The New Space economy is booming and is forecast to be worth $1 trillion by 2040. New space technologies, such as data from satellites, have a vital role to play in solving some of the sustainability challenges here on Earth. Space4Impact, a new EPFL start-up, is harnessing this potential to connect New Space start-ups with non-space customers to help them create a more sustainable future.
From satellite imagery of traffic jams and pollution levels, to predicting avalanches through in-depth analysis of the weather in the Alps, space technology is being applied in many innovative ways here on Earth to help solve sustainability issues.
Space4Impact is an online marketplace that connects companies in non-space industries with New Space start-ups to apply space technologies and solve terrestrial challenges.
New Space technology has huge potential for applications on Earth which may effectively solve a huge range of issues and challenges. Space4Impact’s platform helps translate New Space technology from unreachable rocket science into accessible applications that have everyday uses. The start-up’s objective is to develop applications using New Space technologies that will help corporate organizations meet their sustainability objectives, particularly around the UN’s Sustainable Development Goals.
From the assessment of organizations’ needs to the development of pilot projects
Space4Impact’s clients can organize Open Innovation Challenges on the start-up’s online marketplace.
By collaborating directly with their clients, Space4Impact can better understand their innovation agenda and create an innovation challenge brief. An Open Innovation Challenge then takes place to match them with space start-ups who can apply their technology to the challenge. After a pitch process, the client selects which start-up they’d like to work with, and the start-up develops a pilot project.
So far, 77 start-ups from 28 different countries applied to Space4Impact’s first event, which has already demonstrated industry players’ strong interest in this platform.
