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Think Global People Magazine Net Zero article

Space sector spinouts offer world-beating solutions

by | May 5, 2023

The race for space is a multinational endeavour. A new report from PwC highlights the UK’s unique position in attracting global talent and private investment. This while space tech establishes its significant role in driving economic growth and solving some of humanity’s most pressing challenges.

Cross-border collaboration, multi-specialist teams and private investors are coming together to make blue-sky thinking about space exploration and innovation a reality – and for good.

In the last year, the number of UK and European space start-ups grew by 50%. In the UK alone, the sector underpins and spins-out value annually to the wider economy of an estimated £370bn (18%) of UK GDP.

A new report from PwC in collaboration with the UK Space Agency, Expanding Frontiers: the down to earth guide to investing in space, describes these opportunities for capital investors and therefore international leadership and management.The consultancy’s analysis shows how acquisition and consolidation are major themes in the investment landscape, opening the door for further international collaboration, innovation and cross-sectoral learning.

Cross-sectoral learning to support innovation

PwC’s report follows new government figures showing how the UK’s space sector is driving growth in the wider economy to the tune of +5.1% in real terms to £17.5 billion in 2020/21 – the second-fastest annual growth in the last seven years.Data in the government and Space UK’s Size and Health of the UK Space Sector Report further shows how the UK space sector is growing faster than the global average, with £635 million invested in UK-headquartered space companies last year. Acquisitions accounted for three-quarters of the total investment value.June’s Innovation Festival for Global Working will explore the practices and thinking behind the expansion of the sector and how it innovates with former NASA astronaut and Lockheed Martin’s Chief Technologist for Space Exploration, Tony Antonelli. This important one-day event will deliver transferable and actionable learnings for leaders and managers of ambitious cross-border teams and companies looking to increase impact in their own sector.

Read the full article in our sister website Relocate Global

Meet Astronaut, Tony Antonelli at the Innovation Festival for Global Working on 8 June, including the Think Global People Awards 2023.

Don’t miss the chance to align your brand with the Festival and reach international attendees including CEOs, CFOs, HR, Global Mobility Professionals, decision makers and influencers in multinational organisation. Find out more here