Recent advancements in commercial space technologies have led to a notable decrease in the cost of launching satellites and other spacecraft. Consequently, the space sector is rapidly transforming and becoming a new potential source of value for a multitude of industries from pharmaceuticals to agriculture. Management scholarship, in turn, may not only help to understand how, when, and why space represents a new opportunity for business and a potential need to adapt, but also if and where new theorizing may be required to make sense of the space economy. The purpose of this study is to provide an overview of the sector and a systematic reflection of its potential and pitfalls. We begin by reviewing the historical and recent developments in the space economy as well as key literature. Next, we explore value creation in the complex space ecosystem and seek to understand its drivers, challenges, and broader implications, leading to a proposed integrative research framework of the business of space. Finally, we examine the potential need for new theoretical perspectives and highlight several areas for future research. Overall, by providing a comprehensive overview of the sector and its links to theories in strategic management, innovation, and entrepreneurship, our study offers insights for scholars interested in complex ecosystems of value creation, strategy and governance in emerging industries, and the business of space.
