Apr 18, 2016 11:59 AM EDT

Ambitious Entrepreneurs Aim to Establish Space-Related Businesses

Over the last decade, several companies that ventured into the space industry have sprouted. The success of these companies has further inspired other space entrepreneurs to join the space game.

Astropreneurs - or simply entrepreneurs - are taking a serious look at starting their own space businesses especially now that there has been an explosive growth in the said market. NewSpace Global reported that there are at least a thousand space companies established. "We expect to be at 10,000 in the next ten years," Richard Rocket, NewSpace Global's CEO, said. "There are more companies emerging that are capable of sending something to space. That's exciting because it's going to drive down launch costs and increase launch rates. They'll help prove that these business models work."

For instance, Eric Ward, a graduate student at MIT, is working on launching his own startup company with a partner. They are looking towards working with small satellites. He said that Elon Musk of SpaceX has been an inspiration. "He's been very successful in changing the way people think about space. He's forced people to accept that fact that the private space sector is viable and important for the growth of the industry."

Startups are using small satellites to gather information and high-resolution photos and videos of the Earth. In fact, NASA itself is "currently developing its own rockets and is investing in other companies that are working on technologies specifically designed to launch small satellites," Fast Company reports.

Ward believes companies like his will have a bright future. However, at present, these companies have to play the waiting game for two years before they can send a small satellite into orbit.

Other startups are also venturing into other branches of space-related businesses such as "analyzing vast quantities of new data and sorting out communication systems so that information can pass from Earth to space and back again." 

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