Dr Thomas Clayson is the co-founder and chief technology officer of Magdrive, a UK space tech startup developing next-generation spacecraft propulsion. Their system has over ten times the thrust of similar size electric propulsion systems, with applications including satellite servicing and deep space transport. The company has attracted £4m in early-stage investments and grants to date. This is an extract from his interview (https://www.uktech.news/news/founder-interviews/magdrive-co-founder-space-technology-20221216).
Who’s a leader you admire in your industry?
Peter Beck, the founder and CEO of Rocket Lab, is definitely one. He’s one of the best respected people in the space and rocket industries; he seems to have immense focus and a very practical, clear mindset for achieving ambitious goals.
What he’s achieved and built without needing raise huge funds is really inspiring. I also admire Tory Bruno from United Launch Alliance. He is incredibly knowledgeable and knows every nut and bolt in his rockets.
What’s a common mistake that you see founders make?
Poor product fit and poor understanding of customers’ needs. Particularly in our field, it can be easy to focus too much on the technology and solutions they want to implement, rather than how they can actually solve real problems. Building rockets and propulsions engines is one thing – but if they are not enabling people, organisations, or machines to do something new or better, then what is the point?
Which hyped-up technology do you think is doomed to fail?
Hyperloop –an ultra-high-speed public transportation system in which passengers travel in autonomous electric pods. I don’t see how it can scale to the capacity that highspeed rail can.
What funding advice would you give to a first-time founder?
Firstly, it’s really important to be patient. A start-up snowballs… things might begin slowly before building momentum and growing at a greater pace. Keep working at it and celebrate every little win, without necessarily assuming you need to raise funding each step of the way – an easy trap when we are surrounded by so many stories of multi-million-pound investment rounds.