Space Accelerator Programme Helps Create 80 New Jobs and Nearly £9M in New Investment10th Aug 2022
The UK Space Agency announced on August 9, 2022, the impact of their latest business support programme for entrepreneurs. The Space Accelerator has helped to generate £8.79 million in grants and other investments. It also spurred the creation of 80 new jobs whilst assisting 88 individual businesses along the way.
Working closely with Entrepreneurial Spark, the UK Space Agency set about assisting entrepreneurs with expertise in various fields. The aim was to shine a light on the untapped potential of under-represented businesses breaking into the niche and highlight the possibilities that lie ahead.
Participants included start-ups, more established businesses and professionals with a broad range of skills looking to benefit from space expertise and create an invaluable network of like-minded professionals.
The Space Accelerator Programme
The Space Accelerator Programme began in January 2020. The agency awarded £360,000 to fund the scheme over two years. High-potential entrepreneurs from sectors such as aerospace, quantum technology, environmental engineering, and others were invited to apply to take part.
Virtual events were led by industry experts to assist space startups across the country. They helped them to take the next step in their ambitious plans to break into the sector and continue to push the UK further into the New Space limelight.
Director of Growth at UK Space Agency, Harshbir Sangha, hailed the programme as a huge success and praised everybody involved. He said, “I’d like to congratulate everyone who successfully completed our Space Accelerator. The UK has a strong entrepreneurial culture and a growing space sector, and there are significant opportunities for new space businesses to start up and thrive with the right support”.
Participants have seen huge benefits as a result of the programme. These include increased turnover and a boost to their personal confidence levels, too. The Space Accelerator has helped them improve strategy planning, create stronger business models and forge exciting partnerships.