In 2003, two 1kg nanosatellites (CubeSat) developed by university students in Japan were successfully launched into orbit. This epoch-making event triggered a boom of nanosatellite projects all over the world. Since then nanosatellites have mainly been utilized for educational purposes. In these few years, however, new nanosatellite applications which are practical and beneficial to general public are starting to emerge, which should afford new business chances. In these surroundings, we established an entrepreneurial venture in this nanosatellite field last August. In this paper we examined the opportunities and challenges that our venture company would face hereafter.