Space Frontier Forum kicks off to draw attention to space startups

Panelists and guests of the Space Frontier Forum hosted by SpaceRadar and STIC Ventures pose at the event in Seoul, Thursday. From left are Mirae Asset Capital Managing Director Lee Choong-hwan, KT SAT CEO Choi Kyeong-il and Korea Times President-Publisher Oh Young-jin. Sixth from left are SpaceRadar CEO Park Si-soo and Korea AeroSpace Research Institute Research Fellow Baek Ki-tae. Ninth from left are STIC Ventures CEO Chung Bo-ra, STIC Ventures Director Do Jae-won and Nara Space CEO Park Jae-pil. Korea Times photo by Nam Hyun-woo

Korean space industry consulting firm SpaceRadar and venture capital firm STIC Ventures hosted the inaugural Space Frontier Forum on Thursday, creating a platform for space industry startups, researchers and policymakers to explore new opportunities.

Under the theme, "Understanding and Growing the Space Industry Ecosystem Together," the forum brought together over 150 participants, including officials from Korean space companies, startups, the Korea AeroSpace Research Institute (KARI), the foreign ministry and venture capital firms.

"For the space industry to grow, it is essential for companies, researchers and policymakers to communicate and collaborate," SpaceRadar CEO Park Si-soo said. "We hope today's forum will serve as the starting point."

During the forum, participants discussed the latest trends and emerging opportunities in the private space industry. Established space companies, including KT SAT and Nara Space, shared their experiences, while Mirae Asset Capital and KARI delivered presentations on investment trends and the latest developments in the space sector.

Nara Space CEO Park Jae-pil shared the company's journey from a startup founded in 2015 to a listed company on Korea's tech-heavy Kosdaq market last year. Nara Space is Korea's first integrated satellite services company, providing end-to-end services spanning satellite design, manufacturing, launch and operations.

"When we were seeking investment in the early days, we emphasized that the space industry would eventually shift from a government-led sector to one driven by private companies," he said.

"Entrepreneurs should not be obsessed with the sheer potential of the space industry and see it as a business. You need to offer the right product at the right price, and focus on whether your business is commercially viable today."

Participants at the Space Frontier Forum listen to a presentation by Korea Aerospace Research Institute Research Fellow Baek Ki-tae during the event in Seoul, Thursday. Courtesy of SpaceRadar

KT SAT CEO Choi Kyeong-il said it is important for companies to clearly define who their space business is targeting.

"Manned spacecraft, cargo spacecraft, interplanetary transportation, space stations, resource mining, utilities, transportation and all we can envision about the space can be markets," Choi said. "Ultimately, the companies that generate the greatest value are likely to be application companies that clearly identify how space technologies can be applied to solve real-world needs and create market demand."

Mirae Asset Capital Managing Director Lee Choong-hwan shared the firm's rationale for investing in SpaceX at an early stage, the lessons learned from that investment and his outlook on how Korea's space industry can grow in the years ahead.

Startups also took the stage to introduce their businesses. Intergravity, SpaceLiinTech, Cosmobee and other promising companies presented their technologies and business models, ranging from orbital transportation and pharmaceutical manufacturing in space to electric propulsion systems.

In his congratulatory message, Korea Times President-Publisher Oh Young-jin said that recent developments in the space industry have turned what was once science fiction into reality.

“I hope the forum would help accelerate that journey and serve as a starting point for Korea to take a leading role in the global space industry,” he said.