On the hunt for space tech startups

The search is on for the next cohort of The Future Technology Program — an initiative from KPMG and Stone & Chalk that helps startups introduce better technology, innovation and thinking into the economy — and this time it’s reaching for the stars.

The latest intake will see five space technology startups receive complimentary residency for 12 months at one of Stone & Chalk’s hubs located in Sydney, Melbourne and Adelaide, as well as guidance and support from KPMG’s array of mentors and industry leads.

In addition to client introductions and industry conversations, Future Technology Program recipients will be assigned a KPMG mentor tailored to their business, assisting startups in their efforts to validate, test, learn and explore genuine opportunities for growth.

Stone & Chalk Group CEO Michael Bromley said space tech startups are game-changing businesses that are driving Australian innovation.

“I’m very excited that our next cohort for the KPMG and Stone & Chalk Future Technology Program will be focused on space technology. The technology being developed now for use in space will not only help us explore and learn more about the universe in which we live, but it will also drive innovation for use back home on Earth. From climate tech to navigation and software development, space technology really is Earth technology,” he said.

Australia’s space industry offers massive growth potential and is projected to reach $12 billion by 2030, growing at a CAGR of 8.2%. It currently includes nearly 600 businesses employing over 14,000 people. Space is anticipated to play an increasingly important role in the nation’s defences, with the Department of Defence expected to invest nearly $10 billion into space technology and infrastructure over the next two decades. Sectors such as agriculture, mining and transportation are also becoming more reliant on earth observation data and satellite communications.

The program is now open and seeking applications from early-stage founders building space tech startups, companies that rely on space infrastructure, and solutions or technologies from other sectors that are directly relevant to space. These include:

• Space tech startups building products relevant to operations (management of objects and satellites in space), applications (software and hardware data used for industry, such as GPS sensors for logistics analysis), or enablers (research and development).
• ‘Spin in’ companies that may not ordinarily be classified as space tech, but which have an innovative solution that is relevant to space, or which use space assets, data, sensors, networks or infrastructure.
• Solutions that use space infrastructure to solve major industry problems, particularly as they relate to health, weather, transport, telecommunications, energy, media, technology, mining & resources, agriculture, defence, supply chain and ESG.
   

Hardware and launch startups will also be considered, though they are not expected to be the primary focus of this program.

Sarah Vega, National Managing Partner, KPMG Futures, said the program aims to play a critical role in helping space startups thrive in a challenging capital-raising environment.

“We’re excited to be working with companies in Australia who are pushing the limits of what’s possible in space. Space data and applications are revolutionising operations, reducing costs, and providing lightning-fast decision-making capabilities across a range of applications in financial services, utilities and health.

“Many of these groundbreaking capabilities are being developed right here in Australia and we are looking forward to welcoming the next cohort of winners of the Future Technology Program,” Vega said.

To be eligible for the Future Technology Program, startup applicants must meet the following criteria:

• Be Series A or earlier and building technology which can be applied to space.
• Be in a position to accept residency at Stone & Chalk (Melbourne, Sydney or Adelaide) 45 days from the date they have been notified in writing of being a successful applicant.
• Be already operating in Australia at the time of their application for the Program, or commencing operations by 30 June 2023.
   

Applications for the program are now open here and will close on 14 April 2023. The program will begin in July 2023, with offers expected to be made in early June.

Image credit: iStock.com/NicoElNino