Current project has focused on investigating opportunities, how nanosatellites could be used to support the implementation of European Space Policy. Nanosatellites serve to be cost-effective science and technology platform to make sustainable contribution to a roadmap for space and innovation in Europe, which includes realizing a potential of new and innovative space applications and stimulating an evolvement of new business models for space missions. In that regard, the NANOSAT project brings together partners from nanosatellite development network in Europe to create the opportunities for continuous and sustainable collaboration between nanosatellite players, furthering the advancement of nanosatellite platform, development of innovative space applications and sharing the knowledge base with each other.The main objective of the NANOSAT project is to contribute to a roadmap for space and innovation in Europe through studies and events in support of highly capable small satellites and thereby innovative space applications and new business models for space missions in Europe. In order to reach to desired impact, the NANOSAT project has defined the following specific objectives:• Consolidate main actors in European nanosatellites landscape by creating functional network, showcasing best practices and potential markets to serve the objectives of European Space Policy;• Demonstrate nanosatellites potential in Europe by proposing innovative services which will complement and create synergy with GMES services by addressing information needs faster and more flexibly;• Draw “proof of concept” missions that will realize the ability of nanosatellites to perform missions like communications and Earth observation in support of European Space Policy.