The UK Space Agency has announced that they have just awarded under £150,000 to three business incubation centres to support entrepreneurs and small businesses within the Space industry.
We are very pleased to announce that Innovation Space is one of the three sites that has been included within this award. Around £50,000 has gone to a joint scheme between Innovation Space and the National Oceanpgraphy Centre’s Marine Robotics Innovation Centre in Southampton.
Helen Roberts, Regional Growth Manager at the UK Space Agency has stated “We are delighted to to extend the network of incubators supporting space sector start-ups to cover even more of the UK”
The Space Sector in the UK has been an unexpected success story and has had average growth of 8% per year over the last decade. The sector turns over around £11bn per year and the UK Space agency has plans to gain a 10% share of the global market by 2030.
The UK Space Sector has also been further bolstered with the exposure of Tim Peake’s mission to the International Space Station in 2015 with a return trip to the ISS having been announced by Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, earlier this year.
According to Steve Smart, chairman of the trade association UKspace, “Britain is punching above it’s weight in the global market in the areas of innovations and applications. We may be small but we have some great ideas, especially about how to use space technology.”
This also falls in line with the UK Government’s Industrial Strategy, which has a focus on science and innovation in particular.
Innovation Space’s role will be to facilitate and support SMEs and entrepreneurs within the UK Space Sector by providing modern, working facilities and opening the door to collaboration with other like minded enterprises and acting as a gateway to the resources of the University of Portsmouth.
This is a very exciting development not only for Innovation Space and the University of Portsmouth, but for the wider City in general.
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