Space Economy Capital Hill Briefing
On April 28, 2023 Chief Space Economist George S. Pullen joined a distinguished panel of Space experts, on Capital Hill, in Washington, DC, to provide the United State Congress insights into the Space Economy. Below is a 6 bullet point summary of George's testimony.
- In the Fifth Industrial Revolution, that is the Space Economy, to be a Global Power a nation must be a Space power.
- The world economy today is $100T, and the space economy is estimated to grow to $4T by the 2040s and $10T by 2050, generating more than the GDP of the majority of the world's continents.
- Space technology, like most deep tech, relies heavily on the research and development activities of SMEs (small and medium-sized enterprises) entrepreneurs.
- Those activities are supported through awards and funding primarily from SBIR/STTR programs by NASA and SpaceWERX, but nothing currently helps these spacepreneurs receive operations funding and transition to contracting.
- Hence why to maintain democracy and the American way of life, a dedicated, non-profit, investment fund is needed to ensure that America remains a global power by being the leading Space power.
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