Opportunity Austin to Target Space Economy

Jan. 28, 2015 – AUSTIN, TX – Opportunity Austin, the Austin Chamber of Commerce’s five-county economic development initiative, has announced the addition of Space Technology & Exploration as one of its key industries for future economic development. The announcement was made today at the  Austin Chamber’s Annual Meeting.

As a $314 billion market, Opportunity Austin recognizes the demand for growth in space exploration and technology including satellites, launch providers, spacecraft components, in-space services, software and robotics. This designation by Opportunity Austin opens the door for job expansion, development of industry and the recognition of the greater Austin region as a player in the rapidly- growing market of commercial space exploration and related technologies.

“Austin has always been at the forefront of driving innovation – from the semiconductor industry of the 70s and 80s, to the growth of the software and Internet markets of the 90s. We recognize the next great frontier for innovation in our community is space,” said Phil Wilson, Chairman of the Opportunity Austin Board of Directors and General Manager at LCRA. “The emerging commercial Space Economy adds to the diversity of business in our region and has the potential to create additional opportunities for other sectors like cloud technology, energy and medicine.”

A grassroots group comprised of local community leaders formed the Greater Austin Space Economy Task Force to explore the potential for a Space Economy in Central Texas. The Task Force, co-chaired by Paul Baffes, Chief Architect for Change Management Innovation at IBM, and Rich Phillips, Founder and President of Phillips & Company, researched and proved the potential of the space market for Austin.

“Over 30 new space start-up companies are launched annually,” said Paul Baffes, Co-chair of the Greater Austin Space Economy Task Force. “It’s these small companies that are driving industry change. Austin has a unique opportunity as a technology hub known for fostering innovation and growth. As such, we’ve decided to take a leadership role amongst cities and commit ourselves to the Space Economy.”

The surge of new space investment in the United States creates a unique opportunity for a U.S.-based, accredited space leadership program. To meet this unmet need, and to further bolster the Austin talent pool, McCombs School of Business at The University of Texas at Austin is introducing a master’s degree in Space Entrepreneurship beginning in May 2015.