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The Future of business. Future of business, future of business.

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It's more global and more decentralised, making sure that enterprises that are a lot more responsible.

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Smart cities. More collaboration. Consumer driven productivity.

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Environmental and social responsibility. Global human centred.

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Purposeful individualised. Automation. Big Data.

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Climate Change. Space Exploration. Renewable Energy.

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Information security. Exciting and digital. Hello and welcome to the Future of Business Podcast.

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I'm your host Alison McArthur. Today will be venturing to the final frontier for a very special episode on the future of space.

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Once the stuff of science fiction,

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more and more companies are getting into the space business led by some big players that you've probably heard of Elon Musk's SpaceX X,

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Richard Branson's Virgin Galactic, and Jeff Bezos Blue Origin.

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To help us understand how the sector is evolving, we spoke with Chad Anderson,

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CEO of Space Angels, an investment firm that specialises in funding space related start-ups.

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Todd recently joined us on the podcast via Skype. Welcome to the podcast.

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Thank you very much for being here with us remotely today.

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So you were once a student here at SBC.

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Could you just maybe start by telling us what got you interested in space and how you went from business school to working in space investment?

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Yeah, sure. So prior to business school,

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I was in banking and just doing commercial real estate and I was spending a lot of time after work doing different things.

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I was volunteering my time with Children's Theatre in Seattle and started a non-profit with some friends of mine in Morocco,

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focussed on entrepreneurship and economic empowerment.

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And these things were really motivating for me and really what was getting me excited and making me want to spend my energy doing so.

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I decided to go to Oxford because of this goal centre and because I wanted to focus my career on social entrepreneurship.

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So I went in 2012 and while I was there I really focussed my energy on that.

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I led the Social Impact Club when I first arrived and yeah, I mean, it was the first time in my life where, you know,

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since I was a teenager where I wasn't working two jobs or more and I decided to do

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the program full time and spend my time thinking about what I wanted to do next.

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And I was following the news and what was happening in commercial space.

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SpaceX had launched for the first time a customer to orbit a few years earlier.

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And in 2012, when I was at Oxford,

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the Space X connected with the space station delivered cargo for NASA to the space station, rather, spacecraft down safely.

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And they became the fourth entity in the world to do that.

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The others were all national superpowers, space superpowers, so the U.S., Russia and China.

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And so we were witnessing, you know, private companies do something that was previously unthinkable.

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I had grown up on sci fi and it was an interest of mine space, space exploration, business of space.

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This was all very interesting to me and I spending a lot of time following the news,

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but I never once considered even the possibility that there would be a role for someone like me in, you know, to make a career out of it.

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I do notice this. Yeah. A lot of the people that probably end up working industry, they always wanted to,

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you know, they were you love space as a child and they wanted to be an astronaut perhaps.

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Or they were just fascinated by the area. So it's it's I guess it's nice that you've managed to, to carve out a living for yourself in that area.

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Yeah. I mean, it was really the time off that allowed me that to stop and think and say, you know, what I wanted to do with my career next?

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And there was this opportunity opening up.

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The biggest barrier probably was everyone that I talked to in the sector had some kind of science, technology, engineering type of background.

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And I was, you know, business. I'm an economics finance undergrad and, you know, an MBA.

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So I began doing informational interviews and asking people, talking to anybody I could that would talk to me and asking them, you know,

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is there a place for someone like me with my background in the sector where everyone has a technical background and they said,

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yes, you know, it's just starting to grow. And we it's full of technical people.

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We don't have business people to help manage its growth.

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Yeah, that's is kind of good to know for I imagine a lot of people that are listening to the podcast that,

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you know, are either MBAs or thinking about an MBA or have a business background that,

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you know, you can't go into an industry that you're passionate about that might not,

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you know, obviously kind of align with your your skill set or background.

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So you are currently the CEO of Space Angels.

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Could you just give us an overview of what it what it does and how important it is for,

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you know, Start-Up Space Start-ups are growing companies to get angel investment.

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We're a bit of a unique model of something of our own invention.

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And so Space Angels was actually around for a few years before I did.

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Joined. It wasn't much of a business model and it was an Angel Network.

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So a group of volunteer is kind of loosely formed and it was more of an investing club.

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We tried to move as far away from the Angel Network model as possible and essentially re founded the company.

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What that meant was we we created what we call an angel fund.

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And so we invested in an online platform which allows accredited investor members to come on,

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get access to a lot of information about these start-ups and then invest through us.

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And then we manage it just like a venture capital fund. And so the Space Angels Angel Fund, we've been growing now since 2015,

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and we have almost 30 companies in our portfolio and we've invested 12, 13 million through that Angel Fund.

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And in 2017, we launched our venture capital fund, which is a venture capital fund in the truest sense.

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It's called space capital and invests the two funds invest alongside of each other.

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And so we are in the process of closing that fund now, and it looks like it's going to be somewhere between 16 and $20 million in that fund.

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And so really what we do is space specifically.

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So we're a sector focussed fund and we focus on seed and series opportunities.

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So really early stage companies and we try to be the first check in so we invest globally and so we're looking at companies everywhere.

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Just this last quarter we invested in a company in Singapore, in the UK, Switzerland, a couple in the U.S. and a couple in Canada.

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It's a really interesting time for the sector and space start-ups in particular.

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Prior to Space X first launching in 2009, there wasn't a whole lot of entrepreneurial activity to speak of.

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There was maybe a couple of dozen privately funded space companies globally, and what they did was effectively bring down the barriers to entry.

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So they brought the cost way down and they brought transparency to the market and they published the pricing.

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So now entrepreneurs could understand how much money they needed to go raise to build a business based on satellite hardware, satellite data.

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And so we've seen the market just grow exponentially.

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So we've gone from a couple of dozen privately funded companies to now 435 plus today, and they've raised $20 billion over that period of time.

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And so really what we do is, as the most established investor in this sector,

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we're really out looking for all the best opportunities as they become available.

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So as the next barrier to entry falls and there's new opportunity for entrepreneurs,

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we want to be there first looking for those gaps in the market and looking for the

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entrepreneurs that are best positioned to take advantage of the ageing landscape.

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Hmm. Yeah, I know. Certainly I know this space least, at least for me has like really sort of,

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you know, brought this space industry, I guess, into into my, my area of awareness.

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And, you know, I guess the house like Elon Musk, you know, making these big claims like he wants to like colonise Mars and really exciting things.

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But, you know, some amazing things have been achieved recently like the such as like the Falcon heavy launch.

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I mean, that was pretty incredible to watch.

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And then I guess in terms of as you mention it, I guess it sort of fosters a lot of space related start-ups.

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But in terms of investors and people that are sort of investing in these companies he he deal with.

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I mean, are they people who are really excited that they're excited about SpaceX and they care more about the,

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you know, the opportunities for the space industry to shape the future of humanity?

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Or is is it more a commercially, economically motivated decision or is it.

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It is a bit of both. That's a great question. And it's dynamic.

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So it's changing over time as the industry evolves.

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So to do. Does the investor base, so too does the calibre and quality of entrepreneurs that are involved?

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When I took over based angels and you know, was it was experimenting with business models and we were already founding the company back then.

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It was really difficult to get investors excited about what was happening.

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Most of them at that time were or what you said, you know, they're really enthusiasts, people who are investing for impact.

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Right. They were really wanted to see their vision of space become a reality.

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They were children of the Apollo era and wanted to see, you know, humanity take those steps forward.

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They were really investing for impact.

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And as things have evolved, as more entrepreneurs have come into the sector, they're they've attracted more capital.

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And as they've attracted more capital, we're attracting more sponsors to the sector.

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Right. So it's a virtuous cycle that, you know, it's kind of a big wheel that takes.

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A lot of energy to get moving. But now that it's moving, it's moving really, really, really quickly.

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So today it's much different and that most of, you know, a lot of the investors that we're seeing now are really more mainstream investors.

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We're seeing a lot of finance first investors, meaning people who are investing really for financial returns.

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They don't really care what they're investing in because they're starting to see the opportunity, the financial and economic opportunity and space.

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Yeah, I can imagine this sort of huge upside potential on this sort of thing,

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particularly as it becomes more commercialised in the future, maybe long term, long term investment.

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So I know you mentioned that you're very interested in sort of social enterprise and

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you've spoken about the space industry as like the ultimate social impact area.

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What does responsible business look like in the space sector?

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There's really two pieces to this. One is the abstract and that every astronaut that's been to space, 99% of them that you speak to,

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they will tell you that that when you see Earth from outside, it's a really has a really profound impact on them and their perspective.

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And they gain this new enlightened perspective, a sense of responsibility and connectedness.

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And I think that, you know, so far we've had 500 people, maybe a few more go to the space station and experience that.

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We're now entering an era where we're going to have, you know, thousands, hundreds of thousands,

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millions of people going up and and getting this new enlightened perspective.

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And so I think, you know, a lot of the big problems that we have here on Earth, you know,

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any of the U.N. sustainable development goals like famine, disasters, you know, you name it, all of these are preventable.

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And we we have the resources to stop them. It's the will that we lack.

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And so I really like space from that perspective that it has that ability to profoundly impact humanity in the abstract,

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but then also in a very practical level space, I don't think gets the credit that it deserves,

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particularly with regards to how it enables our modern global economy.

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Basically, everything that, you know, today wouldn't function without space, without GPS,

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particularly, for example, precision timing allows for our financial markets,

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GPS enables our global shipping lanes and enables the aircrafts and the volumes of

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aircraft and and international airline flights that we have today all the way down to,

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you know, how we get around with Uber and Lyft and location based services like food delivery and what have you.

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It's hard to imagine in the world today without GPS in it.

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And so that's a really sort of foundational layer for space and how it impacts our everyday lives.

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But then also all of these new satellites that are going up that are going to be

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observing Earth from space are enabling us to do things like precision agriculture,

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combating hunger, monitoring our oceans, monitoring our infrastructure, monitoring our forests and making sure that they're safe.

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So there's a lot of impact on the Earth observation side as well, which is growing like mad in space at the moment.

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Absolutely. And it sounds absolutely fascinating. It's so interesting to see so many private companies come into this space.

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And it seems like a lot of them have an international scope, which is quite interesting because the space industry,

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I guess, particularly space travel, has historically been seen as a very sort of national thing.

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You know, how how is this sort of, you know, given that a lot of these new enterprises sort of maybe have like an international reach?

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How does how does that work? Is there some sort of enter country corporation or are there more public private partnerships being established?

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How does the how does that all fit together? It's really dynamic and it's happening on a number of different axes.

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So in the US, the government has done, you know, it's for decades now it's really been established that there's a handful of companies,

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government and defence contractors and one customer, you know,

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the government and Nasser has is split on this, but it's slowly starting to come around.

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But around 28, 29, there was a few really forward thinking people who enabled this new type of contract where instead

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of basically funding the development of hardware like large launch vehicles and things like that,

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they would instead say, we don't really want to own or develop a rocket.

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What we what we want to do is get people and cargo to the space station.

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So if somebody can do that for us, you know, here's a price that we're willing to pay.

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And so this transition from them being a.

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Benefactor or development funder to a customer is really what's enabled a lot of the the private sector entrepreneurial

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approaches to space in the US and we're seeing a number of countries around the world start to piggyback on this.

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And so in the US it first started with commercial cargo, which space X in 2012, that's the contract that they were on.

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Boeing and SpaceX X have those contracts. Now they're moving on to commercial crew.

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You've probably seen some headlines about this, where they're going to, you know, instead of just launching robotic cargo missions now,

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they're going to be launching autonomous human missions, taking NASA's astronauts to the space station.

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And they're leveraging this same type of contracting approach to the new things that they're trying to do with the moon.

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For example, the actual lunar payload services program is two and a half billion dollars over the

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next ten years for small and medium lunar landers to basically take NASA's cargo,

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which would be small robots and science instruments to the moon, to the lunar surface.

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So that's very exciting. And there we're starting to see that play out now with the human lunar landers as well.

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You know, tying in with the Jeff Bezos announcement. Yeah, it'll be really exciting to see what happens over the next few years.

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I know that you you recently wrote that 2019 is the year of commercial space travel.

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So do you think that space travel will reach the masses at some point in the next, I don't know, five, ten years?

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What do you think the timeline is for that? And most importantly, do you think you'll be on one of the flights?

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Is that what you want? Well, I certainly want to be. That's yeah.

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My little secret. The reason why I'm doing all of this is just so I can get a discounted flight.

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Oh, yeah. Oh, no. But I think this is happening a lot more quickly than most people realise, and it's not happening overnight.

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There's been a lot of time and energy and capital put into these projects,

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into these companies that we're just starting to see come to fruition at the same time.

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So since the shuttle was retired in 2011, the U.S. has not had a launch capability to take humans to orbit.

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The only vehicle that we've had is the Russian Soyuz, and it has taken all astronauts to the space station over this over this period.

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That's all starting to change really this year. So we've seen SpaceX and Boeing both have commercial crew contracts with NASA's.

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And they are there's there's some struggles with that program.

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And as you'd imagine, SpaceX sent up their first Dragon crew capsule to the space station without crew as a demo one mission earlier this year.

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And it was a fantastic success. They've had an explosion that they're working through with NASA now and a test vehicle since then.

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And but they were supposed to launch in August, I believe, and that might now get pushed out to early next year and Boeing as well.

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But that's coming, you know, in the next 6 to 12 months.

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We're going to start to see some developments there.

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And I wouldn't be surprised if we see astronauts get to the space station on these commercial vehicles.

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So that's very exciting.

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Then we'd have three vehicles online later this year or early next year, and there's also two suborbital vehicles being developed.

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So obviously, Richard Branson's Virgin Galactic has been working on this for quite some time.

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Their Spaceship two had a great success earlier this year where they took two pilots, took their astronaut trainer up.

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And so they had three people go up and get their astronaut wings. And they've just now moved from the Mojave Desert in California,

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which is where they're doing all their testing now over to New Mexico and Spaceport America, where they're going to begin commercial operations.

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And so they're looking to start taking passengers later this year.

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And obviously they've had I forget the exact number, but it's somewhere around 700 or more people have paid deposits to go.

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So they're going to start start taking those people to Space and Blue Origin.

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Jeff Bezos space company has launched their new Shepard vehicle now 11 times.

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Two boosters, two rockets have flown five times each without incident and are making great progress.

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And he's just confirmed that they're going to begin flying people this year.

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So we're going to go from one vehicle that can take people to the edge of space or to space to five vehicles later this year or early next year.

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And we're now entering an era where instead of a few hundred people who have the right stuff going to space,

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people are, you know, you're going to be out at a party and you're going to be talking to somebody who's just gone.

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It's expensive still, so on. Blue Origin and Virgin Galactic go to the edge of space is still $250,000.

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So it's no it's you know, it's a significant amount of money, but it's much more affordable.

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And a lot of people that's in a lot of people's price range that's so interesting to think that you just,

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you know, a few years ago, you know, everybody thought that would be possible even in our lifetimes, perhaps.

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But now that's so interesting. And we get to keep an eye on that.

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Wonderful. Well, Chad, thank you so much for joining us. And that was a really fascinating episode.

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I'm sure everyone listening will probably agree. Yeah.

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And thank you for taking the time. Thank you. It's been a pleasure.

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And thank you for listening to this week's episode of The Future of Business podcast.

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Please subscribe on iTunes or wherever you listen to your podcast.

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Make sure you get the latest episodes as they're released. You can also send us your questions or feedback at SBC Podcasts at SBC dot, dot, AC dot UK.