To assist and foster early-stage startups in the space industry, the Indian National Space Promotion and Authorization Centre (IN-SPACe) has launched a pre-incubation entrepreneurship (PIE) development initiative.
Under the Department of Space, IN-SPACe functions as an independent nodal agency.
Aspiring space entrepreneurs will receive extensive assistance throughout the 21-month intense program, which will mentor them through the critical phases of ideation, invention, and prototype creation, according to a statement from IN-SPACe.
Mentorship from professionals in academia, research facilities, incubators, and the space industry will be available to participants.
“India’s space sector is poised for exponential growth, and young entrepreneurs are crucial to driving this expansion. The PIE program will provide them with a launchpad, equipping them not only with technical expertise but also with the business acumen needed to navigate the complexities of the space industry,” said Pawan Goenka, chairman of IN-SPACe.
According to the statement, the program will assist young entrepreneurs in turning their creative ideas into working prototypes by providing a collaborative learning environment that allows participants to interact with and gain knowledge from seasoned mentors who have been carefully chosen from top academic institutions, space industry players, and research institutions.
The program’s requirements include that in order to be eligible, candidates must be Indian nationals who will graduate in 2024 or who have already graduated, they must not have received any scholarships, financing, or financial assistance from private or public schemes, and all entries must be original works of art.
The Indian Space Policy, which was launched last year, is at the center of everything. The new strategy is to make reforms to increase private sector engagement in the space industry and to build a framework for integrating the sector within it.
The strategy also seeks to promote cooperation among academics, entrepreneurs, industry, and researchers. The new policy also outlines the obligations of commercial enterprises and organizations such as (ISRO).
The most recent event occurred four months after the Indian government liberalized the FDI regulations for the industry, permitting 100% FDI through the automatic route for specific space-related subsegments.
India has had an unparalleled surge in spacetech startups over the last ten years, bringing with it new insights, technological advancements, and a competitive advantage. With cooperation and assistance from both the public and commercial sectors, spacetech entrepreneurs are crossing the next frontier.
The GST Council established the 0% GST regime launchpad for spacetech startups in July of last year. The Indian Space Research Organization (ISRO) registered up to 100 spacetech startups last year alone, such was the hype in this emerging industry.
Among the well-known spacetech startups in India are Digantara, Agnikul, Bellatrix, Pixxel, and Skyroot.
For instance, spacetech firm Digantara announced the $12 million (about INR 99 crore) final close of its Series A1 investment round in February of this year.
The maiden launch, or Mission 01, of Agnikul Cosmos’s indigenous rocket Agnibaan SOrTeD was successfully accomplished only last month by the spacetech firm. The launch was conducted from the company’s own launchpad, which is housed at Sriharikota’s SDSC-SHAR.