Techstars Aims for Assisting Space Startups in LA
Southern California based startups that want to explore life beyond earth have a new ally. Techstars.
The startup accelerator, with assistance from NASA’s Jet Propulsion Lab, Lockeed Martin, the U.S. Air Force, Maxar Technologies, the Israel Aerospace Company, SAIC and Starburst Aerospace, is launching an accelerator program specifically to boost aerospace focused startups. It will be called the Techstars Starburst Space Accelerator.
The program is hitting the ground running with applications to join already available for applicants to be in place when the program launches in July of this year. Accepted applicants will get a $120,000 investment in their startups and mentorships with participating space experts and executives at the Accelerator. Also included are Amazon Web Service credits, free legal advice and financial services from Silicon Valley Bank.
“The space industry is both massively exciting but also quite complex,” said Techstars Starburst Space Accelerator managing director Matt Kozlov in a statement. “We are bringing together vital industry leaders, both public and private, who will help entrepreneurs navigate the industry and provide unprecedented commercial support and mentorship.”
Kozlov adds the program will help founders achieve two years of commercial experience in three months.
Companies that complete the program will be competing in a growing private aerospace marketplace that includes well known and experienced startups like Space X and Virgin Orbit. According to Merrill Lynch/Bank of America estimates, the private space market is likely to grow from $339 billion in 2016 to $2.7 trillion by 2045. Already $16 billion has been invested in space startups since 2000, with $2.8 billion invested since 2016.