| The launch of the American Early Bird satellite on April 6, 1965 marked the first commercial venture in outer space. Since then, in just thirty-six years, the space industry has grown to become a {dollar}100-billion industry. Yet what about the future for space commercialization? Is there real profit potential for the next generation of commercial ventures in outer space, often referred to as New Space Industries (NSIs)? Before attempting to answer these questions, one must develop an understanding of the complex environment from which NSIs will emerge: the structure of laws that apply to outer-space commerce, the satellite industry as a potential model for the next phase of space commerce, and the requirements for financing NSIs. Only then can one answer the question whether the most likely NSI, space tourism, can succeed in the next ten years, Substantial background information was necessary to adequately address the unique environment of space commercialization. Chapter 1 introduces this framework to the reader.; Chapter 2 reviews how business in outer space is subject to a myriad of foreign, domestic, and state laws, as well as treaties. In particular, U.S. government agencies and the Congress play a significant role in this regulatory environment. The reader will learn how influential government bodies affect commercial development. The chapter concludes with a look at proposals to resolve conflicts between those legal entities claiming jurisdiction over commercial activities in space.; Chapter 3 shows how satellite telecommunications has evolved through various phases of public and private-sector cooperation to become a successful, independent, private-sector industry. The most significant developments in the industry are reviewed, including the politics that drove pivotal decisions. This chapter concludes with a look at both the mistakes and the successes of the satellite industry and the lessons to be learned.; Chapter 4 points out that for an NSI to be an economic success, it must meet the same financial standards that apply to terrestrial businesses. The requirements of financing new ventures in space are further delineated after scrutinizing surveys of venture capitalists. These surveys include two studies designed and implemented specifically for this dissertation.; In Chapter 5, market studies of space tourism are explored. The space tourism industry, relying on RLVs, is the most plausible of the NSIs. As a consequence, the engineering and technical limitations of RLVs, as well as the obstacles to its financing, are discussed. If RLVs are built, space stations and Earth orbital trips will almost certainly be the first destination of tourist trips into outer space.; In Chapter 6 several models are presented which project financial data of a hypothetical space tourism company with its own fleet of RLVs. Analysis suggests that a space tourism business could become profitable over a five-year period. The main barriers to establishing such a company are then discussed and suggestions are offered to those preparing business plans for similar businesses.; Chapter 7 presents the conclusions of this dissertation. The benefits of further commercializing space are summarized and recommendations are made to expedite the acceptance of NSIs by investors as well as by the general public. Suggestions for future research and study regarding the expansion of space commercialization are also discussed. |
