The UK Space Agency has joined forces with university business incubator SETsquared to foster new innovations in space-related technology.
SETsquared - a partnership involving the universities of Bath, Bristol, Exeter, Southampton and Surrey - helps entrepreneurs, researchers and SMEs commercialise their products and services.
The new partnership will see the Space Agency fund 40 businesses to go through SETsquared’s entrepreneurship programme, which will help them to hone their business plans and gain access to investors.
The chosen businesses could be harnessing space technology for a range of applications, including using the data that is available from satellites for communications and navigational services.
Colin Baldwin, UK space gateway programme manager at the UK Space Agency, said: “The space sector is a UK success story with aspirations to grow to a £40 billion turnover by 2030.
“To achieve this we anticipate hundreds of new companies will start providing new products and services that rely upon satellites. SETsquared will be on-hand to help such companies grow and flourish.”
Simon Bond, innovation director at SETsquared, said: “We are seeing huge potential in some of the space-related research across the five universities involved. There are some ground-breaking technologies being developed that could become multi-million pound businesses.
“This partnership will effectively allow us to connect those ‘gems’ with the space sector and work together to nurture them.”