Space: the emerging frontier

…by connecting them with some of the most exciting spacetech startups around. Spacetech is brimming with an ecosystem of startups and founders who are working relentlessly to make the opportunities of space a reality. Everyone thinks of rockets and billionaires but the New Space Economy goes way beyond space tourism and travel: it’s about making space relevant and accessible to a bigger user base. Right now, that means using more satellite data to provide businesses with valuable insights about their organisation, for example, helping financial services clients better understand the risks of climate change to their portfolio. 

My goal is to show our clients how this is all relevant to them and how spacetech can solve some of their biggest challenges they are facing today: from understanding their climate and nature risk to monitoring their physical assets at scale. I love asking them: ‘have you thought about what satellite data could do for you?’ Often, they won’t know spacetech is an opportunity, but the lightbulbs soon go on. Spacetech, in my view, is all about the pursuit of using space to improve life for us here on earth.

… and investment is growing year on year. In fact, 2021 was a record year for investment, a recent UK Space Agency study found 13 of the 15 world’s biggest venture capital firms and eight of the 15 biggest private equity firms have invested in space sector companies. Then, in 2022 we saw a record number of satellite launches – more companies putting them into orbit means we’re getting different type of earth observation data, and nearly full coverage of the Earth 24 hours a day. One of the driving forces behind all this growth is the sheer ambition of the startups. They’re all looking to disrupt the market and think about how things can be done differently. They’re at the heart of the New Space Economy and they’re bringing the opportunities of space closer to home. 

As part of the startup ventures team, I’m getting to tap into this fast-moving sector. I joined Deloitte four years ago on the graduate programme and worked in our consulting practice, before joining the startup ventures team – I love working in such a dynamic environment and feel very lucky that I’m helping to build Deloitte’s response to the growth of the space industry. There’s a lot of ambition and even more fantastic people across Deloitte’s innovation teams who I get to work with. In my role I don’t just work with my immediate team but get to work with colleagues around the world in similar roles to mine – spacetech is on the radar not just for our UK team but Deloitte innovation teams arounds the world.

… honestly! Estimates of whale population sizes vary wildly because counting them is complicated. Think sending people out in a boat or helicopter, or unreliable ocean sonograms. It’s dangerous, costly and there’s only so much the naked eye can capture. So when Whale and Dolphin Conservation came to the GRAVITY Challenge we connected them with SPACEWHALE. SPACEWHALE use high-res satellite imagery and an AI algorithm to count whales from space. This data will help governments and groups decide which areas of our oceans to protect and support conservation.

… it’s spacetech today but will be something else tomorrow. That’s the nature of innovation. Our team is always sensing for the next emerging technology that will disrupt the market. So, whilst I’m really enjoying immersing myself in all things spacetech at the moment, my specialism is really around how we enable clients to embrace what’s next on the horizon. Connecting them with the leading startups that can unlock the value emerging tech offers.

… won’t be needed! Businesses will be using satellite data without knowing it as it’ll just be another data source. Those that could use it to their advantage now aren’t yet adopting it at scale. They need to understand the benefits, see the value and feel more confident in its potential by seeing peers using it. I’m helping Deloitte lift the lid on space for our clients and setting them on their journey to adopt spacetech. That means I spend a lot of time listening to what the market is saying, following where investment is going, building relationships with emerging startups and really embedding myself in the spacetech ecosystem. It’s an emerging growth area, with so much commercial opportunity.