Science minister unveils £15m fund to support UK space startups and SMEs

Science minister Nusrat Ghani has unveiled a new £15m fund to support UK space businesses for the development of satellite communications technology.

The fund takes the form of a competition, running until spring 2023, encouraging businesses to develop and share satellite communications technologies. The competition is designed to spark further investment and growth in the UK space sector.

Nadeem Gabbani, founder of Exobotics, commented: “It is great to see the new science minister unveiling investment and support for the science and space sectors, which will play a vital role in boosting the UK economy.

“Demonstrating support for space businesses is hugely encouraging for new startups and SMEs who will have the confidence to expand and innovate, whilst providing new high skilled science jobs within their businesses.

“All eyes are on the UK space sector at the moment, so it is vital that we demonstrate the growth and strength of the industry through upcoming launches, economic growth and widespread job creation in order to establish the UK as a major player in the global space market.”

“The support and investment provided by the new minister should be used to make space accessible for everyone by breaking down the barriers to entry for companies outside of the space industry.”

The fund comes alongside a new report which revealed that every £1 invested in the European Space Agency provides an £11.80 return for the UK economy.

Science minister Nusrat Ghani added: “I am proud to be representing the UK space sector as we discuss our ambitions ahead of the ESA Council of Ministers next month. There are a series of important programmes on the table, and I want to harness opportunities in space to grow the UK economy, create jobs and inspire young people into STEM careers.”

By Matthew Neville – Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →