THE success of the island’s space industry has been singled out in a UK report examining its own industry and how it could be developed.
The report, Space: Britain’s New Infrastructure Frontier, was presented at the Institute of Directors (IoD) in London last week.
It contains a full section on the island’s space industry entitled The Isle of Man’s Mighty Space Sector.
Department of Economic Development director of business development and trustee of the International Institute of Space Commerce Tim Craine was part of an island delegation that attended the presentation.
He said: ‘It is highly significant that the island received the recognition and praise for its space sector from a prestigious body such as the IoD and is further evidence of the strength of the sector and significant interest that the island’s space industry attracts.’
The report states: ‘In the new space economy, you can be small and succeed.
‘The Isle of Man is an excellent example of a small economy with a thriving space sector, with 30 of the 54 companies working on satellites located on the island, and a cluster of companies handling the financing, insuring, leasing and legal ramifications of space assets.
‘For the UK, there is plenty of scope for further co-operation close to home.’
The island’s ability to innovate, embracing new and growing industries as well as its political stability, tax structure and legal system were credited, with the real key to success being achieving a cluster effect of major companies.
The report highlights the island’s ‘home-grown space champion, ManSat’, which has an exclusive contract to administer the orbital filing system which allows companies to identify slots in space in which they want to place their satellites.
In return, it pays the Manx Government a proportion of its revenue as a licence fee.
ManSat chief executive and chairman Chris Stott said: ‘The fact that the report was independent and from a pre-eminent organisation such as the IoD vindicates the work being undertaken by everyone involved with the island’s space industry, not just ManSat.’