Much like the Pinewood Derby and the Raingutter Regatta, the Space Derby is an event which  permits scouts to experience the sense of achievement and the exhilaration of competition where winning isn't the primary objective but instead winning and/or losing while demonstrating good sportsmanship and having fun along the way.

The Space Derby consists of miniature rocket models that are constructed by the scouts under the supervision of their parents or adult partners. The models are part of a ready-made "kit" containing a balsa wood block, propeller assembly, rubber bands, plastic sheet (for fins), and a mounting bracket.

The balsa wood block will arrive with a drilled out center hole which will be used later to attach a rubber band. The balsa wood block is carved into the desired shape, sanded and painted and/or decorated in another manner as chosen by the scout. The rubber band is inserted through the center hole with one end on the propeller and the other held in a cross-piece at the rear.

The race ready rockets are wound up with as many as 100 or more turns on the propeller and suspended on a monofilament fishing line or similar string from a (separate) bracket with the propeller held in place. Two, three or four string "lanes" are typically used during competition with the rockets being launched when the mechanism releases the propeller.