European space companies have little chance of holding their ground against American and Chinese giants unless they gain far faster access to growth capital, warns Rafał Modrzewski, co-founder of ICEYE. The satellite operator has just opened a Satellite Technology Centre in Warsaw, from where its constellation will be operated and where a research and development team will also work.
ICEYE intends to spend at least PLN 120 million on investments in Poland by 2028. That amount is a preliminary estimate, and much indicates the budget will end up being larger.
The company is valued at around PLN 50 billion. The head of the Vinci fund from the BGK group says its stake in ICEYE is worth PLN 400 million today, which means the Polish state has put less than 1 percent into a business operating on a global scale.
A race decided by capital
– The best outcome would be for all countries that buy space systems or armaments today to purchase the best European product by default, regardless of where and by whom it is made – Modrzewski told „Rzeczpospolita”.
– That is because we are not making certain moves that would help them become more competitive. This is changing, but slowly. If we want the process to run faster, we simply have to act faster. The crucial thing is to realise that a company grows depending on the access to growth capital it has – he said.
A different market in ten years
Modrzewski expects deep upheaval across the technology sector, comparing the coming shift to earlier revolutions that reshaped the industry. In his view, part of the large technology corporations built up over years will not manage to adjust, and their production methods and their approach to products, work and innovation will prove insufficient in the longer run.
– This is certainly not the first time such a revolution has happened, especially on the technology market. Some of the big technology companies that have existed for years will not manage to adapt, and their way of producing and their approach to the product, work and innovation will prove insufficient over the longer term. Others will reorganise appropriately and defend themselves. It will be the same with start-ups. (…) The market in 10 years will most likely look completely different from the one five years ago: some of today’s technology companies will cease to exist, and their place will be taken by new firms with completely different products – Modrzewski said.
Asked about the role of domestic financial institutions, the ICEYE co-founder said he treats his own company as a test case for Polish investors and lenders, which so far have been cautious about the space sector.
– I hope our example will motivate BGK and other financial institutions in Poland to invest faster and more in space companies – Modrzewski said.
Źródło: WNP.PL, Fot. PTWP
