A New Space Race in Europe

Phil Chambers, CEO of Orbex, a UK-based private, low-cost orbital launch services company, believes there's a new space race brewing in Europe. Orbex is determined to put the UK on the map in the aerospace industry by building the country's first vertical launch space rocket.

• Orbex aims to launch its Prime rocket next summer, marking a significant milestone in the UK's space ambitions.
• Chambers highlights the need for government support to solidify the UK's position as a European space leader, particularly in light of investments made by other European nations like France, Germany, and Spain.

Orbex's Ambitions and the European Launcher Challenge

Orbex is not just focused on launching its Prime rocket; it's also vying for the European Launcher Challenge, a competition by the European Space Agency that offers substantial funding for developing a larger rocket. Orbex is actively engaging with the UK Space Agency and the Department for Science, Innovation and Technology to secure this opportunity.

• The company is pushing for government support to ensure the UK can compete effectively in the European space race.
• Orbex believes that its focus on green technology and its commitment to job creation in Northern Scotland align with the Labour Party's industrial policy goals.

Orbex's Innovative Approach to Space Exploration

Orbex is committed to sustainable space exploration. Its Prime rocket uses biopropane, a byproduct of biodiesel, which reduces carbon dioxide emissions by 96% and eliminates black carbon.

• Orbex's advanced technologies include a fully carbon fiber rocket, the world's first cryogenic coaxial tank in Scotland, and 3D-printed engines.
• The company's approach to space launch is environmentally responsible, setting a new standard in the industry.

The Importance of Talent and a Strong Team

Chambers emphasizes the crucial role of talent in a company's success. He believes that building a team that combines the enthusiasm and dedication of the founding team with the experience of seasoned management is essential for growth.

• Chambers highlights the importance of finding the right people to drive a company forward, emphasizing that talent is the key to success.
• He believes that success is not solely dependent on individual brilliance, but on the collective strength of a well-rounded team.

Avoiding Common Entrepreneurial Pitfalls

Chambers offers valuable insights into avoiding common entrepreneurial pitfalls, based on his own experiences. One critical lesson is to be cautious about hiring too many people too soon before having a product that truly meets the market demand.

• It's essential to avoid pouring resources into sales before having a product that can scale effectively, as this can lead to financial strain.
• Chambers also stresses the importance of defining a company's core values and ensuring everyone understands what it means to work at the organization.

The Future of Orbex in the European Space Race

Orbex is poised to make significant strides in the European space race. The company is set to launch its Prime rocket in 2025 from the Sutherland Spaceport in northern Scotland.

• Orbex is also working on developing a larger vehicle that can reach geostationary orbits, the Moon, Mars, and even interplanetary destinations.
• The company's ambition extends beyond rocket launch; it's developing a diverse array of products to support a range of space missions, positioning Orbex as a leader in the rapidly evolving space landscape.

Chambers' Advice to Aspiring Entrepreneurs

Chambers' advice to aspiring entrepreneurs is simple: Don't wait for the perfect moment; start now. He believes that timing is crucial, and those who jump in early have a greater chance of success.

• He advocates for a proactive approach to entrepreneurship, emphasizing that starting now is better than waiting for ideal circumstances.
• Chambers' experience has taught him that success is often a result of taking the initiative and seizing opportunities early on.