guest@trailblazers: ~/archive $ cat T014.txt | less8 MIN · FRANCOIS LAMBERT

T01428 MAR 20248 MIN READFRANCOIS LAMBERT

T014 // Family Offices and Space Ventures

Plus France's ambitious $552M space fund, developments in space governance, regulations & policy, and the latest tech trends

FIG. 01 · T014 COVERREC ●TRANSMISSION T014

`#LAUNCHPAD`In today’s edition

G’day Trailblazers!

We’re Trailblazers, the Space Newsletter that believes unity on Earth and in space is the key to unlocking our potential. So, let's come together and make things happen as one global family!

#EVENTHORIZONPros and Cons of Working with Family Offices to Fund Space Ventures
#STARGRAPHFamily Offices’ Investments in Startups
#PRODUCTIVITY5 Resources to Boost Your Workflows
#SPACEREGSDevelopments in space governance, regulations & policy
#INTHELOOPTech Trends on Earth Shaping Our Future in Space
#GHOSTINTHEMACHINEPlanets as Fruits

`#TOGETHERWITH`Take your space career from if, to when, to how

SPONSOR TRANSMISSION · COURSERA

`#NEWS`Space Economy Bites & Snaps

★ BITE

Space France

France's ambitious 2030 fund surpasses €400 million in space sector investments, marking a new era with inaugural flights for four promising launcher startups. This strategic move underlines France's commitment to staying a key player in the global space economy, fueling innovation and competition. A game-changing initiative for Europe's space landscape. — EN Translation

★ BITE

Space “Unity”

Amid the backdrop of the Russia-Ukraine conflict, Marina Vasilevskaya, a Belarusian flight attendant, won a national science contest and secured a historic journey to the space station along NASA astronaut Tracy Dyson, and cosmonaut Oleg Novitskiy. She became the first Belarusian woman in space. It's an emblematic moment highlighting the enduring spirit of collaboration in the face of global challenges, though it will not erase the horrors that are still happening on the ground.

SNAP · 01On-Orbit Refueling: China's military strategizes on satellite refueling, signaling a shift in space logistics and international norms.
SNAP · 02Final Mission: ULA's historic last launch of Delta IV Heavy, NROL-70, signifies the end of an era in space launch capabilities.
SNAP · 03Wild Space: Calls for global space rules intensify as SpaceX and Blue Origin target moon and Mars, aiming for responsible exploration.
SNAP · 04Grumpy Old Men: GomSpace updates the Indonesian maritime monitoring program with a plan to launch 20 satellite for maritime surveillance.
SNAP · 05Fuji Film: Astronaut Snaps Photo from space of space junk instead of Mount Fuji, highlighting growing concern of space debris

`#REALLY?`There's a pizza delivery place in space!

> FACT FILEVERIFIED ✓

In 2001, Pizza Hut became the first company to deliver pizza to space.

They sent a 6-inch salami pizza to the ISS, which was eaten by Russian cosmonaut Yuri Usachov. The pizza was specially made to handle a 60-day testing process, vacuum-sealed, and the salami was used instead of pepperoni since the latter did not withstand the testing. Pizza Hut reportedly paid around $1 million for this marketing stunt. Since then, pizza has been delivered to the ISS on a couple of other promotional occasions by other companies.

`#MARKETWATCH`Investing in the Universe

// Snapshot as publishedMarch 13, 2024, 9:30 a.m. ET

FUND	PRICE	CHANGE
Procure Space ETF (UFO)	$16.89	▲ +1.7%
RK Space Exploration and Innovation (ARKX)	$14.92	▲ +0.8%
S&P Kensho Final Frontiers (ROKT)	$44.74	▲ +1.9%

As at March 13, 2024, 9:30 a.m. ET · Archived prices · Not financial advice.

// Live market todayNot the prices at publication, which are in the snapshot above.

MKTWATCH.LIVE Live market today · delayed

// Movers · by group

Charts, quotes and data by TradingView; prices are delayed and shown in each listing's currency. Switch a group to load its companies into the chart's watchlist, and use the chart's own compare and scale tools for more. For information only, not investment advice.

FIG. · Space economy MarketWatchDATA · TradingView, delayed

`#EVENTHORIZON`The Pros and Cons of Working with Family Offices to Fund Space Ventures

Family Offices can be a significant source of funding for space startups, offering both advantages and challenges that are unique compared to traditional venture capital or angel investors. Here's an overview of the pros and cons of using Family Offices for funding space startups:

+Pros of Family Offices for Space Ventures

Access to Capital

Family Offices often have substantial financial resources and can invest significant amounts of capital into startups. This is particularly beneficial for space startups, which typically require large upfront investments for research, development, and technology deployment.

Long-term Investment Horizon

Family Offices can provide "patient capital," meaning they may have longer investment horizons compared to traditional venture capital funds. This aligns well with the long development cycles and timelines often associated with space ventures.

Strategic Guidance and Expertise

Family Offices can offer more than just capital; they can also provide access to their network and expertise. This can include industry insights, operational experience, or technical skills that can help space startups solve complex problems and innovate faster.

Flexibility and Discretion

Family Offices are known for their flexibility in terms of investment mandates and offer confidentiality, which can be advantageous for space startups working on sensitive or proprietary technologies.

Alignment with Mission and Values

Family Offices may consider a broader range of factors, including environmental, social, and governance (ESG) criteria, which can align with the mission and values of space startups focused on sustainability and innovation.

Direct Influence

Direct investments allow Family Offices to potentially have a seat at the table, influencing strategic decisions of the startup. Though some could see this as a double-edged sword, this can be beneficial for space startups that value the insights and governance that experienced investors can provide.

−Cons of Family Offices for Space Ventures

Increased Risk

Private markets, including space ventures, are inherently riskier due to factors like lack of liquidity and market volatility. Family Offices must be willing to accept the high level of risk associated with space startups.

Resource Intensive

Investments in space startups demand hands-on management, due diligence, and oversight, which can be resource-intensive for Family Offices. This can impact decision-making and lead times to funding.

Limited Diversification

Family Offices may exhibit a positive selection bias, gravitating towards industries and sectors they are familiar with, which can lead to concentration risk and limited diversification. This risk can trickle down to the space venture.

Access and Relationship-based Process

Accessing Family Office capital can be complex and is often based on relationships. Space startups may find it challenging to connect with key players and build relationships within this space.

Varied Investment Preferences and Strategies

Family Offices have different investment preferences and strategies, making it crucial for space startups to understand the unique purpose and decision-making factors of each Family Office.

Potential for Misalignment

While direct investments ensure that the success of the asset or company directly impacts the Family Office, there can be misalignments if the interests of the startup and the Family Office do not fully align.

Outlook

Family Offices can be a powerful funding source for space startups, offering substantial capital, strategic support, and long-term investment horizons. However, the challenges of increased risk, the need for intensive resource management, and the complexity of accessing and aligning with Family Office capital must be carefully considered. Space startups should weigh these pros and cons and determine if a Family Office aligns with their funding needs, risk profile, and long-term objectives.

Orbital Reach, with its extensive experience in the space industry and access to a network of thousands of Family Offices worldwide, can assist space startups in navigating the complex landscape of Family Office funding. Leveraging our deep connections and understanding of both the space sector and the intricacies of Family Office investments, we provide support to startups seeking alternative sources of funding. Our expertise and network position us uniquely to bridge the gap between innovative space ventures and the strategic, long-term capital they require to thrive.

// FURTHER READING4 LINKS

01What is a Family Office?→02Could family offices be your next avenue of funding?→03How family offices globally are investing in a brighter future→04Family Office Venture Capital Review 2023→

`#STARGRAPH`Family Offices’ Investments in Startups (2022)

FAMILY.OFFICES2012-2022

6,092deals at the 2021 peak

−22%deals in 2022

$161.7bninvested in 2022

−45%capital in 2022

2022 brought the first decline in 11 years. The 2021 capital figure (about $292bn) is read off the original chart; the other values are as published.

FIG. · Family offices' investments in startupsDATA · PwC family office database, matched with Pitchbook data, as of 20 February 2023

Family office investments in startups reached record highs in 2021 but experienced a significant downturn in 2022, with a 45% decrease in capital invested and a 22% drop in deal count, marking the first decline in 11 years. Additionally, family offices have shifted their focus from early-stage to later-stage startup investments since 2019, indicating a more risk-averse approach, but there are still opportunities for those early-stage deals.

`#PRODUCTIVITY`5 Resources to Boost Your Workflows

TOOL · 01Speak → The language learning app that gets you talking.
TOOL · 02Mentor → Unlock your potential with intelligent, AI-powered goal management for personal growth and success.
TOOL · 03Claude 3 → The next generation of generative AI that’s more powerful than GPT-4.
TOOL · 04Monday.comPROMOTED → A collaboration platform that allows teams to focus on executing tasks, projects, and processes efficiently and achieve shared goals at scale.
TOOL · 05Plant Water Management → Principal investigator Mark Weislogel discusses new science being sent to the station to improve plant growth in space.

`#SPACEREGS`Developments in space governance, regulations & policy

DISPATCH · 01[EU]

EU Space Law Proposal

The European Commission is set to release the first comprehensive European space law this month. The law aims to harmonize the diverse space regime within the EU and focus on safety, resilience, and sustainability. It will set common rules related to space activities and is expected to create a competitive advantage for the European industrial ecosystem.

DISPATCH · 02[US]

Direct-to-Smartphone Regulatory Framework

The U.S. FCC has finalized a regulatory framework that will allow satellites to use radio waves from terrestrial mobile operators to keep smartphone users connected beyond the reach of cell towers. The rules enable satellite operators and their terrestrial partners to seek FCC permission to use certain licensed spectrum currently allocated to terrestrial services from space. However, significant regulatory hurdles remain, including concerns about interference with existing services.

DISPATCH · 03

NGSO Crackdown

A groundbreaking shift in satellite regulation, with potential global crackdowns on unauthorized non-geostationary satellite operations, could redefine access and control over satellite-based services, marking a key turn for the industry. A development that could impact operators and users worldwide.

DISPATCH · 04

SpaceX Gen2 Wall

SpaceX's ambitious plan for using additional spectrum in its Gen2 Starlink constellation hits a regulatory wall, underscoring the complexities of modern satellite communication and the importance of spectrum management.

DISPATCH · 05[US]

Remarks by US DOD General Counsel

The DOD General Counsel gave remarks on "Space Law: Promoting the Rules-based Order through Multi-Domain Lawyering" at U.S. Space Command Legal, emphasizing the importance of adhering to a rules-based order in space.

DISPATCH · 06

Radiation Risks in Space Tourism

A report highlights the high radiation risks for space tourists and crew, suggesting that current regulations are insufficient and that more legislation and regulation are needed to protect them.