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Space for Growth: Startups on the Final Frontier

Author

Listed:
  • Impink, Stephen Michael

    (HEC Paris)

  • Aleksandraviciute, Mija

    (University of Rochester)

  • Seamans , Robert

    (New York University (NYU) - Leonard N. Stern School of Business)

Abstract

This paper examines entrepreneurship in the U.S. "New Space" economy and how local ecosystems and institutional infrastructure shape venture entry and funding. We examine data on 237 U.S. space startups founded between 2012 and 2024 with state-year measures of public and private scientific research capacity and NASA grant activity. Space entrepreneurship is concentrated in a small number of states and differs from hardware and software entrepreneurship in both geography and early funding profiles. Our findings show that private scientific research investment is positively associated with venture funding, especially in pro-space states with launch infrastructure and supportive legislation. We also find that the number of NASA grants awarded, not necessarily the grant size, is strongly related to higher venture funding, and that female founder presence strengthens this relationship. These findings highlight the importance of complementary assets and place-based ecosystems in nascent, capital-intensive industries.

Suggested Citation

  • Impink, Stephen Michael & Aleksandraviciute, Mija & Seamans , Robert, 2026. "Space for Growth: Startups on the Final Frontier," HEC Research Papers Series 1622, HEC Paris.
    • Handle: RePEc:ebg:heccah:1622
    DOI: 10.2139/ssrn.6519958
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    Keywords

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    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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