Up until now the forum for space exploration and space technology seemed as if it was available to only a handful of big technology companies. But with the fast growth in innovative technological advancements, mankind’s Space Readiness Level is higher than it has been ever before. That is what is making our march towards an open space economy easier.
In recent times, a growing interest can be seen all around the world in the Space Economy. It is already a $480 billion industry and is expected to reach about $3 trillion by 2050. It will pave the way for a better understanding of applications like terrestrial communication, climatic changes, transportation and much more. Therefore, it is safe to say that it is an opportunity for the global economic ecosystem.
In an interview with Tiscali News, Antonio Del Mastro explained, what ECSEC is. He went on to reveal that a collaboration between the Swiss Institute for Disruptive Innovation (SIDI) and Mars Planet has birthed ECSEC. It was created with a vision of creating an industrial chain of interested companies. He also added they want to encourage the entry of traditional companies through Mars City Project and help them strengthen their Space Readiness Level.
What is Space Readiness Level?
It is a system of metric that assesses the capacity and readiness of companies irrespective of their size or status, with respect to how close they are to be able to be a part of the Space Economy.
How does Space Readiness Level work?
The indicators are attributed to X.Y.Z alphanumeric code. X indicates the activity levels a company has for the sector on a scale of 1 to 9(1 being the lowest & 9 being the highest).
The Y.Z codes indicate the technological field in which the companies have developed their technology. Companies are chosen basis on the classification of existing technology. For example, a rating of SRL 5.13.B connotes a company has created a component that can be of use in robotics in the Space Economy.
How do traditional companies enter the space economy race?
The SRL works in a manner to encourage and push companies to realize their potential to contribute to the space economy. After their initial evaluation, their progress will be further determined through activations of specific projects that will allow them to up their game and compete at a higher parameter. The best part about this is that it allows the traditional companies to work with their existing skills and capacities while attempting to become better.
How else can a traditional company make use of SRL?
Post program completion, an SRL certificate is given to the company, which becomes a testimony of their efforts and success. They can then use this certificate while their dealings in the network, throughout the communication chain in the economy. It also opens doors for companies to showcase their offerings to space agencies, financial analysts, and investors who might be potentially interested in collaborating with them.
Also once the certificate is issued, a traditional company can get it upgraded from time to time, the basis of their advancements, and get a higher value. This paves the way for the systematic entry of traditional firms into the space economy. Thereby, reducing chaotic market conditions and ensuring investing companies some peach of mind in terms of operational ease.
This format will open up the huge potential that is yet to be explored. Our regular industries like tourism, entertainment, design, education and many more will see a huge growth when it comes to space economy.