CONTEXT. Spectropolarimetry is proposed as a relatively new option in the field of remote sensing for the characterization of aerosol particles and the investigation of cloud properties, that are key factors for the enhancement of climate model's accuracy. The use of multi-wavelength, multi-angle information of the scattered flux and polarization light can lead to the characterization of these particles with unprecedented detail. AIMS. In this context, FlySPEX is a new concept of miniaturized spectropolarimeter that features an innovative system for the polarimetric information encoding in a very limited volume. The aim of this work is to assess an initial estimation of this instrument's accuracy, to create a pipeline for the data reduction of the signal received and to perform a feasibility study in order to adapt this technology to a small satellite mission. METHODS & RESULTS. In order to assess the performance of the instrument a calibration procedure in the optical laboratory has been performed, using 100 % linearly polarized light. A first estimation of the instrument accuracy showed a maximum residual of 0.0056 and a mean residual value of 0.002. A system engineering approach has been developed in order to perform a first study on a space mission concept for the instrument, studying different configurations and analyzing the instrument performance with respect to size, power, pointing accuracy, data rate and resolution of the retrieved data. A 3U CubeSat standard was proposed for the concept of a future space mission and the instrument was adapted to this standard. Twenty viewing points will observe Earth's atmosphere and transmit the signals to a single spectrometer, designed in order to be perfectly compliant with the spacecraft dimensions. Only 1U of the spacecraft is occupied by the payload.