Description
The ARTES programme has a track record of supporting the development of new products, services and applications through its ARTES 3-4, 20, 21 and mission elements (e.g. Hylas), leading to a number of successful operational implementations. The experience gained by ESA shows that such successes by the industry of ARTES participating states can be further expanded by the following means: · improving the "investment and market readiness" of the consortia that undertake ARTES projects (and of their newly developed applications, services or products), in particular by facilitating the enhancement of their business plans, their IPR exploitation and their management structures; and · sustaining the new businesses that emerge from ARTES beyond their demonstration and pre-operational stages, by improving their access for market roll-out by attracting investment and thereby increasing their ability to be successful andto scale-up their offerings. For these purposes the European Investment Bank (EIB) wishes to support ESA in developing a Space Innovation Fund (SIF), fostering the creation of new businesses, products, services and applications that emerge from ARTES programmes and particularly targeting SMEs. The aim of the study shall be to evaluate the feasibility of a SIF by defining its scope, structure,potential funding sources and likely impact. It shall therefore address the following points. 1. Assess the market for a SIF, i.e.the nature and size of the European demand in terms of the number, type, and market segmentation of the entities requiring support (especially SMEs and those emerging from ARTES programmes) and the existing funding needs, offers and gaps. (The Open Sky Technologies Fund shall be included in this analysis, which shall assess complementarity and overlaps.) 2. Define one or more models for the set-up and operation of the SIF, including a comparison of benefits and constraints associated to each and a recommendation on which to implement. The model(s) shall build upon existing processes implemented within ARTES and shall generally provide continuity with them. 3. Recommend the size and the scope of the SIF, including the likely funding availability and the fund's reach in terms of geographical, institutional and programmatic participation. 4. Propose a legal structure, a management structure and a governance scheme for the recommended model of the SIF. 5. Perform an indicative cost-benefit analysis of the SIF, in particular in terms of its likely impact upon business survival rates and growth rates Metrics for measurement of this shall be suggested and justified. 6. Identify the likely sources of funding, in terms of types and mixes of investors, including consideration of the possible roles of EIB andESA. 7. Recommend criteria for the assessment of investment prospects by the SIF. Propose a roadmap and timetable for the implementation of the SIF.