Connecting the business of space to your industry | MIT Sloan Executive Education | MIT Sloan Executive Education

Space can feel far away, remote, and disconnected from life on Earth. Considering today's technological capabilities, however, it's time to rethink outer space as a place where highly relevant discoveries, developments, and activities are taking place.

More companies and governments than ever before are using advanced space technology, prominently including advanced communication satellites, to affect their strategies and practices. As an executive or other corporate leader, it's now worth thinking in detail about space exploration progress and related technology.

With space becoming an ever-more relevant topic across industries, it's a good time to consider executive education around the global space economy, which can give you a practical view of an extraplanetary future.

What's the state of the new space economy?

In economic terms, activity in space has never been more prominent than it is today. The global space economy was worth $630 billion in 2023 per the World Economic Forum, and it has the potential to reach $1.8 trillion by 2035. That unprecedented level of investment shows just how seriously both public and private sector organizations are thinking about technological and logistical projects beyond the Earth's atmosphere.

Even some of the most straightforward applications of space technology have massive ramifications for businesses. With a new generation of satellites expanding GPS and navigation functionality and delivering reliable, secure communication, there are immediate applications for more effective performance.

Experts have started to promote the business of space as a useful area for future-looking executives to focus on. These thinkers include MIT Sloan Executive Education Visiting Senior Lecturer Paul McDonagh-Smith, who underlines the importance of space across industries and sectors.

But how should you think about the space economy when so many of the key breakthroughs and investments remain speculative or are in their early planning stages? McDonagh-Smith recommends:

• Envisioning what's next in your industry. By projecting the next steps your company and its competitors are likely to take, you can start preparing now to take advantage of coming opportunities and changes in commercial activity.
• Going bold with your thinking. Striking ambitious partnerships with organizations directly engaged in space research and exploration can help your company become part of the next wave of development.
• Being involved in decision-making. By taking a decisive stance on space-based issues now, you can help your company have a seat at the table in setting the trajectory for this whole field of endeavor.

The same kinds of digital exploration strategies that have helped your company evaluate strategic opportunities closer to home can also shape its path into space-based investments and the new space economy.

Read more: See why it's important to discover the space economy now, rather than waiting.

Applying the business of space to earthly industries

On one level, being active in the space economy means thinking seriously about future projects that have the potential to bring impressive returns in the medium-term future. On another, the value is closer to being realized.

Some potential space business applications across sectors, which may soon come to fruition, include:

• Logistics and transportation: New satellite launches have the potential to deliver more powerful GPS functionality than is possible with current technology. This is especially relevant in enhancing logistics efficiency. Automated and driverless vehicles, for example, rely on precise positioning signals.
• Healthcare and life sciences: Pharmaceutical development efforts are limited by available laboratory environments. Performing experiments in low-gravity settings such as the International Space Station can point to impressive new breakthroughs.
• Energy generation: Traditional energy producers can detect issues such as oil leaks through satellite readings from orbit. Furthermore, renewable energy providers rely on data from weather satellites to maximize production.
• Finance: Communication satellite networks are essential for the secure transmission of information. Technological advancement points to a new generation of systems that can enable fast, protected data transfers.
• Agriculture: Decision-making in the farming space depends on satellite imagery. This means upgrades to satellite networks can change the way agricultural operators manage their crops, giving them vast new data resources to consider.
• National security and disaster relief: More powerful communication networks are empowering national-level services. These range from military information transmission to the quick coordination of large-scale disaster-relief efforts. 
• Quantum computing: Earth-based data centers are limited by a few factors, including the need for temperature control. Companies are therefore interested in creating quantum computing data centers beyond the Earth's atmosphere. A lunar data center could perform more operations with less need for cooling technology than an equivalent installation anywhere on the Earth.

Monitoring the progress of new space missions and technology deployments is no longer just for people directly engaged in that work and hobbyists. There are now mainstream business applications for knowing about the latest extraplanetary developments. Becoming aware of the potential to transform your industry is a way to mark yourself as a forward-thinking leader.

See more: Hear what McDonagh-Smith and NASA Goddard Chief Scientist Jim Garvin have to say about the ripple effects of the space economy. 

Staying up to date on space business developments through executive education

To become more engaged with the space economy as a business concept, it's worth seeking out insights and strategies directly from leaders in the field. This is where MIT Sloan Executive Education courses, such as the Business Applications of Space Exploration (BASE), fit into your personal development.

Learning about the current and next-generation applications of space technology now helps you conceptualize the next steps for your business model in two ways:

• First, it serves as a repository of information that can help you perform research immediately, focusing your efforts on finding applications for technological advancement that will affect your sector.
• Second, it prepares you to be conversant in the next generation of space technology. As innovations like advanced satellite networks and quantum computing come online, you will be better prepared to work them into your business model.

There are many difficult and unsettled concepts around space exploration and related developments. For instance, countries' and companies' space policy decisions will face strain as more launches take place and space activity increases sharply. Taking an expert-led journey into these concepts can help you keep up with the global conversation.

Read more: Learn why MIT Sloan Executive Education is the best option to keep your industry knowledge up to date.

Bring the business of space down to earth

Studying the business of space can be a remarkably practical and grounded experience, given the breakthrough concepts and massive scope involved. The BASE course is administered in person on the MIT campus, with five days of sessions explaining the direct business impact of space exploration.

The course curriculum consists of a few distinct themes:

• Near-term pathways: Grasping the evolving picture of space exploration today, including the evolving roles of governments and private space companies.
• Economics of space exploration: Calculating the financial costs, benefits, and models associated with working in space.
• Space technology and innovation: Understanding the technologies driving space exploration, from AI and robotics to extended reality.
• Translating space exploration to organizational exploration: Applying key frameworks from space projects to current business projects.
• Applications and markets: Examining the potential for space products and services to shape and drive commercial activity.
• Workforce principles and culture: Transposing the key principles of space exploration to everyday workplace success.
• Activating an exploration mindset: Adopting frameworks that encourage exploratory thinking within a company
• Leadership, ethics, and sustainability: Considering the ethical and sustainability dimensions of working and making discoveries in space, including space debris management.

Space is the "forever frontier" for Earthbound explorers, and some of the technologies and opportunities involved are hard to conceptualize at present. This doesn't mean you should hold off on learning about these concepts, however. Business leaders who have considered space's potential in their industries will be prepared for the next generation of solutions to business problems.

Enroll in Business Applications of Space Exploration to internalize important lessons about the final frontier and its impact on your bottom line.