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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!

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#LAUNCHPAD

In today’s edition

• Pros and Cons of Working with Family Offices to Fund Space Ventures

• StarGraph: Family Offices’ Investments in Startups

• 5 Resources to Boost Your Workflows

• SpaceRegs: Developments in space governance, regulations & policy

• InTheLoop: Tech Trends on Earth Shaping Our Future in Space

• GhostInTheMachine: Planets as Fruits

#TOGETHER WITH COURSERA

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#NEWS

🍪 Space Economy Bites & Snaps

Bites…

⭐ 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

⭐ 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.

… and Snaps

• On-Orbit Refueling: China's military strategizes on satellite refueling, signaling a shift in space logistics and international norms.

• Final Mission: ULA's historic last launch of Delta IV Heavy, NROL-70, signifies the end of an era in space launch capabilities.

• Wild Space: Calls for global space rules intensify as SpaceX and Blue Origin target moon and Mars, aiming for responsible exploration.

• Grumpy Old Men: GomSpace updates the Indonesian maritime monitoring program with a plan to launch 20 satellite for maritime surveillance.

• Fuji 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!

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

Here's a list of funds that track companies in the space sector, giving investors access to the expanding space economy. These funds include firms in space exploration, satellite technology, and related areas, offering potential growth aligned with future technological advancements.

• 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%)

Prices as of March 13, 2024, 9:30 a.m. ET

#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.

📚 Additional reading for a deeper dive:

• What is a Family Office?

• Could family offices be your next avenue of funding?

• How family offices globally are investing in a brighter future

• Family Office Venture Capital Review 2023

#STARGRAPH

📊 Family Offices’ Investments in Startups (2022)

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

Speak → The language learning app that gets you talking.

Mentor → Unlock your potential with intelligent, AI-powered goal management for personal growth and success.

Claude 3 → The next generation of generative AI that’s more powerful than GPT-4.

Monday.com 🎫 → A collaboration platform that allows teams to focus on executing tasks, projects, and processes efficiently and achieve shared goals at scale.

Plant Water Management → Principal investigator Mark Weislogel discusses new science being sent to the station to improve plant growth in space.

🎫 indicates a promoted resource, if any.

#SPACEREGS

🧩 Developments in space governance, regulations & policy

🪙 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.

🪙 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.

🪙 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.

🪙 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.

🪙 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.

🪙 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.

#INTHELOOP

💡 Tech Trends on Earth Shaping Our Future in Space

➿ Hyperloop - The Netherlands embarks on futuristic transit with a test tube, aiming for a 2030 passenger debut.

🧠 Neuralink - FDA green-lit human trials without prior inspection, sparking congressional concern.

🎥 Sora - OpenAI's Sora transforms directors' visions into wild short films, showcasing AI's creative leap.

👨‍✈️ Boeing - CEO resigns amidst crisis over disintegrating planes, shaking up aerospace leadership.

🌳 Trees - As CO2 levels surge, trees "cough" instead of "breathe," revealing limits to carbon capture.

⚛️ Fusion - Breakthrough magnet tech slashes fusion reactor costs, powering up the energy revolution.

⚡ Bitcoin Energy - New study suggests Bitcoin mining with green hydrogen could boost clean energy transition, despite complexities and high costs.

#GHOSTINTHEMACHINE

🤖 Inspiration from the World of AI

Planets as Fruits

Until Next Time

That brings us to the end of this edition, Trailblazers! Here's how we can assist you further:

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#MISSIONDEBRIEF

🌠 Getting Better Together

I value your opinion, so if you have specific advice or anything interesting you’d like to share, please let me know by replying to this email.

Thank you for reading and see you at the next orbit!

Francois

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