Entrepreneurship

The Total Addressable Market (TAM) represents the full size of the market we are aiming for. For BioMoon, this would represent the total amount invested by governments in space agencies. In 2023, world governments invested around $117 billion for space programs¹. The country that invested the most was the US with $73.2 billion, followed by China with $14.1 billion and Japan with $4.7 billion. In Europe, France is the country that invest the most with $3.4 billion and the annual budget of the ESA was about $7 billion with investments and contract in all member nations². These expenditures keep increasing, compared to 2022 the total investment is 15% higher. However, a shift was observed in the way this budget is allocated: defence expenditures got ahead of civil space activities with the global tensions we are currently witnessing. Regarding private space agencies, SpaceX for instance spent $1.3 billion in 2023 in R&D³, yet most of its budget originates from investments of NASA.

The Serviceable Available Market (SAM) is the fraction of the TAM that is related to our activity. For us, this would be the total amount invested in R&D and, more precisely, in the development of permanent lunar bases. The 2025 NASA budget request is $25.4 billion. From this amount, $7.8 billion would be allocated for the Artemis campaign, with short-term objectives as the launch of a crew to the Moon and more long-term objectives with the establishment of a permanent base^{4, 5}. NASA also aims to invest $7.6 billion to perform scientific exploration. It is harder to find data about the budget allocated by China for the development of its International Lunar Research Station (ILRS) but regarding the total budget of the space agency, the number of countries involved, and the will to establish a permanent settlement for 2030⁶, it should easily reach several billions. Overall, the investment of governments in Moon exploration is expected to increase in the next decade, reaching about $17 billion by 2032⁷. Over the 751 space exploration missions planned for the period 2023-2032, 235 should concern Moon exploration, that is to say 31% representing the second field just behind human spaceflight in low Earth orbit.

Finally, the Serviceable Obtainable Market (SOM) is the portion of the SAM that is effectively reachable. Since we are sponsored by CNES, the French space agency and second contributor of ESA⁸, we expect to have privileged relationships with the Artemis Program to which ESA is participating. Thus, our SOM is less related to ILRS and private space agencies. Looking closer at the NASA’s 2025 budget, we can notice that $140.2 million will be invested for “Advanced Exploration Systems for future lunar surface habitats” and “$91 million for Biological and Physical Sciences to better understand how biological and physical systems work from the unique vantage point of space and to develop transformative research capabilities with the commercial space industry to dramatically increase the pace of space-based research⁹.”. We think that BioMoon is directly related to these two budgets by enabling self-sufficiency on the Moon with a biological approach. That said, we are not planning an exclusive partnership with the Artemis Program. Indeed, we think that our product should be adopted in all kinds of permanent lunar bases and, thus, regardless of the country or company developing it.

In 2023, the market of fertilisers was valued at $212.8 billion. This market is still growing, with an annual growth rate of about 3.3% and it should reach a value of $285 billion by 2032 ²⁰. This constant growth is due to an increase of the global population and also their movement to cities. This implies that more food needs to be produced with less available area because some soils are made uncultivable by pollution and drought, rising sea level so lands will be flooded, and some space will be concrete to receive more people.

The biostimulant market was valued at $3 billion in 2022 and should rapidly grow in the coming decade: a CAGR (Compound annual growth rate) of more than 10% is expected until reaching a value of more than $9.5 billion in 2032²¹. This is promising for BioMoon to integrate this growing market because it means that the market is not saturated and there is still room for innovation.

In a first period, it would be relevant for BioMoon to seek local opportunities when entering the terrestrial market, that is to say focusing on Europe. In 2024, the biostimulant market in Europe was valued at $1.6 billion, with a CAGR of 8% following the trend in the world. Moreover, France represents the largest market in Europe²². A lot of money is reinvested into R&D, from 3 to 10% of annual turnover of the questioned companies²³. This implies that the market is still developing, also at this more local scale, so BioMoon should definitely find its way on Earth after conquering space! Moreover, there are initiatives like EBIC that promote the integration of biostimulants into agriculture²⁴. This assistance could be of great help since our primary expertise is on the space aspect, so external advisors with complementary expertise will be welcome.

In the European Union, there are two main pathways for bringing plant biostimulants to market, as outlined by Béatrice Fabre from the European Biostimulants Industry Council (EBIC). First, companies can complete the conformity assessment process under Regulation (EU) 2019/1009, which allows access to the entire European Single Market. Alternatively, a company may satisfy the requirements of a national regulation, but this limits the product to that specific country.

For a microorganism to be included in an EU Plant Biostimulant under Regulation (EU) 2019/1009, it must be listed in this document. Currently, only four groups of microorganisms are approved: Azotobacter spp., Mycorrhizal fungi, Rhizobium spp., and Azospirillum spp.. This presents a challenge for BioMoon, as P. fluorescens, the core microorganism in our biostimulant, is not yet included in this list. Ensuring regulatory compliance and pursuing potential inclusion in future revisions of the regulation is a key strategic priority for our project. A technical study is currently underway to look at the question of allowing more microorganisms in EU Plant Biostimulants. That study is being conducted by the Austrian Institute of Technology (AIT).

The use of genetically modified organisms (GMOs) in agriculture has already been adopted by multiple countries (Brazil, China, and USA) with examples such as BASF’s Poncho®/VOTiVO® seed treatment²⁵. While these genetically modified biostimulants and biocontrols have shown promise in improving agricultural efficiency and sustainability, they also raise significant ecological, health, and socioeconomic concerns²⁶. A major risk is the potential for genetically engineered microbes to become invasive species or novel pathogens, which could disrupt ecosystems or pose threats to human health.

In the case of BioMoon, our biostimulant, which is based on genetically engineered Pseudomonas fluorescens, addresses some of these concerns by focusing on the specific goal of promoting plant growth in challenging environments such as lunar or arid soils. However, as with all genetically engineered microbes, it is crucial to understand the broader implications of releasing these organisms into the environment. One of the major challenges in microbial engineering is the unpredictability of soil microbiomes, which are incredibly complex and only partially understood. This raises questions about how our biostimulant will interact with native soil organisms, especially in terrestrial applications. While complete containment of microbes is virtually impossible, one approach could be engineering the bacteria to be dependent on the plant to minimize its spread.

To comply with European regulations about GMOs, our biostimulant will also undergo a comprehensive risk assessment. This ensures that any risks to food safety and the environment are minimized, making BioMoon’s product a safe and sustainable alternative to chemical fertilizers and other conventional solutions.

In France, the regulation of GMOs is strictly governed by European laws²⁷, which state that no GMO can be placed on the market or released into the environment without prior authorization. This authorization is only granted after a thorough, case-by-case evaluation of the risks to human health and the environment. Once approved, GMOs are subject to monitoring, traceability, and labeling requirements to ensure safety and transparency.

Without such authorization, the commercialization or release of GMOs is prohibited.

The main European texts regulating GMOs include²⁸ :
• Directive 2001/18/CE on the deliberate release of GMOs into the environment
• Regulation (EC) No. 1829/2003 concerning genetically modified food and feed
• Regulation (EC) No. 1830/2003 on the traceability and labeling of GMOs. These regulations are either directly applicable in France or have been incorporated into French law.

According to the classification outlined by the European Food Safety Authority (EFSA), our product falls under Category 4²⁹, which refers to products containing GMMs (Genetically Modified Microorganisms) capable of replication or gene transfer. For our biostimulant to be commercialized and used in the European Union, it would need to be reclassified to Category 1, where both the GMMs and the newly introduced genes are removed, as this category allows for broader market access and fewer regulatory hurdles. Achieving this classification will be a key step in our regulatory strategy to ensure compliance and successful commercialization across EU countries.

An important consideration in the development our product, is the potential for newly expressed proteins to resemble known toxins³⁰. Some proteins can be harmful, even in small amounts, and may cause food poisoning if not properly assessed. Therefore, part of our development process involves verifying that no newly expressed proteins from Pseudomonas fluorescens share any structural or functional resemblance to known toxins. This precaution ensures the safety of the biostimulant when used in agricultural contexts.

Another area of concern is the risk of antibiotic resistance spreading, it could compromise medical treatments and agricultural practices, making it a critical issue to monitor. BioMoon’s product development strategy must therefore include careful selection of genetic markers and ensure rigorous safety assessments to prevent unwanted consequences.

Despite the fact that an all-rounded solution to the nutrition problem in long-term space missions is still elusive, we know there are many researchers working on this issue from completely different approaches. Thanks to our discussions with experts in the field, we have understood the challenges of applying our product in space. For example, we cannot fully anticipate the effects that radiation would have on genetically engineered microorganisms. In addition, growing plants directly on lunar soil would imply the construction of greenhouses, as well as drilling into the Moon to create loose enough soil for growth.

Thus, if the incomes are not sufficient to support the research expenses, we would launch BioMoon for Earth earlier. Indeed, prospecting customers on Earth should be easier since biostimulant is already a known product. Focusing on this market would allow us to have a source of income more rapidly available, which would facilitate our development. BioMoon could offer solutions to issues such as erosion, low-nutrient content, acidity or even salinity, thanks to the preliminary research performed on regolith.

This alternative would allow BioMoon to have a sufficient turnover in case we wanted to pursue our research on plant-growth in space.

In the initial phase of our company's development, our primary goal is to prove the concept of each module in our BioMoon system and thoroughly assess their limitations. This involves:

1. Engineering P. fluorescens to use creatinine in urine as a primary carbon and nitrogen source.
2. Improving P. fluorescens biofilm production to enhance water retention in regolith.
3. Engineering P. fluorescens to convert ammonia into nitrates, the preferred nitrogen source for plant growth.
4. Modifying P. fluorescens to better resist the stresses posed by the regolith environment.

Our startup, BioMoon, will begin its journey by participating in the Spaceship FR program, an initiative by CNES (Centre National d'Études Spatiales). This program serves as an incubator, providing us with a unique platform to develop our project within the broader framework of the European Space Agency (ESA) Spaceship network. This environment fosters innovation by connecting us with other French startups and industry leaders in space exploration, robotics, recycling, and other relevant fields. Spaceship FR serves as an incubator for French innovations of all sizes, encompassing diverse fields relevant to space, such as recycling, mining, robotics, and biology, which is what encompasses us.

In establishing BioMoon, we have chosen the Société par Actions Simplifiée (SAS) as our legal status. Here’s why the SAS structure is particularly suitable for a biotech startup:

• Flexibility in governance: SAS offers considerable flexibility in its management structure and decision-making processes. This is crucial for a startup like ours, where the ability to adapt quickly and make strategic decisions is key to success.
• Attractive to investors: the SAS structure is attractive to investors due to its simplicity and the limited liability it provides to shareholders. This will help us secure funding more easily.
• Ease of adding new shareholders: the SAS framework allows for the easy addition of new shareholders, which is beneficial as we grow and potentially add new partners or investors.
• Tax advantages: SAS companies benefit from various tax advantages, which can be particularly beneficial in the early stages of a startup.

To protect our brand, we will register "BioMoon" with INPI, the French intellectual property office. A search confirmed that the name is unique and available in France.

In line with iGEM’s guidelines, the synthetic parts will be submitted to the iGEM open-source registry, ensuring transparency. Securing intellectual property is essential for safeguarding our innovations. We will file patents with INPI to protect key technologies, including the engineered Pseudomonas fluorescens. We will modify these genes and patent the alterations, along with any unique methods, to protect our intellectual property

As part of the Spaceship FR program, we have the unique opportunity to be in direct contact with other space teams and companies, allowing us to easily adapt to and understand their needs. Given this context, we have chosen to adopt the Business-to-Business (B2B) model. This model allows for direct company-to-company exchanges, which is a significant advantage for developing precise and specialized solutions for space missions. Additionally, the B2B model provides stable and reliable funding. However, it is important to note that the B2B model also has its disadvantages: the profits may be lower than with other business models, and there may be certain constraints imposed by the partners.

For the first few years of BioMoon's development, we do not expect any gross sales, as our product will not be immediately market-ready. This presents a significant challenge in covering our initial expenses, which are estimated to reach €180,000 during the first year (including wages, lab consumables, patent deposits, fees, and communication costs). Regarding wages, while they are a necessary expense, there is some flexibility depending on the financial resources available. We are prepared to adjust wages as necessary, depending on the funding situation and development milestones. This flexibility will help ensure that we remain financially sustainable during the critical early years of the company's growth. To address this, we expect space agencies, particularly CNES (Centre National d'Études Spatiales), to invest in our product even before it reaches full production.

CNES, for instance, offers a range of financial support options that could significantly benefit BioMoon in its early phase. By providing funding, CNES can act as an investor, closely monitoring the quality and development of our product. This would involve offering not only financial backing but also human, technological, and intellectual resources to help accelerate BioMoon's progress. Once the development is complete, CNES could transition from investor to customer, integrating our biostimulant solutions into their space missions.

There are several key advantages for CNES in investing in our project:
• By supporting BioMoon, CNES aligns itself with pioneering biotechnologies designed for space exploration, ensuring that France remains a leader in space innovation.
• As an investor, CNES would have early access to our technologies, benefiting from their use in critical missions before other space agencies or private companies.
• With their direct involvement in our development, CNES would have the opportunity to shape our product to meet the specific needs of their missions, ensuring seamless integration and optimal performance.

Establishing partnerships with space agencies and private space companies to integrate BioMoon’s solutions into their missions ensures a direct route to market. BioMoon already has a sponsorship and partnership with the CNES, which provides a strategic advantage in entering the space exploration market. BioMoon is part of the Spaceship FR project, a unique initiative by CNES aimed at creating a French hub for space exploration technologies. This platform not only supports our focus on biostimulants but also aligns with our efforts in recycling human waste and utilizing lunar minerals like regolith. By being part of this network, BioMoon will benefit from the collective expertise and resources, enhancing our ability to develop and deploy biotechnologies for space exploration. Our participation ensures that our solutions are well-integrated within the broader objectives of CNES and ESA, maximizing their impact and adoption.

Moreover, maintaining a focus on internal growth is crucial. We will prioritize training and internships in soft skills for the entire BioMoon team, guaranteeing that our employees are as versatile as possible. This will include areas such as finance and innovation management, empowering the team to adapt to various challenges and contribute to the company's success. Continuing to invest in R&D and building a robust internal team will ensure that BioMoon retains complete control over its core innovations and maintains a high standard of quality.

Thanks to steady incomes from CNES, we can continue to invest in R&D and look for diversification.

Diversification of a company's activities, especially in a project like BioMoon, can be motivated by several strategic reasons :
1. It helps spread risk across different markets and products, reducing dependency on a single revenue stream. It protects the company from market fluctuations and potential failures in the primary market (space agriculture) since its market is quite niche.
2. Identifying and capitalizing on new market opportunities can drive growth.
3. Diversification encourages a culture of innovation by continuously exploring new ideas and technologies.

While diversification can enhance performance by spreading risk and tapping into new markets, excessive diversification can lead to a drop in performance due to overextension and loss of focus. It's crucial for BioMoon to pursue new activities that are strategically linked, ensuring they complement and strengthen the core business. This is why a business development strategy needs to be settled.

There are two types of diversification, vertical and horizontal. The best option is probably horizontal integration. We will research terrestrial agriculture alongside our work on lunar agriculture. To reduce innovation cost, we will use the research we did for lunar agriculture for our terrestrial biostimulant, allowing us to make economies of scope*. We will commercialize biostimulant products developed for lunar soil to enhance plant growth on Earth. This not only opens new revenue but also enhances the company's reputation and impact on Earth. The two different branches will initially evolve together.

*Economy of scope refers to cost advantages that a business obtains by producing a wider variety of products, rather than specializing in just one, because sharing resources or capabilities across multiple products reduces overall costs.

When we launch the new branch focused on terrestrial agriculture, BioEarth, we aim to recruit a biological engineer with a background in environment, health and safety (EHS) in the agriculture industry. Bringing in a specialist will significantly strengthen our team by adding new expertise and competencies. This new team member will play a crucial role in adapting and optimizing our biostimulants for terrestrial application, ensuring that our products are not only scientifically but also commercially viable for agricultural markets. Their insights will help us navigate through various soil types, climate conditions, and crop needs, allowing us to fine-tune our biostimulants to meet the diverse challenges of modern agriculture.
In addition, this specialist will play a key role in navigating the complex legal and regulatory landscape surrounding the use of genetically modified organisms (GMOs) in agriculture. To ensure that our biostimulants can be used on Earth, we must comply with strict legislation governing GMO products. This includes conducting extensive safety testing, submitting our products for approval by the relevant agricultural and environmental authorities, and ensuring that our products meet all legal requirements for safe and effective use in different regions.

The specialist's expertise will help guide us through these regulatory hurdles, ensuring that our products comply with international and local laws, while securing the necessary approvals for commercialisation. Meeting these regulatory requirements will be critical to the successful launch of our biostimulants in agricultural markets worldwide.

Additionally, instead of following the traditional technology-push strategy, we have decided to adopt a market-pull approach before penetrating the market. This means we will actively engage with the market to identify and understand the specific needs of our customers before entering this new market. Our goal is to secure our first clients as early as the Fall 2028, using real-world feedback to guide our product development.
Many startups in the biotechnological field have historically relied on a techno-push strategy, where they focus on extensive R&D first and only penetrate the market once the product is fully developed. This often means relying on fundraisers to survive the initial stages, and when these products finally enter the market, they can struggle to gain traction because they do not adequately meet market needs, which are dominated by a small number of large corporations, specifically in the agriculture market. Our approach will help mitigate this risk by ensuring our biostimulants address real agricultural challenges.

But how to penetrate this new market ?

We can choose from three primary strategic paths to achieve our objectives: Build, Buy or Borrow.
Option 1 : Build. Internal growth, or building, allows us to maintain full control over our development processes and technologies. This path ensures that all innovations are perfectly aligned with our company’s mission and values. By investing in research and development and building a robust internal team, BioMoon can tailor its solutions to the specific challenges of lunar and terrestrial agriculture and maintain a high standard of quality. However, this approach can be time-consuming and resource-intensive, requiring significant investment in talent, infrastructure, and technology.

Option 2 : Buy. Acquisitions, or buying, can significantly accelerate market entry and technology acquisition. By acquiring companies with established technologies, expertise, and market presence, BioMoon can quickly enhance its capabilities and competitive position. However, acquisitions can be costly and present challenges in integrating different corporate cultures, systems, and processes. There may also be difficulties, especially in the space and biotechnology sectors, that need to be carefully navigated.

Our choice (option 3 : Borrow) : Partnering is particularly useful for entering new markets, where the business and social culture is substantively different from our own. We need to collaborate with a company that understands our needs, such as a startup created through an iGEM project. Since we first want to enter the European market, a European startup will be preferred.

inLux Biotech , a biotechnology startup specialized in the terrestrial agriculture market, is the perfect candidate for collaboration. They are redefining the standards of microorganism study, providing unprecedented precision to guide R&D decisions for sustainable agricultural solutions. By using bioluminescence to monitor pathogens in vivo, they offer undeniable proof of efficiency for developing plant protection products and biostimulants, which is exactly what we need. Additionally, their approach enables real-time, in-depth exploration of host-microorganism interactions.

Access to their technology will allow us to demonstrate the efficacy of our biostimulant, providing visual evidence of its effectiveness. Our biostimulant is composed of Pseudomonas fluorescens, a plant growth-promoting rhizobacteria that colonizes the roots of plants. This beneficial soil bacterium enhances plant growth by improving nutrient uptake, promoting root development, and protecting against pathogens. Interestingly, inLux Biotech shares a similar vision in expanding their technology to track microorganisms within the roots themselves, overcoming the challenges posed by soil and enabling real-time monitoring of root-microbe interactions. This synergy aligns perfectly with our goals and enhances the scientific foundation of our collaboration.

They also understand the challenges related to developing a company from an iGEM project, making them a valuable partner. inLux Biotech’s origins as an iGEM project mean they are well-aware with the challenges of translating innovative concepts into practical applications. They require collaborations and proof of concept to further extend their company’s reach and credibility. By partnering with us, they will gain access to our advanced synthetic biology and metabolic engineering technologies, enhancing their product offerings and proving their technology’s efficacy in new challenging environments.

We had the chance to meet two of the five founders of inLux Biotech, Elise Piette and Mathilde Cecchi, on the 23rd of August. During this meeting, we discussed several key topics, including the strategy to adopt for entering the agri-food industry. We obtained valuable insights into our implementation strategy and the challenges of transitioning from an iGEM project to a fully operational startup. This exchange provided us with crucial advice to help refine our approach, while consolidating our idea to create the BioMoon startup.

We are finally ready to sell our first products to customers for terrestrial applications, allowing us to generate our first gross sales. This marks a significant milestone in BioMoon's journey, as we transition from relying solely on external funding, such as the support provided by CNES, to generating our own income streams. This diversification ensures that we are not dependent solely on funding from space agencies and can build a sustainable business model with multiple income streams. As we grow, this shift will lead to greater financial stability and set us on a path toward profitability, with the potential for reinvestment in both our lunar and terrestrial R&D efforts.

As we look beyond 2034, our company envisions a strategic separation into two distinct entities to better address the unique challenges and opportunities in both the space and terrestrial agriculture markets. This separation will allow us to focus on the specialized needs of each market, while leveraging our combined strengths to drive innovation and growth.

Initially, we developed the company BioMoon, focusing on solutions for lunar agriculture. As our expertise will grow, we will expand to create a new range of terrestrial products under the brand BioEarth. This brand is dedicated to addressing the challenges of drought, soil detoxification, and nutrient-poor soils on Earth.

1. BioMoon will continue to operate in the B2B space market, providing advanced biostimulants and related technologies for space agencies and other organizations involved in space exploration.
2. BioEarth will enter the B2C market, developing a diverse range of products aimed at consumers and businesses in the terrestrial agriculture sector.
3. Since the objectives and customer bases of these two entities are different, we believe that a formal separation, once both are financially stable, will be beneficial. This will enable each entity to focus on its core competencies and markets, ensuring optimal performance and customer satisfaction. At this time, BioMoon will remain a part of the Spaceship FR program. For BioEarth, we intend to invest in our own infrastructure. This will involve purchasing all the necessary lab equipment, as well as production equipment, as we plan to scale up production to meet consumer demand. While this will require a significant investment, the potential profits are also expected to be much higher due to the expansion of our product lines and market reach.

The financial timeline for BioMoon's project reflects our phased approach to R&D, operational growth, and strategic development. Initially, the focus is heavily on research, lab consumables, and key equipment necessary for building our technological foundation. Over the first few years, our expenses will steadily increase due to the rising costs of wages, patent applications, and continuous R&D efforts. By 2027, with the introduction of an EHS engineer and the expansion of our patent portfolio to include BioEarth, expenses will peak as we expand both our terrestrial and space agriculture technologies.

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In any business environment, understanding and managing risk is essential to ensure long-term success and stability. The purpose of this risk analysis is to systematically identify, assess, and prioritize potential risks that could impact our organization’s operations, objectives, and overall performance. By conducting a thorough risk analysis, we aim to anticipate and mitigate threats, minimize their impact, and turn challenges into opportunities. The risks are separated into seven categories: political, reglementation, market, customer, supplier, environment and management.

The influence of 3 parameters was estimated:

1. probability: how much likely is the event to happen, from 1 incredible to 10 guaranteed.
2. impact: how much the risk could make the project obsolete, from 1 insignificant to 10 cancel motive.
3. predictability: how much can we anticipate the risk to happen, from 1 expected to 10 unpredictable.

The product of these parameters gives a criticity level that helps us classify the risk we should focus on for the design of our strategy. Thus, we thought of three measures to minimize each of the four major risks that were highlighted by this analysis.