SpaceTech Innovation Network (SpIN)
#GS-03 Science and Technology
- Social Alpha is a multistage innovation curation and venture development platform for science and technology start–ups.
- Social Alpha believes that science and technology innovations and entrepreneurship has the potential to bring about a positive change in the life of masses.
- They search for entrepreneurs and innovators who are on a ‘mission to create social, economic and environmental impact’ and support them through their ‘lab to market’ journey, as they create compelling solutions to fight poverty and address India’s intractable developmental challenges.
- Since its inception in 2016, Social Alpha has supported more than 200 start-ups including 60+ seed investments.
SpaceTech Innovation Network (SpIN):
- The Indian Space Research Organisation (ISRO) has signed an MoU with Social Alpha to launch SpaceTech Innovation Network (SpIN).
- SpIN is India’s first dedicated platform for innovation, curation, and venture development for the burgeoning space entrepreneurial ecosystem.
- SpIN will primarily focus on facilitating space tech entrepreneurs in three distinct innovation categories: Geospatial Technologies and Downstream Applications; Enabling Technologies for Space & Mobility; and Aerospace Materials, Sensors, and Avionics.
India’s Space Sector:
- According to the Economic Survey Report 21-22, there are now over 100 active space start-ups in India – the number of start-ups in this sector has more than doubled in the last year alone.
- The Indian space economy is set to reach USD 13 billion by 2025, according to a joint report prepared by Ernst and Young (EY) and the Indian Space Association (ISpA).
- The satellite services and application segment will form the largest share of the space economy accounting for 36% of the Space ecosystem by 2025.
- Satellite manufacturing would be the second fastest–growing segment in the Indian space economy.
- The Indian National Space Promotion and Authorisation Centre (INSPACe) was established for incubating technology into private firms in 2021.