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The UAE Space Agency conducted a strategic workshop on the Global Space Industry Accelerator (GSIA) to identify key industry challenges that can be addressed through space, and shed light on the status of intellectual property (IP) in the sector. The workshop brought together leaders from the local entrepreneurship ecosystem, academia, and public and private sectors at Krypto Labs in Masdar City, Abu Dhabi, on 26 February 2020.
During the workshop, the UAE Space Agency unveiled the details of the GSIA, which is the first of its kind in the region. Under the umbrella of the National Space Investment Promotion Plan, the GSIA aims to position the UAE as a pioneering country in the space industry through innovation. It also seeks to nurture a sustainable UAE space industry, foster a healthy national ecosystem through innovation and R&D, and contribute to a diversified and knowledge-based national economy.
The GSIA has four key components. Firstly, it will launch a specialized space accelerator that supports the growth of established space industry startups and maximizes their success rate. Secondly, the GSIA will support in building a venture builder for the establishment of four startups and accelerate their commercialization potential. Thirdly, it will establish an investment fund that joins a syndicate of investors and VCs to invest in established startups and entrepreneurs. The fourth component is focused on identifying which IPs are space-related and can be commercialized to build fruitful technologies.
Commenting on the strategic GSIA workshop, Naser Al Rashedi, Director of National Space Policy and Regulation at the UAE Space Agency, and Program Director of the GSIA, said, “The GSIA is one of the first initiatives that seek to realize the goals set by UAE Centennial Plan and the strategy for the UAE’s Fourth Industrial Revolution (4IR), which collectively aim to position the UAE as a pioneering country on the global innovation map.”
“We see great potential and value in the R&D sector who have many IPs that can be collected and identified for monetization. If we work together to identify challenges within the industry, we can help entrepreneurs identify them and thus build key solutions that can assist in contributing to an innovation-based and ideation-based economy under the UAE’s strategy for the Fourth Industrial Revolution.”
“The GSIA aligns with our strategic goals to support scientific research and develop the national space exploration capabilities towards sustainability that is unmatched in the region. Sustainability and partnership are the two main factors that can enable the growth and contribution of space technologies into other industries. Sustainability can be viewed through three dimensions. Firstly, how space can contribute to the sustainability of Earth; secondly, how it can sustain the space environment; and thirdly, how it can contribute to sustaining businesses, and this what we are trying to do through the GSIA. Partnership is the key to achieving this sustainability,” he added.
