Space technologies fund invites applications from innovators

AMMAN — Entrepreneurs, university students and those with ideas for space-based technologies and applications are encouraged to apply to benefit from the Arab world’s “first fund” to support space-based ideas and ventures in Jordan. 

The Jordan Space Ventures Fund, a joint initiative between Oasis500, the King Abdullah II Fund for Development (KAFD), the European Investment Bank (EIB) and the European Space Agency, will be launched in the first quarter of 2016.

Those with ideas for projects involving space-based technologies can apply to the fund at www.oasis500.space, and their ideas will be assessed before the fund’s official launch.

At a press conference Thursday, Oasis500 CEO Yousef Hamidaddin said the fund is the first of its kind in the Arab world and will support innovation in the field of space-based technologies and applications.

More than 140 space-based technology projects already operational in Europe will be posted on the fund’s website for applicants to gain inspiration from and determine which they can build on before they apply, he said.

The existing projects deploy space-based technologies in tourism, education, media, transportation, security, environment and resource management, food and agriculture, logistics, maritime, health and other fields.

Those with ideas accepted by the fund will receive seed investment of 50,000-250,000 euros and mentorship, and training for up to six months.

The fund will be officially launched after the first closing of total investments of 7.8 million euros.

Imad Fakhoury, chairman of the KAFD board of trustees, which is an anchor investor in the fund, said it will play a key role in transforming scientific inventions in space technology into products that meet local and regional market needs.

“We at KAFD are keen on supporting innovation and we believe that the fund will provide Jordanians with opportunities to excel and innovate in the field of space-based technologies and applications for the benefit of society,” Fakhoury said at the press conference, noting that the fund is in line with Royal directives to empower young people.

“By empowering Jordanians in this field, we will help create jobs and use these technologies for realising socioeconomic advancement. The fund will help make Jordan a regional hub in this regard,” he added.

Jesper Persson, head of EIB’s private equity unit, said the project “aims to unlock dimensions of enterprise creation and entrepreneurship by fostering the establishment of an efficient knowledge transfer mechanism between the European space industry and Jordanian start-ups”.

By learning how to develop products and services using space technology, Jordanian entrepreneurs can find innovative solutions in sectors of particular relevance for southern Mediterranean countries, he added, noting that the use of satellite-based technologies will allow services to reach remote areas in the region.