Firefly founder stepping down as CEO
Capitalism in space: Tom Markusic, the founder of the smallsat rocket startup Firefly, is now stepping down as CEO, apparently forced out by the company’s new investors.
The company said that Markusic would shift from chief executive to a new role of chief technical advisor, effective June 16. He will remain a member of the company’s board and a “significant minority investor” in the company.
The move comes four months after AE Industrial Partners (AEI), a private equity firm, agreed to acquire a “significant stake” in Firefly from Noosphere Venture Partners, which sold its interest in Firefly at the request of the Committee on Foreign Investment in the United States. Noopshere is a fund run by Ukrainian-born investor Max Polyakov. In March, AEI said it was leading Firefly’s $75 million Series B round.
The statement suggested that Firefly’s new owners wanted new leadership for the company as it prepares a second launch of its Alpha rocket. That launch is expected no earlier than mid-July from Vandenberg Space Force Base, nearly a year after the first Alpha launch failed.
Essentially, the two people that created this company and then saved it have been forced outt, largely as a result of federal government demands. Polyakov was forced to sell to AEI by the government because he was not American, and it appears AEI then forced Markusic out.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon or from any other book seller. If you want an autographed copy the price is $60 for the hardback and $45 for the paperback, plus $8 shipping for each. Go here for purchasing details. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
Capitalism in space: Tom Markusic, the founder of the smallsat rocket startup Firefly, is now stepping down as CEO, apparently forced out by the company’s new investors.
The company said that Markusic would shift from chief executive to a new role of chief technical advisor, effective June 16. He will remain a member of the company’s board and a “significant minority investor” in the company.
The move comes four months after AE Industrial Partners (AEI), a private equity firm, agreed to acquire a “significant stake” in Firefly from Noosphere Venture Partners, which sold its interest in Firefly at the request of the Committee on Foreign Investment in the United States. Noopshere is a fund run by Ukrainian-born investor Max Polyakov. In March, AEI said it was leading Firefly’s $75 million Series B round.
The statement suggested that Firefly’s new owners wanted new leadership for the company as it prepares a second launch of its Alpha rocket. That launch is expected no earlier than mid-July from Vandenberg Space Force Base, nearly a year after the first Alpha launch failed.
Essentially, the two people that created this company and then saved it have been forced outt, largely as a result of federal government demands. Polyakov was forced to sell to AEI by the government because he was not American, and it appears AEI then forced Markusic out.
On Christmas Eve 1968 three Americans became the first humans to visit another world. What they did to celebrate was unexpected and profound, and will be remembered throughout all human history. Genesis: the Story of Apollo 8, Robert Zimmerman's classic history of humanity's first journey to another world, tells that story, and it is now available as both an ebook and an audiobook, both with a foreword by Valerie Anders and a new introduction by Robert Zimmerman.
The print edition can be purchased at Amazon or from any other book seller. If you want an autographed copy the price is $60 for the hardback and $45 for the paperback, plus $8 shipping for each. Go here for purchasing details. The ebook is available everywhere for $5.99 (before discount) at amazon, or direct from my ebook publisher, ebookit. If you buy it from ebookit you don't support the big tech companies and the author gets a bigger cut much sooner.
The audiobook is also available at all these vendors, and is also free with a 30-day trial membership to Audible.
"Not simply about one mission, [Genesis] is also the history of America's quest for the moon... Zimmerman has done a masterful job of tying disparate events together into a solid account of one of America's greatest human triumphs."--San Antonio Express-News
That too is capitalism. One of his ugly traits.
duheagle : • 4 hours ago
“We’ll see. Kicking Markusic upstairs might easily be just a preliminary to quietly piping him down the road. Ex-SpaceX-er Lauren Lyons, whom Markusic hired with much fanfare some months ago as COO, left the company with a complete lack of fanfare coincident with the AEI Partners deal. Markusic may turn out to be just the last stitch in a complete upper management transplant for Firefly.”
“The move comes four months after AE Industrial Partners (AEI), a private equity firm, agreed to acquire a “significant stake” in Firefly from Noosphere Venture Partners, which sold its interest in Firefly at the request of the Committee on Foreign Investment in the United States. Noopshere is a fund run by Ukrainian-born investor Max Polyakov.”
We certainly can’t have those shady characters from Ukraine jeopardizing US National Security. You just can’t trust them or anything they say. Oh, wait a minute…
I don’t see anything particularly innovative or a great game-changer in the market of orbital access with this company. Yeah, they’ve managed to build and launch some hardware, but that’s only a necessary condition for success. A sufficient condition is that killer app that sets them apart, which I just don’t see, There is definitely a bubble in the launch service market now, and only a very few will survive.
Concerned wrote: “[T]hey’ve managed to build and launch some hardware, but that’s only a necessary condition for success. A sufficient condition is that killer app that sets them apart, which I just don’t see, There is definitely a bubble in the launch service market now, and only a very few will survive.”
I see it differently. The killer app is not so much for survival, which can be done without the killer app, but it is for innovation. Right now, the killer apps in the launch industry are the ones that bring down the price for reaching orbit. SpaceX has three killer apps: reusability (reducing per-unit costs), simplicity (reducing operational costs), and availability (better service: launching often with the ability to add to its launch manifest fairly quickly, an app that the Space Force desires for the small launch market). For the launch industry (not industry in general), SpaceX has a fourth killer app: rapid development, which gives them lower development costs and allows them to get new products to market faster than the competition.
Some other launch companies are working on some, most, or all of these killer apps, and they may be working on developing others, too.
Is Firefly one of these companies? We will have to see what the new owners do.
Reminds me of how VLJ/air-taxi advocate Vern Rayburn was ousted by his own company—Steve Jobs style.