DENVER (KDVR) — Less than a century ago, the idea of ascending to space above the Earth seemed like only a dream.

With the successful launch of Sputnik 1 into orbit on Oct. 4, 1957, and the subsequent Space Race that followed, humanity's dream became a reality, and a new frontier was explored.

Fast forward 67 years, and people are in space all the time, even Katy Perry has been there. With an increased network of spacecraft, satellites, stations and more, structure is needed in some capacity in the cosmos.

Students at the University of Colorado Boulder have the opportunity to be the next generation to formulate that space infrastructure.

The university was recently granted a $2.5 million gift from long-time donors Dale and Patricia Hatfield, according to a press release from CU.

The funding will be used to establish the Hatfield Endowed Professorship in Space Policy and Law.

The school said that the new professorship will drive teaching and research on space policy and law, with broad implications for national security, global communications, navigation, weather forecasting and international collaboration.

“As humanity ventures beyond our planet, space law and policy have emerged as a new frontier, offering vast opportunities to shape the future of space exploration and utilization,” said donor Dale Hatfield. “The realm of space beckons a new generation to establish the legal and policy frame that will govern our cosmic endeavors.”

The multi-faceted position will work in different capacities every two years, alternating between the College of Engineering and Applied Science, the Leeds School of Business and the Silicon Flatirons Center at Colorado Law. This allows the students to learn about the future of space governance from a variety of perspectives.

The position will start with Professor Marcus J. Holzinger of aerospace engineering sciences as the inaugural Hatfield Endowed Professor.

The university said that he brings expertise in space policy, domain awareness, development and strategy. Helzinger plans to focus on policy research, combining astrodynamics and geopolitics to build a future in space-based democratic norms.

For more information on the Hatfield Endowed Professorship, visit the CU Office of Advancement website.