What does a space powered economy mean?

Last week I attended an event called, “Towards a space powered economy”, organised by the European Space Agency (ESA) as part of their Business Applications and Space Solutions (BASS) programme. 

The BASS programme aims to help businesses solve problems on Earth using space technologies, leading to what is known as, “a space powered economy”. While at the event, I heard from a range of businesses in different industries, with the most surprising ones belonging to the sporting industry. For example, the Union of European Football Associations (UEFA) uses satellites to help monitor and direct crowds towards stadiums. Another example is the International Ski and Snowboard Association (FIS), which uses satellites to help with sustainability issues they face by monitoring deforestation and pollution on mountains. 

The event showed how much potential there is for innovation in the use of space technologies on Earth. In addition, the dynamic nature of the sector was highlighted by ESA signing two memorandums of intent at the event itself, one of which was with FIS.

The key takeaway from the conference is that companies need to learn to leverage space technologies, because the solution to their problem might already exist. In practice, this can be difficult, as it requires a “flash” of inspiration to consider applying technology from another field to the presently faced problem. 

Importantly, such an unexpected solution is typically indicative that there could be intellectual property worth protecting. Therefore, I would add my own piece of advice: when you have an inspired idea, reach out to me or my colleagues at Marks & Clerk to find out if it could be protected and leveraged to further your business.