Astrotourism Fund: A Vehicle for Sustainable Development
Mission: Invest in, promote, and support astrotourism to drive entrepreneurship and sustainable development
Goals:
- Funding: provide seed funding to aspiring and existing entrepreneurs and businesses for astrotourism ventures
- Mentorship and knowledge exchange: collaborate with established tourism professionals and businesses to mentor and support new entrepreneurs
- Community: connect budding entrepreneurs with peers and broader stakeholder groups for long-term support and sustainability
Investing thesis:
The fund will invest in new astrotourism businesses and existing small businesses that want to incorporate astronomy into their products and services. Funding requests, deployed through a grants programme, cover costs of training and upskilling, business setup and development, (small) infrastructure projects, and ongoing support to sustain the business, including mentorship and expert advice.
Minimum requirements
- Must deploy astronomy in sustainable tourism or tourism-linked initiatives
- Must have completed the free, online course on Astrotourism
- Must be based in and primarily work in the target location (to be defined by the Fund)
- Must be a new business at concept stage OR registered business
- Preference given to small businesses
- Preference will be given to groups or teams rather than individuals
- No formal qualification or knowledge required in astronomy
Investment process:
Astrotourism investments will be made through a competitive grants program and associated support mechanisms coordinated by the IAU Office of Astronomy for Development. The OAD has 14 years of experience in conducting international calls for proposals, coordinating the application and evaluation phases, disbursing more than 1.4 Million Euros in grants, managing funded projects, and measuring impact. The OAD, on behalf of the Astrotourism fund, will execute a grant and support program for the target region.
Evidence-based:
Based on learnings from past astrotourism and small business programmes, the program will offer dedicated, targeted in-person and online support through fund partners, mentors, and volunteers.
- Skills gaps: A common challenge in programs that aim to stimulate entrepreneurship in rural communities is that the target audience may not have qualifications or expertise to apply for the program nor to run a business. While short-term training could deliver some of the skills essential to starting up a business, sustaining a business comes with a unique set of challenges. Thus, ongoing support, such as guidance and advice, becomes crucial. The astrotourism fund will match entrepreneurs with experienced mentors and local businesses to provide such guidance.
- Competition: A key challenge faced by small businesses is increased competition, particularly from larger firms with greater resources. In rural communities, pressures from large competitors can be very severe in a smaller market. The fund offers a potential solution by connecting small businesses with larger enterprises in a collaborative relationship, either financially or personally (mentorship).
- Market access: Another challenge is limited market access for small businesses. The fund will seek to identify and onboard suitable partners, across government and private sectors, who may offer market access.
- Funding: Small businesses often face a funding crunch due to lack of access to a wide range of capital. While the fund will provide startup seed capital, any capital raise beyond the fund target could support additional funding to the small businesses. They will also be supported by the fund to access external funding.
Management:
The fund will be managed by the IAU Office of Astronomy for Development, overseen by a dedicated oversight committee.
For queries about partnerships or more information on the fund, please contact astrotourism@astro4dev.org.