The Isle of Man has effectively created a market niche that advances its national economic development, provides quality employment opportunities, and attracts significant foreign investment. - Joseph Fuller, Jr., Futron’s CEO
Bethesda, MD (PRWEB) February 2, 2011
Futron is pleased to release a benchmarking assessment that evaluates the space competitiveness of the Isle of Man, a jurisdiction which has developed a unique governmental approach to space that focuses on economics tied to developing private-sector financial, regulatory, legal, and administrative services supporting international aerospace companies. Mr. Joseph Fuller, Jr., Futron’s CEO, highlights the value of the space industry to the Isle’s global economic position, “The space industry represents greater than US$275.0B in annual economic activity growing at approximately 9% a year – a rate well above that of the overall economy. The Isle of Man has effectively created a market niche that advances its national economic development, provides quality employment opportunities, and attracts significant foreign investment. Their non-traditional strategy for space focuses on financial and corporate services, providing a fascinating model to foster hi-tech economic activities. I imagine other nations and jurisdictions will look to the Isle to replicate its success.”
The Isle of Man has emerged as an international hub of space activities in financial services, commerce, and civil society. The Manx government’s strategy is one of focusing on the “Financial Engineering of Space.” The Isle is the world’s only jurisdiction to delegate ITU registration processing to the private sector. Economic development is the primary objective of the Manx government’s strategy with limited focus on manufacturing launch systems and spacecraft, or engaging in space science or exploration. Following are excerpts from the report summarizing the benefit of this approach:
The Isle of Man’s unique approach to space activity allows it to punch above its weight in terms of global visibility in the space industry. The Isle has proactively created an innovative niche as a global provider of financial services and administrative services that support global space commerce. The maturity of space-related finance activities in the Isle, and the government’s approach to facilitating them, are advanced, especially given the relatively short amount of time for which the Isle of Man has been operating in the space industry.
The study benchmarks the Isle of Man’s competitive position against five peer jurisdictions – Bermuda, Gibraltar, Hong Kong, Singapore, and the United Kingdom. To assess competitiveness, the report compares the SpaceIsle to its peers across four broad areas of activity: Government Structure and Policy; Finance and Industry Activity; Human Capital Development; and Visibility and Participation. Using 10 quantitative and qualitative indicators, the study analyzes positioning and results, providing insight to policy makers regarding success, challenges, and future opportunities. The evolution from national space programs to a globalized, commercial space industry has generated demand for new types of corporate requirements for companies that operate within the international environment. In turn, there are economic opportunities for individual companies, jurisdictions, and countries that successfully craft niche strategies to tap this new space marketplace.
Join our webinar to learn more on the Isle of Man’s Global Space Competitiveness!
Date: February 7, 2011, 10:00am Eastern Standard Time
Futron Corporation (http://www.futron.com) is a premier provider of decision management solutions that improve outcomes for our clients by enhancing their ability to make complex choices. Our proprietary analytic models, methodologies, and data repositories transform information into intelligence. Our multidisciplinary, world-class team offers comprehensive knowledge of the aerospace, satellite, and telecommunications industries, with deep experience in statistical analysis, competitive assessments, forecasting, and strategy. Founded in 1986, Futron has a staff of approximately 100 experts, including policy analysts, management leaders, economists, regulatory specialists, and engineers. Futron is headquartered in Bethesda, Maryland, with offices in Houston, Texas, and Hampton, Virginia. The company’s Space & Telecommunications Division provides strategic market and technology advising services to global commercial and governmental aerospace enterprises.
Futron’s Benchmarking and Space Competitiveness Services supply decision makers with the quantitative foundation to effectively manage and track government and industrial performance within the space industry. Futron’s fact-based space database and statistics provide the information required to create business plans, justify business investment, determine policy, and quantify results. By combining more than 50 industry data sets with information obtained from Futron’s industry experts, the company can customize our benchmarking tool to align with your market position, track changes over time, and make better decisions. Futron has an established baseline of data to inform aerospace policy development and strategic business planning. By identifying current strengths and weaknesses as a means to identify opportunities and mitigate threats, Futron provides insight into the current value of space activity and defines strategies to create national or organizational benefit. Our benchmarking solutions help set expectations, identify best practices, and drive success. “Our new competitiveness services complement Futron’s annual Space Competitiveness Index, and we are excited about recent benchmarking activity with several space agencies around the world,” observes Futron Chief Operating Officer Peggy Slye. “At its core, our benchmarking tool kit facilitates a comparative analysis of how countries invest in and benefit from space industry.”
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