Elon Musk gave advice about building a space business to an assembled crowd of investors and entrepreneurs.
Share to linkedin... [+]Elon Musk told a group of assembled space entrepreneurs that if they can build a rocket component better than SpaceX can, “we would love to buy that,” noting his private space startup used to build the landing legs for its Falcon 9 rocket but now buys them from race car manufacturer All American Racers. “We’d love to outsource more.”
Investors are increasingly targeting commercial space companies. Over $5 billion in venture capital has been invested in space startups in 2019 so far, according to venture firm Space Angels. Several Wall Street firms have projected that the overall space market could more than triple in size to over $1 trillion in the next 20 years.
SpaceX has been working with the Air Force for a large part of its existence. Its Falcon 9 rocket was certified for USAF launches in 2015, and it has launched multiple satellites for Air Force missions. In a fireside-chat-style interview with Lieutenant General John F. Thompson, Musk primarily answered questions about building a business and leading companies in the space industry.
Musk also shared how he decides to enter a new business. “I do zero market research whatsoever,” Musk said. “If you don’t love the product, you should not expect that others will.”
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