Constellations of small satellites—“smallsats”, i.e. low cost, low mass (1-150 kg) and small sized— dominate the news today, touted in applications as wide-ranging as providing universal connectivity, ubiquitous broadband coverage, and daily observation of the Earth. Today, a combination of miniaturized commercial off-the-shelf components (COTS) and satellite technology, coupled with advanced sensors, faster computing, and a need for better actionable imagery, have all acted to usher in a new era for smallsats in the commercial market. In reality, increasingly reliable technology and permissive regulation have enabled ambitious constellation projects that could threaten the telecommunications industry and claim a non-negligible share of the emerging markets. This report surveys the technical and entrepreneurial landscape and uses these insights to develop future adoption scenarios for smallsats in key commercial applications. ! Silicon Valley is the locus of space entrepreneurship activity. From here, we observe the following: • smallsat companies want to provide worldwide internet access! • smallsat companies are shaping a new wireless architecture! • smallsat companies aim at providing cheaper data, voice and instant messaging services in remote areas! • legacy satellite operators want to compete with cellular offers to provide connectivity to connected cars, aircraft, and the Internet of Things ecosystem! • satellite antenna manufacturers are bringing smaller, cheaper, more agile, and embedded antennas to fit the market’s need for more mobility and capacity in order to allow for these applications.