AMD Special Research Forum - Doing Business in Space

15 July to 15 August 2025

Deadline: 15 August 2025

Submission window for Special Research Forum:
15 July 2025–15 August 2025

Submit your manuscript

Related "Creative Spark" Paper Development Workshop: 13-14 March 2025, Berlin, Germany
1st workshop submission deadline: 17 February 2025

Related "Space Economy" Paper Development Workshop: 26 May 2025, Turin, Italy
2nd workshop submission deadline: 1 May 2025

Guest Editors

David Audretsch, Indiana University Bloomington (USA); Maksim Belitski, University of Reading (UK), Loyola University New Orleans (USA); Elettra D’Amico, Politecnico di Torino (Italy); Jeffrey Martin, University of Alabama (USA); Giuseppe Scellato, Politecnico di Torino (Italy); Shaker A. Zahra, University of Minnesota (USA)

AMD Liaison Editor: C. Chet Miller, University of Houston (USA)

Overview

In recent years, the global aerospace industry has experienced a significant structural transformation in Europe and North America (Robinson & Mazzucato, 2019) driven by multiple concurrent factors. These factors include the deployment of new technologies (de Concini & Toth, 2019), shifts in the roles of international space agencies, changes in the geopolitical landscape (OECD, 2022) and general growth in the economic impact of the space sector (OECD, 2020).

Notably, the reduction in space access costs and the development of new satellite platforms have greatly expanded entrepreneurial opportunities across the space infrastructure value chain and in the realm of services utilizing space data (Rodriguez-Donaire et al., 2022). Additionally, the emergence of novel public-private collaborations (Mazzucato & Robinson, 2018; Carter & Pezeshkan, 2023) and a reorientation of space agencies toward fostering market-creating innovations to address societal challenges and global trends (Robinson & Mazzucato, 2019) have opened further avenues for new ventures. The impact of these burgeoning entrepreneurial opportunities is evidenced by the increasing number of new ventures in the space industry globally. The number of startups founded in the sector has surged by 80% between 2014 and 2024, with 1,549 startups founded before 2014, and 2,800 between 2014 and 2024 (Dealroom.com). This growing interest is reflected in the substantial rise in funding received. For instance, venture capital funding in European Space Tech startups has increased from 85 million euros in 2012 to 1.2 billion euros in 2022 (Dealroom, 2022), with investments evenly distributed between upstream and downstream activities. From 2020 to 2022, Europe accounted for 20% of global VC investment in Upstream Space Tech.

Importantly, technological evolution in the realm of space activities increasingly relies on the integration of diverse knowledge domains, ranging from advanced software solutions based on artificial intelligence to materials sciences, electronics, quantum communication systems, advanced manufacturing processes, and robotics. Thus, the management of space innovation projects, which capitalizes on the integration of diverse technical skills within an evolving industry characterized by new business models, may be substantially influenced by the diversity in the educational and professional backgrounds of founding team members (Brown et al., 2019; Ireland et al., 2023).

Research Areas and Potential Research Questions

The value of the space economy is forecast to reach US$ 1.5 trillion in 2040 (OECD, 2019). In the last twenty years, the space industry has been changing significantly, reshaped into the so-called New Space Economy (NSE). While the economic relevance of the NSE is rapidly growing, we have not yet systematically examined the emergence of this industry and, more specifically, its innovation dynamics. Hence, this special issue calls for quantitative and qualitative contributions that could support the further development of knowledge about the NSE and, in particular, the innovation dynamics that have been characterizing this industry since its ignition. The commercial space industry is rapidly evolving, yet it remains constrained by a lack of comprehensive international and national policies and agreements.   We seek to explore the complexities and opportunities within the space industry, emphasizing institutional and informal agreements, and examining current treaties and concepts related to launching vehicles into space for commercial activities.

For this special issue, the following suggested topics are central for contributions investigating the evolution of the NSE and its innovation dynamics:

1. The role of institutions in the context of major socio-technological transformations. Over the past 15 years, the international expansion of the space sector (historically led by publicly funded programs) has been followed by a change in the institutional setting, with an increasing role of private companies not historically belonging to the space sector (Robinson & Mazzucato, 2019). The role of institutions (including national space agencies, governments, intergovernmental bodies, and public funding agencies) has indeed experienced a change in the areas of leading, coordinating, and regulating the innovation activities of companies and market dynamics (Mazzucato & Robinson, 2018). These developments are transforming the space economy, with a particular impact on incumbents, who are starting to feel pressure as more and more players seek to enter the global space value chain and compete for a share of the space market (OECD, 2020). Unresolved and complex questions in this area include:
   • How are space agencies responding to the evolution of the space sector? What is the role of public space agencies in favoring the further growth of NSE?
   • What are the industrial implications of the geopolitics of space, and what are the effects of national policies?
   • What role do current international treaties play in facilitating or hindering commercial space activities?
   • How are public-private partnerships structured, and what role do they play in the space industry?
   • What strategies are non-public entities employing to gain a foothold in this sector?
   • How does institutional complexity affect the commercial space industry?
   • What competitive landscapes are observed in the institutional and technological dimensions of the space industry? How do these dimensions interact to influence industry standards and practices?
   • What strategies are companies employing to navigate this complexity?
   • What innovation policies are effective in sustaining the growth of NSE at local/regional level?
   • How do existing formal and informal agreements shape the landscape of the commercial space industry?
     
     

2. The role of management innovation capabilities. The structural changes that the space industry has undergone since the early 2000s can be explained in part by several factors (Billing, Bryson & Kitsos, 2024). Reduced cost of access to space, the increased availability of new satellite platforms for earth observation and telecommunications, advances in manufacturing techniques, and the application of artificial intelligence software to automate space operations have created new opportunities for the development of innovative products and services, supported by new business models (Vecchi & Brennan, 2020). As a consequence, the projects developed within the space industry segments are closely linked to the technology development activities undertaken by the major players in the industry and require significant integration. Interestingly, successful innovations in this segment often rely on interdisciplinary expertise and integration, while the founders' direct experience in the field is less critical. Important questions that might be considered in this area include:

   • What governance mechanisms support the growth of innovation ecosystems in the NSE?
   • What types of partnerships are established between organizations? How do they support the organizations’ innovation processes?
   • What dynamic capabilities are relevant to the economic development of enterprises operating in a sector subject to structural changes such as the NSE?
   • Do vertical integration strategies benefit launch activities and access to space?
   • What are the requirements for horizontal integration to ensure effective supply chain management?
   • What innovation policies are effective in sustaining the growth of NSE at the regional level?
   • How can the aerospace industry serve as a fertile ground for new theories and applications?
     

3. The impact of industry changes and entrepreneurial opportunities. Considering the radical change the industry is undergoing, it is interesting to study the behaviors of incumbents in the face of the emergence of new companies and, at the same time, the mechanisms of creation and consolidation of new companies and the recombination of research for the space industry.

   • What trends are observed in the consolidation of new companies in the space industry?
   • How does the space industry influence the setting of new standards and practices in the creation of new enterprises?
   • What are the changes in approaches to financing space activities? How has the emergence of new companies—such as SpaceX, for example—affected the industry's funding strategies?
   • What new financing models are emerging in response to these changes? What behaviors are leading companies in the industry following?
   • How does research recombination contribute to innovation and growth in this industry? The space industry as an atypical illustration of broader institutional and technological dynamics.
   • How does the evolution of space technologies drive companies to innovate their business models?
   • How do the configurations and dynamics of entrepreneurial teams impact innovation and the success of new ventures in the space economy?
   • What is the role of local contexts in shaping entrepreneurial processes and their outcomes in the new space economy?

Submission Instructions

Potential contributors to the special issue on space business are encouraged to review the Academy of Management Discoveries’ mission statement and recent From the Editors essays (e.g., Miller, 2024; Rockmann, 2023). For these materials, go to the AMD website. Submissions are due between 15 July 2025 and 15 August 2025. To submit a manuscript, please visit Manuscript Central. For Manuscript Type, please select “Special Research Forum: Doing Business in Space.” (Please note: this Manuscript Type will not be available to authors until July 2025.) Manuscripts should be formatted according to the AMD Style Guide.

Promotion and engagement

To promote the special issue and encourage potential contributions, the guest editors will organize two paper development workshops. A “Creative Spark” workshop will take place 13-14 March 2025 at Indiana University Europe Gateway, Berlin, Germany. A “Space Economy” workshop will take place on 26 May 2025 at Politecnico di Torino, Turin, Italy These workshops aim to disseminate information about the special issue and create engagement with scholars,  authors, practitioners, and policymakers interested in contributing to the special issue. Participation in the workshops is not a prerequisite for submission to the special issue. Submissions for these workshops, in the form of overviews up to 1,500 words in length describing actual or intended papers, should be sent to via email to Maksim Belitski with the subject: “Doing Business in Space”.

First workshop deadline: 17 February 2025
Second workshop deadline: 1 May 2025

References

Billing, C. A., Bryson, J. R., & Kitsos, T. (2024). Industrial path development in the UK space sector: processes of legitimacy building in the establishment of Space 2.0. Industry and Innovation, 1-26.

Brown, J. D., Earle, J. S., Kim, M. J., & Lee, K. M. (2019). Start-ups, job creation, and founder characteristics. Industrial and Corporate Change, 28(6), 1637-1672.

Carter, W., & Pezeshkan, A. (2023). The complexity of entrepreneurial ecosystem evolution and new venture policy: The case of the U.S. commercial space ecosystem. Technological Forecasting and Social Change, 192, 122568.

de Concini, A., & Toth, J. (2019). The Future of the European Space Sector: How to Leverage Europe's Technological Leadership and Boos Investments for Space Ventures. European Investment Bank.

Ireland, R. D., Withers, M. C., Harrison, J. S., Boss, D. S., & Scoresby, R. (2023). Strategic entrepreneurship: A review and research agenda. Entrepreneurship Theory and

Practice, 47(2), 495-523.

Mazzucato, M., & Robinson, D. K. R. (2018). Co-creating and directing Innovation Ecosystems? NASA’s changing approach to public-private partnerships in low-earth orbit. Technological Forecasting and Social Change, 136, 166-177.

Miller, C. C. 2024. Pirates, adventurers, and free spirits: The people of Academy of Management Discoveries. Academy of Management Discoveries, 10: 1-6.

OECD (2019). The Space Economy in Figures: How Space Contributes to the Global Economy. Paris, France: OECD Publishing. https://doi.org/10.1787/c5996201-en.

OECD (2020). Measuring the Economic Impact of the Space Sector. OECD Publishing, Paris.

OECD (2022), OECD Handbook on Measuring the Space Economy, 2nd Edition, OECD Publishing, Paris.

Robinson, D. K., & Mazzucato, M. (2019). The evolution of mission-oriented policies: Exploring changing market creating policies in the US and European space sector. Research Policy, 48(4), 936-948.

Rockmann, K. 2023. Embracing an exploratory mindset: How AMD is changing the script of good science. Academy of Management Discoveries, 9: 419-423.

Rodriguez-Donaire, S., Gil, P., Garcia-Almiñana, D., Crisp, N. H., Herdrich, G. H., Roberts,P. C., ... & Seminari, S. (2022). Business roadmap for the European Union in the NewSpace ecosystem: a case study for access to space. CEAS Space Journal, 14(4), 785-804

Vecchi, A., & Brennan, L. (2020). Leveraging business model innovation in the international space industry. In Disruptive Technology: Concepts, Methodologies, Tools, and Applications. IGI Global, 625-643.