We analyze how incumbent firms from terrestrial industries address the opportunities offered by the Space Economy. Drawing on an extensive dataset collected through case studies across traditional sectors—agriculture, logistics, and automotive—we develop a conceptual model structured around three recursive and interdependent phases: Explore, Experiment, and Exploit, which describe the process through which firms integrate satellite data analysis into their business models. Specifically, the Explore phase involves strategic scanning of space-related technologies and the establishment of collaborations with key stakeholders; the Experiment phase encompasses pilot projects and the development of organizational learning; finally, the Exploit phase refers to the structural integration of validated innovations into core business processes. Our findings show that the effectiveness of each phase depends on the interaction between a firm’s organizational capabilities, its openness to learning, and its ability to adapt its business model to emerging technologies. Firms with abundant resources and a strong innovation culture tend to progress through all three phases, achieving structural adoption. Conversely, firms with limited flexibility often remain confined to exploratory or experimental stages. These insights contribute significantly to the understanding of Business Model Innovation processes in high-tech and cross-sectoral contexts, offering practical guidance for firms seeking to seize opportunities in the Space Economy through iterative, flexible, and data-driven approaches.
Logiudice et al. (Mon,) studied this question.