Newton Launch Systems was founded in 2011 to develop technology for the launch and operation of small spacecraft. It was one of the first private businesses to consider the potential for UK launch and played an important role in steering the UK Space Agency towards launch in the early years. In 2012 it undertook a detailed technical and commercial feasibility study into a UK based small launcher as part of a UK Space Agency funded consortium. The study determined that launch from the UK was feasible, identified a suitable launch site and even proposed a concept design for the vehicle. The commercial study, however, laid bare the realities of small launcher economics including the disproportionate costs associated with scaling down a launch vehicle and the small market share available to a 200 kg class launcher operating from the UK. The 10 year prediction for market growth, which contradicted most other predictions at the time, proved to be highly accurate, once constellations are removed from the analysis and reinforces Newton's view that small satellite launch from the UK will not succeed unless supported by an anchor customer such as the UK Government. Newton parked its own launcher ambitions in 2013 to focus on technology development.