We are a network which seeks to bring the growing satellite and space industry together with the financial community: offering opportunities for both.
The aim – to support the growth of the UK space industry at all levels.
Introducing the Satellite Finance Network
The Satellite Finance Network (SFN) was launched on 16 July 2013 at the UK Space conference in Glasgow. It emerged from the highly successful Space Innovation & Growth Strategy (IGS) published in 2010 which has influenced and informed government policy towards the space sector since then.
The primary objective of the IGS is to grow the UK space industry from £9bn turnover, as at 2010, to £40bn by 2030. The SFN originated from two parallel streams of work during the IGS implementation, one on “Access to Finance”, including topics such as government procurement mechanisms and export credit, and the other on “Regulation”, looking at the regulatory environment for the satellite and space industry, especially operators. Both streams focused on economic growth: mechanisms to finance growth and encourage investment; and the identification, mitigation and removal of regulatory barriers to growth.
Since the publication of the IGS, the SFN has grown rapidly and worked to maintain the momentum of the IGS and deliver on the key recommendations, including pushing for the reform of the Outer Space Act to cap the unlimited indemnity currently contained in it. The SFN has organised three successful conferences with keynote speakers such as Trade Minister, Lord Green. Through these conferences, and other SFN meetings, contacts are being made and already several of our members are in business discussions; some discussions have already resulted in financial support.
The SFN recently supported the refresh or “Restack” of the IGS. The Restack aimed to facilitate and incentivise investment in the UK space industry to ensure that the growth momentum is maintained for the next five to ten years. The SFN actively supported this activity and took the lead on a fresh look at regulation (particularly regulations imposed by the UK Space Agency and Ofcom), access to finance and what further support is required from the Export Control Organisation and UK Export Finance to promote exports. The Government’s response to the resulting IGS Restack Space Growth Action Plan was published in April 2014.
The SFN works collaboratively with UKspace, the UK space industry body, to provide its members with advice and support on regulatory issues, exporting, and mechanisms to finance growth and further investment in the satellite and space industry.
The SFN is also actively engaged with the Satellite Applications Catapult to support entrepreneurs, start-ups and growing companies from their initial ideas through to stock market listings.
The SFN will help members by making introductions to business angels, venture capital, private equity, banks, industry, academia, Government, grant-making bodies, the European Commission, and professional service providers, including in relation to insurance, legal, technical and regulatory assistance.
If you wish to sponsor any of the SFN events, please contact Joanne Wheeler or Richard Peckham, co-chairs of the SFN.