The UK Space Agency has announced £200,000 of funding
for 4 new business incubators to boost the number of start-up
companies in the space sector across the UK.
The incubators, in Buckinghamshire, Hampshire, Leicestershire and
London, will provide world-class science innovation support for
entrepreneurs and small businesses to help grow the UK space
industry.
The funding follows the launch of the government’s Industrial
Strategy, which includes a £50 million
programme to enable new satellite launch services and
low gravity spaceflights from UK spaceports, to boost the economy
and inspire the next generation of scientists and engineers.
UK Space Agency Chief Executive, Dr Graham Turnock, who made the
announcement at the STFC RAL Space Appleton Space Conference at
Harwell in Oxfordshire, said:
“The funding for these new business incubators will see the
excellent network of support we have in the UK expand and provide
further opportunities for exciting start-ups in the space sector,
with 15 incubators working across 22 locations.
“The Industrial Strategy underlined the government’s commitment
to make Britain the best place to start and grow a business, with
prosperous communities across the UK. Supporting new businesses
across the UK is central to reaching our ambition of capturing
10% of the global space market by 2030 and I am sure these new
incubators will have a fantastic impact.”
The funding will see £50,000 go to Oxford Innovation, for two new
incubators in Fareham and Bordon in Hampshire, £50,000 for
Seraphim to establish a space accelerator in London and £50,000
for the Satellite Applications Catapult at Harwell to establish a
space incubator at Westcott, Buckinghamshire. The University of
Leicester will receive £50,000 to establish a graduate
pre-incubator to help students develop entrepreneurial ideas.
The space sector is a UK success story, underpinning industries
worth more than £250 billion to the UK economy. Last week
Business Secretary launched the Industrial
Strategy, which sets out a long-term vision for how
Britain can build on its economic strengths, address its
productivity performance, embrace technological change and
support businesses and workers.
A key policy includes driving over £20 billion of investment in
innovative and high potential businesses, including through
establishing a new £2.5bn Investment Fund, incubated in the
British Business Bank.
The £50 million space
programme builds on the £99 million already invested in
the National Satellite Test Facility run by STFC RAL Space at
Harwell, which was recommended by the UK Space Facilities
Review, a report commissioned by the UK Space Agency to
look at ways to help grow the UK space industry.