In this paper, we examine the relationship between space business, innovation and regulation by evaluating the driving factors behind each of them and investigating the perceptions and requirements of young companies in the space market. This study sheds light on current trends among new space businesses and their evaluation of current regulatory frameworks. Based on 50 concluded interviews with founders and executives of small and start-up space companies 18 countries worldwide, it was found that a significant proportion of the respondents found the current regulation of space technology frustrating and a large group of interviewees underestimated the amount of ‘red-tape’ and the expenses associated with navigating the legal landscape of space. Based on our findings, we will make actionable recommendations on the adaptation of legal training, law making and consulting for actors in the NewSpace industry to better facilitate the development of their innovative space technologies.