The Space Industry (SI) is rapidly gaining great attention from various stakeholders across diverse sectors of economic activity. Entities, such as, scientific community, analysts, private sector governmental organizations, international organizations and organisms, and other interested audiences have been discussing this emergent trend over the last few years as way of trying to identify its potential and true benefits to societies. In the process of making a clearer comprehension of SI’s potential, practitioners from the private sector, as well as, researchers from the scientific community have also been identifying that, despite its notable potential, it still remains a great gap in actually starting to capitalize from what is denominated “the ultimate market frontier”. Despite such gap, it is clear today that SI represents a still very much new unexploited boundary, ecosystem for a huge range of new businesses to start to flourish. In this context, IS is raising a number of questions related to conventional risk capital investment and management theories. As an ascendant market category, SI should be an inspiration for innovative organizations and technologies, namely regarding Earth Observations (EO1s) Projects. Further, and as it still is a underexplored market, it becomes essential that stakeholders, specifically, the scientific community together with governmental organizations, international organizations and organisms within the European Union (EU) do apply unprecedented methodologies in order to identify high potential innovation projects that may in fact encourage the development of a dynamic ecosystem of incubators, entrepreneurs, funding agencies and investors that can help get EU-funded innovations faster to market. In this research, we address these by studying how it may be assessed the marketability of EO1 Projects, that is what methods can be used to identify high potential innovation projects. To answer this research question, we made use of primary data obtained from the 2018 Project Proposals Call and applied a methodology constituted by two main layers of analysis – (i) “Innovation Radar” (IR) and (ii) “EU Survey” (EUS). More precisely, statistical analysis was conducted in order to identify all the main variables, factors and determinants that lead to a high quality innovation project, which may be introduced to the market. This paper presents a more solid framework and detailed understanding of the SI sector in its nascent dimension.