Space Economy Capital Hill Briefing

Chief Economist George Pullen briefing notes from his Capital Hill testimony

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.

  1. In the Fifth Industrial Revolution, that is the Space Economy, to be a Global Power a nation must be a Space power.
  2. 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.
  3. Space technology, like most deep tech, relies heavily on the research and development activities of SMEs (small and medium-sized enterprises) entrepreneurs.
  4. 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.
  5. 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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