Business Finland's New Space Economy program aims to accelerate the growth of new innovations and new global business for services and solutions benefitting from space – both in suppliers' and end users' point of view. The New Space Economy Challenge is an idea challenge launched to activate the experts of this sector to collaboratively develop new innovations that assure Finnish competitiveness. Business Finland will fund projects in New Space Economy theme with 50 million euros in 2018-2022.
New Space Economy is transforming space related business globally. New Space Economy refers to space activities, which are exercised by new kind of actors, operating from commercial viewpoint and independent of government. With the progress of digitalization also data, services and applications based on space activities have become ever more important part of our life. Data produced by satellites can be combined to data originating from other platforms, such as HAPS (High-altitude platform systems) or drones. Analyzing that data with artificial intelligence and transmitting it securely make possible completely new kind of global services.
New Space Economy Challenge is realized as a part of New Space Economy program. The aim of the Challenge is to:
New Space Economy Challenge is open for Finnish small and medium size enterprises, Midcaps (corporation turnover under 300 MEUR), large companies, research institutes, municipalities and cities, who strive for international growth and competitiveness. The participating companies are expected to have well established business.
Participating in the idea challenge does not start the actual funding process; the submitted ideas will be categorized and grouped, and their developers are invited in workshops which take place in November-December 2020. The objective in the workshops is to network and encourage collaboration between actors interested in the same theme and consequently combine individual ideas into larger schemes. Even after the potentially applied and funded research, development and innovation project you will need to finalize R&D before the actual market launch or a product or service.
The objective is to encourage consortiums built in the workshops to prepare joint innovation projects during 2021. At this stage all Business Finland's normal funding services such as Co-creation and Co-innovation funding are available. In addition, Business Finland offers information about potentially matching EU calls. Read more about Business Finland funding.
New Space Economy Challenge focuses on following 'down to earth' themes:
A) Nano/small satellite and HAPS (High-altitude platform systems) manufacturing and testing
B) Satellite and HAPS communications and ground station solutions
C) Situational awareness in intelligent solutions alternatively for:
Under theme C, the solutions have to make use of satellite, HAPS or drone platforms and/or data collected via these platforms.
The ideas and related solutions must have significant positive impacts on the applicant's international competitiveness. The challenge to be solved may relate with either increasing the value of an existing product or service, or entirely new product or service concept. No finalized product or service is expected to be developed on the first phase idea challenge.
Watch webinar from Oct 5th for questions and answers about the idea challenge.
If you are not currently submitting your own idea, but want to partner up with other participants, you can participate as a partner.
The New Space Economy program will provide the latest information of the schedule and progress of the idea challenge on the program website. Read more about the New Space Economy program.