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secure. This is John Batchel, conversation with colleague Bob Zimmerman, the European Space Agency,

the ESA, to celebrate because they are moving into the idea that they don't build and own the rockets.

They sponsor companies, private companies that build and own the rockets. They sponsor companies, private companies,

that build and own the rocket boosters

and all the other parts that go into monetizing

low-Earth orbit and the Earth-Moon system.

This is a model that Bob is recommended for years,

as long as I've been talking to Bob,

which is more than 20 years.

ESA, at long more than 20 years. ESA at long last has arrived.

It is a sponsor.

It is a celebrant.

It is not the owner.

Grants and rewards will start the companies, and then they'll make money or they won't.

...