The Most Exciting International Space Event of the Year
The International Space Convention 2022, organized by Altair Enterprises, highlights the rising significance of space exploration and economy as business frontiers. Co-founders Martynas Fedotovas and Nika Chinchaladze emphasize the growth, challenges, and future potential of the space industry, which is pushing towards a $1 trillion economy by 2040.
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Key takeaways
The space economy currently comprises over 10,000 private companies and is expected to grow significantly by 2040.
International Space Convention 2022 aims to address workforce and business model conversations in the space sector.
Altair Enterprises is focusing on facilitating both B2B and B2C opportunities in space exploration.
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Looking up the skies has always been a subject of human fascination but with the advancements of technology, it can now be the subject of exploration, economy, and interaction. Speaking on the importance of space as a business frontier, host of Are We There Yet? Grant Harrell invited Altair Enterprise co-founders Martynas Fedotovas and Nika Chinchaladze to the show.
Altair Enterprises is the organizing chair of the International Space Convention 2022, hosted September 9-11, 2022 in Bursa, Turkey. When asked about the current condition of a completed space economy, Chinchaladze was frank, “I don’t believe, actually, that we will ever be able to say that we are there yet.”
Yet, outlook for the 21st century of space exploration and economy is strong, much stronger than the previous century, and Chinchaladze was quick to point out, “It’s finally getting this traction that it deserves…We see a lot of changes with the private revolution that led to that.” As hosts of the ISC 2022, Fedotovas and Chinchaladze are aware of the influence had on thousands of companies to realize the value of outer space.
Chinchaladze explained, “And now, space economy, as we speak today, comprises of over 10,000 private companies in the industry. It employs over 1 million people and the economy itself, it’s recently actually reached over $465 billion U.S. dollars – the global annual revenue, and it’s expected to skyrocket to $1 trillion by 2040.”
Through hosting this convention, Altair hopes to boost the industry’s conversation about outer space’s future and solve space professionals’ supply problem. Fedotovas said, “We’re not here to put notches on the belt…But we want to create the change and that’s what we decided to do the International Space Convention.”
As a first edition in the region, the International Space Convention creates conversation on the workforce and business models in the Caucasus area. Fedotovas stated, “We’re covering the region and plus, on top of that, we have unique B2B and B2C opportunities.”
With a host of services and applications ready for their chance in outer space, the ISC will be the confluence of upstream and downstream conversations for the outer space sector.
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About the author
Asking the most exciting, innovative, cutting-edge companies in transportation/mobility the “Are We There Yet?” question is a lot of fun, and the focus of Grant Harrell's top video podcast series! And, it’s not a bad question as so much is truly happening in this space today. What used to be trains, planes, and automobiles is now robots, drones, and spaceships, and Grant is curious about how soon we are all going to see these technologies in action, at scale. Very few of us enjoy a car that drives itself, have dinner delivered via drone, or have taken a vacation to space, but these amazing technologies and applications, as Grant discovers within his "Are We There Yet?" podcast series, are here, or as he likes to say, "we're there"! Grant also serves as the Head of Transportation/Mobility for MarketScale, one of the fastest-growing, most-successful, fun b2b media companies in the industry! MarketScale works behind the scenes for many of the top brands today, building their brand, engaging their communities, and telling their incredible stories! Within Grant's leadership of MarketScale's Transportation/Mobility division, he enjoys working with top companies within automotive to aviation, micro-mobility to marine, drones to space exploration, and everyone in between. And, Grant encourages you to reach out to him directly and set up a meeting, because as he says, "whats the point of all of this transportation/mobility technology development if we aren't headed somewhere fun to meet someone interesting"!
