Leadership Perspectives
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Lynette Tan will create a better future through the space economy
In doing so, Lynette Tan, Chairwoman & CEO of Space Faculty is equally careful to nurture Earthly corporate concerns. She gives CBD this wide-ranging interview about the business of space, why you need devil’s advocates on the board, and the one question she wishes people would stop asking her.
Most people looking at images of the moon and space exploration to Mars and beyond associate these extra-terrestrial activities with governments. The reality is that a large part of the space sector is actually powered by private enterprise. According to Lynette Tan, Chairwoman and CEO of Space Faculty, this increasing number of private sector players is one of the reasons why the space sector has attracted so much attention in recent years. Specifically, in the last decade, the space industry has grown over 91% and is conservatively valued at US$546 billion, with the commercial market representing around 70% to 80% of the sector.
Paradoxically, the growth of the sector has also led to immense Earth-bound impact – often in unexpected spin-offs, such as energy-saving technologies and the development of plant-based foods. As the Karman Fellow who actively encourages STEM interest among young people and women puts it: “In my work, I grow the space economy to build a better world.” Beyond helping advance the global space agenda in Asia, Space Faculty’s own vision is in “creating opportunities for experimentation, learning and leadership, through space”.
For this multi-tasking, Singapore-based space-warrior, the stratospheric trajectory of her business comes with the quotidian challenges of running a fast growing, international business, not least attracting diverse staff and leadership, tackling gender bias issues, and allying with experienced mentors who share common values.
And yet, despite the challenges, the pay-off, both on the individual level and for the greater good, is immeasurable. Because in the world according to Lynette Tan, “nothing is more awesome than being able to join a space company.”
Your approach to growing the space industry is about being inclusive. Tell us more.
One of the dreams I have is that if we claim space is being democratised, it should mean that anyone would be able to take part in, and be part of, the space ecosystem. It means a lot to me that we look for people from emerging countries or from lower-income families. They deserve the chance to say, “Hey, I’m also part of the space industry.” It’s important that nobody feels that’s a goal that too far away, or that they don’t deserve to be in this ecosystem.
Encouraging diversity also extends, of course, into the boardroom. Are there specific qualities you look for in board members?
We’re trying to expand the space economy, so naturally, we’re not staying within the confines of the sector. Therefore, having that diversity of backgrounds, people from different industries, people who’ve had different experiences, is very important to ensure the success of the company. In creating new business paradigms, we also have to understand the principles of good corporate governance. And that’s the important responsibilities of board members and the fiduciary duties that they bear in letting the company grow as fast as they can. So we’re very grateful to board members who step up. We’re fortunate that our board members are very generous in sharing their knowledge and expertise. But crucially, they also play the role of devil’s advocate. Because you need people who are able to pull back and say, “You know what? We need to relook this and make sure we are doing this right to set the right foundation.”
On the subject of devil’s advocate, you’ve often talked about the importance of board members and mentors who have guided you and the company through difficult times.
It’s very important to have sponsors and mentors who believe in what you do, and who are generous and patient with you in guiding you to become more successful. It’s also important that the mentor shares your same values, or exemplifies or has values that you admire. In that regard, I’m really grateful to my two mentors, Seah Moon Ming and Atsushi Taira because they have not just a very pro-business mindset, they also have committed to supporting businesses that do good and which will benefit communities. And that’s very important to me.
Specifically, how have mentors helped your business?
The important value that mentors bring to the table is their experience in making very difficult decisions. Because life is not a bed of roses. Doing business always comes with trade-offs and you have to maximize your return. But, at the same time, you have to ensure business continuity. Sometimes you also have to change your partners. These raise very emotional questions. Mentors guide you to important first principles. Are you acting ethically? Are you being fair to yourself and to your key stakeholders? Who are your investors? Are you positioning the business for the long-term? These are complex questions and you always need someone with experience navigating this complexity.
The corporate world has made advances in terms of gender equality. Obviously, someone in your position – and particularly in your business – is a role model for many women. What more needs to be done?
Being a role model is one thing, but I think it’s more important to be conscious about the rules we are playing by. Because some of these rules have been set up to create the gender biases that are prevalent today. For example, I am almost always asked in interviews about my children. I don’t think that happens to many male executives. Underlying the question is the assumption that it is a woman’s primary role is to be at home with the family. And that does get into the way of women being seen as serious business executives in the working world. It’s come to the point where we should stop asking women these questions because we don’t ask the man that.
Most people are familiar with the idea of sustainability. At least, on Earth. Could you speak a little about sustainability and how that looks in the context of, well, space?
The sustainability agenda is prevalent in every business today. It’s a common threat that we all face, unfortunately. In the space sector, we’ve always been very passionate, and conscious of our impact on the environment. We’re always learning to do more with less and working on space technologies spin-offs such as 3D printing meat because we realise that when we do land on Mars, it would be impossible to have readily available food. The lack of water in space has led to important technological advancements in indoor farming, and finding crops that have a higher yield and which provide more nutrition. So, what started out as objectives for space travel has had real impact for life on earth.
Growth and profitability must be met with good governance says Tan Yinglan