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McKinsey's 5 tips for business leaders to embrace space race – Business Chief North America


Five actions leaders can take to embrace business of space

Most leaders believe that the self-sustaining scenario would maximise the potential of space. Achieving this would require the following five actions: 

  1. Create and implement effective space governance: Interviewees spoke about a framework for governing space activity being needed to maintain responsible behaviour and preserve space as an arena for all. This would define and enforce ownership, access, and usage rights for space property while also setting standards to protect life and the environment.
  2. Invest resources and effort in enabling technologies and capabilities: These are seen as critical to the development of longer-term technologies and capabilities, and would likely require initial government funding.
  3. Incentivise collaboration among nations, sectors, and industries: Widespread collaboration is seen as vital to accelerate technological development, make space more inclusive, expand participation, and promote the peaceful use of space.
  4. Foster a self-sustaining industrial base: Leaders said government action and the rule of law are critical to building a private space industry.
  5. Leverage the space sector more to advance sustainability and security: Space-based technology can play a central role in global sustainability and security agendas, provided that the international community adopts and accelerates relevant space technologies, such as Earth observation, carbon capture, and lightning mapping capabilities. 

The report suggests that the success of each of these actions depends on global cooperation to develop an accessible, self-sustaining space economy as well as being dependent on governing principles, which need to be established sooner rather than later.

Read the full report: The role of space in driving sustainability, security, and development on Earth



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