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In preparation for the second edition of the Future Technology Program, KPMG and Stone & Chalk’s joint accelerator for local space startups, Stone & Chalk CEO Michael Bromley outlines why startups are key to Australia’s growing space sector.
Australia’s space sector has evolved in leaps and bounds over the past few years and new frontiers have been set and explored. While the space economy has thus far remained distinctly local, the commercialization of the sector is increasingly promising, reaching into new critical areas, including commercial enterprises, government programs, human capital, and the application of space datasets for the benefit here on Earth.
The possibilities for a booming space sector are endless, with the importance of space technology set to increase dramatically in the coming years, not only through economic contributions, but also in addressing some of the world’s most pressing issues, such as carbon storage and climate change.
The real economic impacts of the space industry are already being felt; growing by AU$704 billion in 2021 and experiencing 6.4% revenue growth from 2020. As one of the fastest growing and most competitive commercial sectors in the world, Australia needs to grow its space sector to compete on the world stage.
Further reading: Australia’s space industry has crossed the $5 billion mark.
Recognized as one of the leading drivers of innovation not only in the atmosphere but also on Earth, space technology startups are key to Australia’s space industry accelerating its growth as it reaches for the stars on the global stage.
The use of startups to grow our local space infrastructure space ecosystem has been a key driver of growth and efficiency for many industries, from agriculture, shipping, mining and supply chain, and continues to influence the efficiency and capabilities of new sectors.
For example, getting from one destination to another required a lot of planning and access to paper or static digital maps, however, since the birth of the Global Positioning System (GPS), that has only been possible through the use of a critical piece of space infrastructure. – positioning, navigation and timing (PNT) for travel that has never been easier.
With the ability to precisely track location and timing, travel from one place to another using modern vehicles, including planes, ships, submarines, trains, space shuttles, and automobiles, has become a reality.
What the space sector can detect and track is endless. From navigation to carbon storage and software development, space technology is truly Earth technology. In order to discover innovation and technological progress, we need to build a strong space ecosystem that ensures that startups have access to the resources, expertise and opportunities to continuously innovate and build their product offerings and grow their businesses.
Many startups are pushing the boundaries and creating breakthrough capabilities that are being developed right here in Australia. Giving them access to the ecosystem needed to thrive and grow here at home is key to any startup’s path to commercialization. A robust space industry relies on strong collaboration and a vibrant marketplace of ideas.
Future Technology Program
The aspiration to grow a new generation of startups is one of the main reasons why Stone & Chalk is building an ecosystem for space technology startups. As part of this approach, we have partnered with KPMG for the Future Technology Program to support and encourage early stage space technology founders looking to grow their capabilities and infrastructure.
The sole purpose of the program is to ensure that promising startups are armed with rich support and resources from mentoring and access to equity funding to networking and community building – to scale their business and lead the way to commercialization.
Invest today in tomorrow’s innovation
Supporting startups to grow and prosper has always been Stone & Chalk’s mission. This is not the first iteration of the Future Technology Program. Just last December, the program focused on supporting startups that solve supply chain-related challenges or issues.
The five startups – Adiona, Cynch Security, Givvable, Versed AI and Zondii – selected for the program now have access to a community of like-minded founders and industry experts who offer invaluable insights on expanding their business offerings and solving business challenges.
Zondii, one of the 5 winners of the first cohort, is a global technology company that instantly validates and verifies food and fiber using smartphones. Since joining the program, Zondii has been able to work closely with industry experts from KPMG and meet startups from the Stone & Chalk community. This allowed the founder to gain access to expert opinions about the agriculture industry and use them as a sounding board.
Information such as ways to accelerate commercialization grants, customer journey mapping, and even access to potential customer bases are now readily available and accessible.
Many startups have great ideas but are unable to scale due to lack of support or resources. The aim of the Future Technology Program is to ensure that start-ups have access to the opportunities they need to take their business to the next level.
Space is a fast-growing and competitive commercial sector, and for Australia to maintain its position on the global stage, it is important that we continue to invest in our people and technology. The best way to do this would be to support our local startups and small businesses. Only then can Australia work to establish itself not only as a world leader in the space industry, but beyond.
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