UK Space Agency awards funding for small business growth
The North East and North Wales space industries are about to get a boost as the UK Space Agency pledges funding for a network of business incubation centres across the regions.
Reacting to the news that the UK Space Agency has awarded Business Durham, the economic development company for County Durham, funding to support small businesses as they tap into the lucrative space sector, Dr Simon Goon, Business Durham’s managing director, said:
“This is a fantastic investment to help support the North East’s smaller businesses as they tap into the flourishing UK space sector - an industry which is going to be worth £40bn by 2030. We can help businesses explore the huge potential of this global sector and elevate their ideas to the next level.”
The incubator will be based at the North East Technology Park, (NETPark) in Sedgefield and will build on the success of the North East Satellite Applications Centre of Excellence, one of only three in the country, which is based at NETPark.
The growth of the UK space sector is expected to reach £40bn by 2030.
More information is on the UKSPA website here.