First, the CubeSat project. It is is pleasureful because it gives so little room, that you cannot waste any it. And I just love miniaturization. Also it is very good and cheap way to develop space technology and teach young engineers about it. But like with everything else space related, there wasn't Wikipedia page about it in Estonian, so I made one.
I also found out about thing called CanSat. It is basically a teaching base for students. They have to make "satellite" that can fit into a can and then it gets tossed out of rocket at the height of 600m. From there, it drops down with parachute and makes pictures, measures different atmospheric parameters or does something else cool. Basically works like Robotex, but only with space direction, I think it hasn't any real space design in it. This didn't have any Wiki article either, I stared one but it needs your support.
Another cool project I found from the interweb is Sprite. It was a Kickstart project that promised to give everybody a personalized satellite for 300$. Searching for a bit more information I discovered that they are basically a boring research group that develops chip size satellites. THE awesome thing about them is that they will make kind of mothership out of CubeSat. So they take hull of CubeSat and fill it with ultra small satellites, this makes developing your own one even cheaper. I did some rough calculations and came up that you can make satellite 50 x 50 x 3.3mm and send it to space for about 300$. Pretty cheap, for so big satellite. I'm sure everybody can manage even to squeeze motors in that size. If someone would start to sell such places I would buy five.