation in Colorado Springs estimated that the global space economy has grown more that 50 percent since the year 2005.

John Spencer, who is the founder and president of Space Tourism Society, stated that the commercial growth of the Space was bound to come from a long time. He further stated that people like Branson were grown during the Apollo era for which astronauts were like heroes. The ultimate aim of these people was to grow up, become wealthy and then finally migrate to the space world. Eric Anderson after having myopia gave up his dream of becoming a pilot and rather focused on aerospace engineering. He was the first person of getting the idea that people would pay for the experience that would be out of this world. Along with Peter Diomandis, he created space adventures in 1998. In 2008, Space adventures acquired Zero G, which provided the weightless flight services to its customers. Around 12,000 people took these zero gravity flights with the tickets which started from the range of $4,950.

Tuscon, a new Ariz. based enterprise started 4-5 hours voyages to the space with a flight capsule which would be pressurized and would be hung beneath the balloon. There will be only sailing provided with the Wi-Fi and cocktails, and the total will cost $75,000/-.

World View and Virgin Galactic are also working on the same business. They have provided service to approximately 700 passengers who include the services to Leonardo Di Caprio, Stephen Hawking and Lady gaga.

Virgin Galactic developed a plane Spaceship Two which can replace the Concorde. These jets will be developed to speed around the world at a very fast speed. More than giving the joy rides to the people, it helps launching satellites with the fraction of the current cost.

Although rich companies have the upper hand in the space industry, but that doesn’t mean that they control it deeply. Even small companies are coming up with the same ideas like that of the Skybox Imagining, which started in 2009. The company provides a platform to process the data which has been taken from the space by the satellites which can be very helpful to the countries in the natural disasters, etc. it has been said by Walter-Range that just a really good sensor is required which is better than others and then would not matter whether it belonged to a big or a small company. Even the universities and startups are launching small satellites.

The enterprises are expanding their market areas through these space studies. The companies are aiming at mining precious minerals through the help of unmanned spacecrafts of the other planets. The hydrogen and oxygen in asteroid can be used to make rocket fuel which has been planned to get extracted from the asteroid in the next six years. Fuel stations can be built through these fuels which will help sustaining life on the other planet.

Also Read: Crowdfunding And Its Benefits – How Indiegogo, A Pioneer In Internet Crowdfunding, Became The “Youtube For Entrepreneurs”

However there are various problems faced in this business. They are of a huge cost, require a lot of time and are full of risks. There can be explosions on the launch pads, or there can be a failure to orbit or a breakdown during orbit. But the entrepreneurs take these risks since this is a market which gains extremely high profits and redefines the use of technology which provides the prosperity of the people.

 

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