Japanese government provides nearly $1 billion to boost local space startups – TechCrunch
Japan wants to formally encourage domestic startups to pursue growing opportunities in the business space. The Japanese government has allocated about $1 billion in public funds to startups working on space solutions. At the same time, the government revealed that it was working on a legal path towards establishing a commercial development on the moon.
This is a big injection into the race for private space, and the funds will be allocated in both investments and loans, spanning five years and starting this fiscal year. The aim is to boost Japanese space activity, hoping to help amplify its growth and propel it into a 2.4 trillion yen ($22.5 billion) market by the start of the 2030s, according to the Nikkei.
Eligible startups will be able to receive support of up to 10 million yen per company, or approximately US$100,000, for expenses such as research costs and patent application price.
Japanese space startup ispace applauded the move in a statement provided to TechCrunch.
“Not only will this decision improve the competitiveness of the Japanese private space sector, but it will have positive implications for the sector globally. We believe this will be remembered as a turning point for our burgeoning industry,” ispace Founder and CEO Takeshi Hakamada wrote. “Furthermore, investments in the space industry ultimately benefit society on Earth through the large number of resulting innovations.”