New Space, sometimes referred to as Space 2.0, is a low-cost approach to space developed by private companies. Private companies have dramatically reduced launch and satellite costs to a level where commercial companies, universities and government programs can now access space at a fraction of previous costs. Satellites can be built with lower grade radiation tolerant components and sometimes even use commercial parts for their cost advantage. Competition among commercial companies continues to drive costs down. Fully radiation hardened parts often lag technologically, New Space takes advantage of modern technology advances in computing as one example.