Million-Dollar Idea: SpaceX

By Yhordan Serpentini | March 29, 2022

As I mentioned in the last blog, the CEO of Tesla, Elon Musk, is also the CEO of NASA’s top competitor SpaceX. Although you don’t need to be an entrepreneur as overachieving as Musk, understanding why Tesla or SpaceX are billion-dollar companies will help you spark your very own business idea; here are a few reasons why SpaceX is a million-dollar idea.

What is SpaceX?

If you’re more of a space enthusiast like I am, you probably already know exactly why SpaceX is a worthy candidate for a successful business. To put it simply, SpaceX is a technological corporation for space exploration. They specialize in manufacturing aerospace technology, as well as providing space transportation services via reusable rockets.

Why Is It Trending?

So why is SpaceX trending? Well, similarly to how Tesla’s business skyrocketed (no pun intended) with their self-driving vehicles, SpaceX is trending because of one revolutionary solution to a common problem in aerospace exploration—reusable self-landing rockets.

As I have said time and time again, solving a problem or making something convenient is how a business will succeed. Space rockets nearly always expire after their first mission, with the exception of NASA’s 1981 space shuttle being the first reusable spacecraft. Since such large projects require a LOT of materials to manufacture, a LOT of manpower to build, and a LOT of time to construct, space exploration hasn’t evolved nearly as fast as we would like them to.

SpaceX’s specialization in manufacturing reusable self-landing rockets, as well as their successful Falcon 9 Booster landing that launched Crew-1 and Crew-2—becoming the first-ever rocket booster to have multiple launches with humans on board—is revolutionizing aerospace manufacturing, which will result in more cost-efficient launches for faster space exploration; it is no surprise that their company is swiftly becoming one of the top aerospace exploration and manufacturing corporations in the world.

Like I said earlier, you don’t need to make such a revolutionary business idea, nor do you need to be an entrepreneur as overachieving as Musk; however, the reason we are looking at these business ideas is to better understand the reasons why they become so successful. If you have been following the Million-Dollar Idea series for some time now, you should have noticed a pattern with each of these business ideas—solving a problem and being convenient. If you want to start a business but are having trouble thinking of your million-dollar idea, remember those two patterns, they are the keys to your idea’s success.

Sources:

Editors of SpaceX (Ed.). (n.d.). Falcon 9. SpaceX. Retrieved March 29, 2022, from https://www.spacex.com/vehicles/falcon-9/
Wikimedia Foundation. (2022, February 28). Reusable launch system. Wikipedia. Retrieved March 29, 2022, from https://en.wikipedia.org/wiki/Reusable_launch_system

Million-Dollar Idea: SpaceX