Space is Scotland, by Scottish Space Network founder Andy Campbell

Where is space?  Is it above the clouds, beyond Earth’s atmosphere? Between the sun and planets? Or is it in the vast cosmic realm?

What about the space industry? Is it just rockets, astronauts and ‘Houston we have a problem’?  The reality is space is closer than you think and the growing commercial space sector is right here, right now.

Over the last decade, the sector has rapidly transformed. It has evolved beyond the ‘rockets and astronauts’ stage to become a platform enabling many other sectors - from farming to fintech, life sciences, energy transition and environmental monitoring.

Space is in your hand when you use your smartphone. Space powers every online service you use. It gets you to your destination and even helps farmers track livestock and optimise crop yields putting better food on your plate. In times of crisis, space safeguards our land, sea, and air.

Earlier this week, I attended the “Ignite Space” conference in Leeds, organised by the UK Space Agency. The event celebrated the sector's growth in the UK, showcasing an industry worth over £17.5bn to the economy. It also showcased entrepreneurial leaders building the next generation of space companies.

A key theme was funding and investment. The sector is full of opportunity, driven by sharp entrepreneurial innovation. The challenges of Earth and space call for visionary businesses to produce novel solutions. New methodologies, inventions and business models are being created daily. The growth opportunities are vast and the payoff to those brave businesses who take a ‘giant leap’ are considerable.

This environment is intriguing for investors, but much work is needed to ready companies for investment and attract the right angels and VCs.

It may come as a surprise to some, but Scotland is at the heart of the UK’s space economy. Shetland hosts Europe’s first and only licensed rocket launch facility, capable of taking payloads into orbit. Glasgow is second only to California in satellite manufacturing. Edinburgh is home to a growing number of world-class downstream space data companies.

The Scottish sector is poised for continued growth over the next decade, expected to create 12,000 new roles, growing its market share of the multi-trillion dollar industry to £4bn annually. However, the sector needs critical business support and growth capital from both public and private sectors to maintain its position in the new space race.

Scotland has the skills and intellectual prowess but we must adopt a pioneering economic strategy to deliver public funding, enabling innovation and attracting abundant inward investment to drive commercialisation and market share. We must empower organisations like Space Scotland and Scottish Space Network (SSN) to champion the sector.

SSN has already taken steps to develop Scotland's investment landscape through its partnership with New York-based Sustainable Alpha. The partnership aims to position Scotland as a global leader in space innovation and funding, offering comprehensive investment solutions. It focuses on developing global investment opportunities for early-stage and growing space tech businesses and investors, aiming to unlock alliances and new markets, ensuring Scotland offers a full end-to-end service in the space sector.

Space has the power to transform our businesses, society and planet for the good of humankind and Scotland is ready to lead the way!