Space Exploration Investments

This workshop will focus on ways to evaluate and measure the risks associated with investments in space exploration ventures and on the need to better define viable and affordable options for investors to seize uncertainties. The basic question of whether investments in space exploration activities are “unique” and distinct from more traditional ones needs to be fully addressed and understood to identify the right tools to translate associated uncertainties into measurable risks and create a favorable environment to stimulate investments.

Relevant questions for this workshop to explore are:

• What uncertainties are commonly related to investments and specifically what are the additional uncertainties that are inherent to investments in space activities?

• How are these space investment uncertainties currently addressed by investors and how are they translated into measurable risks? Do different types of) space activities require dedicated analytical techniques, or do they call for only minor adaptations to standard practices of investment analysis?

• Have other analogous non-space industries encountered similar questions of uncertainties and how have they dealt with them? How have those uncertainties been translated into measurable risks?

• What lessons might be learned from other industries’ experiences?

 

AGENDA

09:30-10:00 Introduction and Keynote

Greetings:

• Henry Hertzfeld – Research Professor of Space Policy and International Affairs, George Washington University Space Policy Institute

• Ian Christensen – Director of Private Sector Programs, Secure World Foundation

• Simonetta Di Pippo – Professor of Practice of Space Economy and Director of the Space Economy Evolution (SEE) Lab, SDA Bocconi School of Management

Keynote:

• Scott Pace – Director, George Washington University Space Policy Institute

10:00-11:30 Panel 1: Space exploration investing uncertainties

This panel will provide an overview of the highest priority of uncertainties that private investors interested in space and space exploration activities face and that can be translated into measurable risks. Are they considered as a subset of standard business investment uncertainties or distinguished as unique to space investments?

Moderator:

• Henry Hertzfeld – Research Professor of Space Policy and International Affairs, George Washington University Space Policy Institute

Speakers:

• Nick Vonortas – Professor of Economics and International Affairs, George Washington University

• Kevin O’Connell – Founder, Space Economy Rising

• Micah Walter-Range – Managing Director, Community in Space, LLC

• Alexis Sainz – Partner, Hogan Lovells

11:00-11:30: Coffee Break

11:45-12:45 Panel 2: Experiences from space exploration investments

This panel will describe how investors actually deal with measurable and unmeasurable uncertainties and explore the existing gaps that should be filled to unlock space investments’ full potential and make the industry’s attractiveness last in the long term. Speakers will describe actual investment issues and decisions based on case studies.

Moderator:

• Simonetta Di Pippo – Professor of Practice of Space Economy and Director of the Space Economy Evolution (SEE) Lab, SDA Bocconi School of Management

Speakers:

• Chris Kunstadter – Global Head of Space, AXA XL

• Tejpaul Bhatia – Chief Revenue Office, Axiom Space

• Chris Blackerby – Chief Operating Officer, Astroscale

• Pierpaolo Monti – Country Manager USA & Americas, Intesa Sanpaolo

12:45-1:45 Lunch

1:30-2:30 Panel 3: Experiences from non-space industries

Have other analogous high-tech non-space industries encountered similar questions of risk and uncertainties and how have they dealt with them? How have uncertainties been translated into measurable risks? This panel will verify whether experiences from other industries can inspire solutions for translating uncertainties into measurable risks in the space sector.

Moderator:

• Ian Christensen – Director of Private Sector Programs, Secure World Foundation

Speakers:

• Adriana Pierelli – Managing Director, BNY Mellon

• Alex Chunet – ESA representative to the World Bank – Earth Observation Specialist, European Space Agency

• Matteo DI Castelnuovo – Associate Professor of Practice, SDA Bocconi School of Management

2:30-3:30: Breakout Sessions (with coffee)

Drawing from the discussions in the earlier panels can we identify ways towards turning that uncertainty into describable risk that be measured and tracked to help define viable and affordable options for both policymakers and investors.

Moderators:

• Mattia Pianorsi, Researcher at the Space Economy Evolution (SEE) Lab, SDA Bocconi School of Management

• Clelia Iacomino, Researcher at the Space Economy Evolution (SEE) Lab, SDA Bocconi School of Management

3:30-4:30: Panel 4: Summary of Breakout Sessions emphasizing conclusions from the day’s panels and activities

This panel will include at least one person from each of the breakouts. Drawing from the discussion in the earlier panels, this panel will identify ways towards closing the existing gaps in the space investing framework related to turning identified uncertainties into describable risks, with the aim to help define viable and affordable options for investors. This panel will discuss whether the emerged insights can provide valuable solutions for the space industry and to explore the broader possibilities for future investment arrangements.

The morning panels will be held in-person, with a few panelists participating virtually, and will also be available on-line. The lunch and afternoon sessions will only be in-person. Discussions in the afternoon session will follow Chatham House rules.

Registration is required, whether you attend in-person or via Zoom. The Zoom link to access the discussion will be sent to you after you’ve registered.