"Because it's there"
Staying the course in space, when space gets hard
In the past week, we've seen two high-profile failures in space technology: ispace's lunar lander and SpaceX's Starship rocket.
While these setbacks are certainly disappointing, they highlight the inherent risks and challenges involved in space exploration and innovation.
Or, as we sometimes say, “Space is hard.”
However, these failures should not deter us from continuing to support space technology companies, nor should they discourage us from pursuing ambitious and innovative space projects.
Space technology has the potential to transform our world in countless ways, from enabling sustainable energy production and advanced communication networks to supporting human exploration of other planets and moons.
As we face increasing environmental and societal challenges here on Earth, the development and application of space technology can provide critical solutions and opportunities for progress.
Moreover, space technology has a strong track record of driving economic growth and job creation. According to a report by McKinsey & Company, the global space economy grew by 9% in 2021, generating $469 billion in revenue and supporting over 2 million jobs worldwide.
By investing in space technology companies, we not only support the development of groundbreaking technologies, but also contribute to the growth of a thriving and impactful industry.
Of course, investing in space technology comes with inherent risks and uncertainties. Spacecraft and rockets are complex and challenging systems, and failures can have significant consequences. But then, I’m reminded of President John F. Kennedy’s address at Rice University in 1969.
We choose to go to the moon. We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard, because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win, and the others, too.
It's important to remember that setbacks and failures are a natural part of the innovation process. By learning from failures and persevering through challenges, we can make progress and achieve great things.
Furthermore, the failures of ispace and SpaceX highlight the importance of continued investment and innovation in space technology.
Both companies are pushing the boundaries of what's possible in space exploration, and their setbacks should serve as a reminder that we still have much to learn and improve upon.
As investors and innovators continue to support space technology companies, we can develop more reliable and efficient spacecraft and rockets, as well as new technologies and applications that can benefit our society and planet.
Despite the recent setbacks in space technology, it's crucial that venture capitalists and other investors continue to support space technology companies and push the boundaries of innovation.
Space technology has the potential to transform our world in countless ways, from driving economic growth and job creation to enabling sustainable energy and supporting human exploration of other worlds.
By investing in space technology, we can not only achieve incredible scientific and technological feats, but also contribute to a better future for our planet and our species.
And, at the end of the day, we will continue to invest and build and expand into space. We will continue to do so because our survival as a species and civilization rely on it. We will continue to do so because we are curious. We will continue to do so because our future is there.
I’ll close with another quote from Kennedy’s inspiring speech, which far more eloquently states my thoughts.
Many years ago the great British explorer George Mallory, who was to die on Mount Everest, was asked why did he want to climb it. He said, "Because it is there."
Well, space is there, and we're going to climb it, and the moon and the planets are there, and new hopes for knowledge and peace are there. And, therefore, as we set sail we ask God's blessing on the most hazardous and dangerous and greatest adventure on which man has ever embarked.
Keep building!
Andrew