To save the earth, business leaders need a space strategy - now.

Many companies in the space industry are already in the process of adopting a systematic approach of circular economy. Research shows that by 2030 the global space economy is expected to reach $1.25 trillion and there will strengthen the significance of designing circular solutions that also improving life on Earth.

In this article, I will describe the importance of a space strategy for businesses and how this will accelerate growth and also boost sustainable innovation efforts.

I believe it’s about time for business leaders to take our multi planetary future as seriously as their metaverse strategy. This decade we will witness a giant leap frog into the space economy.

It might sound too futuristic to speak about a space economy yet, but with the population just exceeding 8 billion people we might soon need more space. So, why not expanding into space?

My question: Do you have a space strategy for your business?

A quick study in October 2022 uncovered: Expectedly 64% of people said they do not have or even consider a space strategy, but surprisingly 36% said they have or are thinking about one. Galactic!

Take the ride-share industry as an example of using space assets. They leverage signals provided by GPS to operate their services. GPS is a $300 billion business and illustrates how space is already driving the economy on earth.

Meaning, a space economy isn’t a far far away theory anymore. It's already here.

Startups, investors, and companies like SpaceX , Sierra Space , Blue Origin , and Virgin Galactic all drive down the costs and accelerate the democratization of work and life in space. How fast this area is expanding was recently vividly visible in the night sky with SpaceX releasing 51 Starlink satellites. If you haven't seen the trail of lights in the skies watch it here . It's spectacular and jaw dropping.

This “New” Space Is Growing In Speed Of Light. And business leaders are better be ready now.

Many professional areas benefit from the space boom already. Leveraging unique characteristics like the low-gravity vacuum for R&D or data from satellites to learn from and through space.

However, Citi group analysts expect “the fastest growth rate to come from new space applications and industries."

NASA’s Artemis mission and the plan to open its Moon Base by 2025 will make the presence of more people inevitable. With the need of not just scientists, or engineers in space, but everyone else to run a village or city. This will also boost the demand for goods and services for consumption, validating the Citi projections.

In a McKinsey podcast Lisa Callahan, VP of commercial civil space at Lockheed Martin said:

"If people are going to be able to live and work in space and create money in space, you need infrastructure. And a lot of that infrastructure isn’t that different from what we have here on Earth."

Lockheed Martin and General Motors are currently collaborating on the lunar rover using GM's expertise in autonomous vehicles and battery technology.

Going back in time, in 1984 Coca Cola became an early pioneer in using the space as an opportunity to innovate.

They changed the formula of their soft drink and designed cans especially for dispensing during weightlessness to refresh astronauts of NASA's Space Shuttle Challenger STS51-F mission . In 2022 this project inspired Coca Cola to launch Starlight bringing the magic of outer space down to earth for a limited time.

I was part of the team working on launching the intergalactic flavor and galaxy of immersive, digital experiences for Coca-Cola. Working in the past decade as a designer and innovator with companies like Lockheed Martin and General Motors makes me very excited about the space age.

And trust me, you do not want to miss this spaceship to interglacial growth.

But before you now start briefing recruiters to hire a Chief Space Officer, the following framework should speed up the process for you and your innovation teams - and Aliens if you happen to know some.

Introducing the Space Opportunity System (SOS)

The Space Opportunities System leverages stakeholder-centered thinking to create Sustainable Business Model Innovations. In simple terms, it forces business leaders, designers, and engineers to understand all divers and behaviors in an ecosystem including humans, the planet, machines and also the universe - so called stakeholders.

You have to answer five simple questions for your business:

• Assets: Why are people using our products/services today on earth?
• Audience: Who and how are people using our offering?
• Market Entry: When will our audience be part of the space economy?
• Behavior: How might people use our products and services in space?
• Space: What do we need to change to design the perfect space product experience?

The Space Opportunities System is a simple canvas to start with. It defines the opportunity areas, needed design changes, and a timeline to design a useful space strategy. The outcome will most likely lead to sustainable solutions that help businesses gain a competitive advantage through innovative business models.

The underestimated benefit for people and the planet is that life in space requires products that support a circular system of repurposing, up-cycling, and reusing.

A space strategy might ultimately not just help humanity expand into space - it might even save the planet we are living on today.

Meaning investing in a smart and innovative space strategy can have an immediate impact on a company's ESG ambitions, too.

Key take-aways:

• Space travel gets cheaper and more affordable at lightning speed
• The space industry isn't reserved for satellites and research only
• More people in space will make in inevitable to build a similar infrastructure as on earth
• Products for a space economy also have an impact on services and experiences on earth
• Designing for a circular system in space will accelerate sustainability efforts on earth

The space is setting business leaders up for infinite growth opportunities and new exciting experiences not from this world.

If you haven't lost gravity reading this and feel excited to join the space economy now; Just say " Alexa, Take Me To The Moon!" *

*implied you have an Amazon Alexa at home and are at least part of the digital economy