Max Polyakov Keen on New Space Venture Which Will Help Ukraine

Discover the latest news about Max Polyakov and how he is making new investments in the aerospace industry. We've covered all the sub-topics here. Learn more!

Max Polyakov is currently focusing on his ventures regarding the planet Earth. He has said that Earth is an essential entity for the survival of humans, and the satellites can be used for practical applications. The co-founder of Firefly aerospace is eager to expand his company to his homeland, Ukraine. The USSR disintegration has led the country to corruption, a substantial economic collapse and its aftermath led to the depletion of the rich knowledge in the aerospace sector. But Max Polyakov is trying to save the part of its history and knowledge that is left in the country.

Max Polyakov is an exceptional entrepreneur, he has proven it through his business expeditions. His firm, Noosphere Ventures, which is based in Silicon Valley, has sold many small startups. Michael Ryabokon, the co-founder of Noosphere, says that Max only chooses the project by knowing its weaknesses and strengths. 

In a recent news article, there was an allegation against Noosphere firm saying that it is a manipulative ring of web dating companies. But the company’s spokesperson replied that the former investors of Firefly are just trying to blame he led the company to bankruptcy.

Firefly Aerospace

The 42-year-old businessman has branched out Firefly Aerospace in Dnipro, Ukraine. The town with a population of nearly 1 million is an industrial area and carries an intellectual legacy in aerospace. Firefly has its headquarters in Texas and is initiating a branch in Florida’s Space Coast.

Their first major project is launching of 26 satellites as a part of DREAM for various purposes, which includes research programs in universities and other non-profit ventures. Ukraine's faculty has 150 employees that are capable of reclaiming the lost legacy. And through this, Max Polyakov is allowing them to work from their homeland. 

The venture in Dnipro entirely preserves the science left in Ukraine. Firefly is collaborating with the top universities, the Dnipro National University and Kyiv Polytechnic Institute, to increase the students’ interest in space technology.

During the period of the Cold War, the designing bureau of Yuzhmash, known as Yuzhnoe, has developed hundreds of rocket and satellite designs for various purposes. The company during the Soviet Union was considered to be elite, and its employees were respected and praised for its success.

Presently, Yuzhmash is in a deteriorating condition. The financial and economic collapse of the 1990s has affected the company a lot. Their previous elite position has fallen and is going through tough times. The employees are not appropriately paid due to financial concerns. The biggest challenge for the company is that it’s state-owned. This discourages many of the foreign companies and business people to invest in space technology of Ukraine. 

Many condemn this protocol of state ownership. “It’s really discouraging both for our state companies and their,” declares Anastasiya Bolkhovitinova, a lawyer from Kyiv who works in the aerospace industry. There are also problems such as Russia’s disapproval with Ukraine. It has affected the business and economy of the latter.

A new, changed law has been introduced by the government that lessens the hold of the state in individual companies. With the sanction of this new law, many foreign investors and ventures can collaborate with the state-owned companies. Firefly, even before the sanction of law in January, has signed a deal with Yuzhmash for $15 million for the production of one hundred combustion chambers and other parts. President Volodymyr Zelenskiy has appreciated the need for a new law and is expecting it to be a boost to the economy of the country.

Max Polyakov is aware that anything can go wrong in this venture, and there is no guarantee this project will be a success. But he is initiating to take the risk as he knows if the deal is successful, then it will be a new era of space technology for both Firefly and Ukraine.