A NEW support programme aims to help budding entrepreneurs tap into the billion pound space sector.

Business Durham, the economic development company for County Durham, has received a grant from the UK Space Agency to set up the North East Space Incubator Programme at the North East Technology Park (NETPark) in Sedgefield.

Now the programme is looking for three entrepreneurs who will be entitled to £7,500 worth of professional services, such as advice on IP protection, financial management, marketing and business planning.

The UK Space Agency has plans for the UK to secure ten per cent of the anticipated £400 billion global space market by 2030 and will be part of a network of incubators which will collaborate on events and initiatives.

The £50,000 investment in the programme builds on the significant impact the North East Satellite Applications Centre of Excellence at NETPark has already made. It is one of only five in the UK.

Many companies are receiving support through the centre to tap into the satellite applications market. They include Weardale-based FarmWatcher UK, an online community to tackle rural crime, which is looking to develop an equine tracker and an App to warn farmers of nearby crime.

Catherine Johns, Business Durham’s director of innovation and business growth, said: "The creation of the North East Space Incubator Programme will allow the region to fully realise its potential and build upon the momentum being created by the Satellite Applications Centre of Excellence.

"We can help businesses diversify, innovate and explore the huge potential of this global sector and elevate their ideas to the next level. It will continue to help drive growth and prosperity in the North-East."

The UK Space Agency will help access other programmes, such as the National Space Technology Programme, through the Centre for Earth Observation instrumentation and Space Technology.

Colin Baldwin, the Agency's UK Space Gateway programme manager, said: "There are opportunities for a range of companies developing innovative products that can exploit space data or technology.

"NETPark is a world class location for science and technology companies and will provide a dynamic and supportive environment to accelerate the growth of these ambitious, innovative businesses into markets across the world."

To apply for a place or for more information, log onto northeasttechnologypark.com/space.