The development, operation, and analysis of data from cubesats can promote science education and spur technology utilization in emerging and developing nations. This platform offers uniquely low construction and launch costs together with a comparative ubiquity of launch providers; factors that have led more than 80 universities and several emerging nations to develop programs in this field. Their small size and weight enables cubesats to “piggyback” on rocket launches and accompany orbiters travelling to Moon and Mars. It is envisaged that constellations of cubesats will be used for larger science missions. We present a brief history, technology overview, and summary of applications in science and industry for these small satellites. Cubesat technical success stories are offered along with a summary of pitfalls and challenges encountered in both developed and emerging nations. A discussion of economic and public policy issues aims to facilitate the decision-making process for those considering utilization of this unique technology.