Investments of Slovak companies and startups in space exploration are growing

They would like to see stronger state support.

Jakub Kapuš with the skCUBE satellite.Jakub Kapuš with the skCUBE satellite. (Source: TASR)

Exploring the potential of space is not only a challenge for the world's richest people but also for some ambitious Slovak companies and startups.

While their investments in space exploration are growing, they lack stronger state support.

“Preparing for the arrival of a new type of economy can be a crucial aspect between failure and huge success,” said Peter Gunda, managing partner at consultancy company BDO Slovak Republic about the growing space economy, as quoted by the TASR newswire.

Revenue from this sector is expected to reach approximately USD3 trillion by 2050 based on the BDO’s study focusing on the space economy. Gunda noted that the economy is transforming and if we want to sustain competitiveness, we must also transform our services.

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The interest of Slovak companies in the calls of the European Space Agency (ESA) is growing along with the quality of submitted projects, said Jakub Kapuš, chair of the Slovak Organisation of Space Activities (SOSA).

“Slovakia does not want to lag behind; it wants to board the running train,” said Kapuš, as cited by TASR. “Unfortunately, companies and start-ups do not receive the necessary support in Slovakia.”

That is why they often end up going to the Czech Republic, a full-fledged member of ESA, unlike Slovakia. Several ESA business incubators operate in Czechia, designed to support start-ups developing or already using space technologies, he noted.

Related articleSlovakia, we have a problem Read more 

The BDO study identifies the five most prospective space industries that businesses should focus on to be able to stay on track and gain a competitive advantage. These are space mining, space infrastructure, space farming, space logistics & orbital transportation and space hospitality & travel.

The space economy should record rapid growth within 30 years. Asteroid mining stations will likely be built while space power systems will be used to supply households on Earth with clean energy 24/7. Space tourism will exceed USD850 billion during this period.

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