Crowdfunding is hot. We love the idea of gathering a bunch of people together, having them all make small donations and fund beneficial projects. But will this funding model work for something really big? Something such as the private space race? It’s a question asked by a recent PCMag story. And the answer? Probably.
Kickstarter in space?
Michael Laine is an example. According to PCMag.com, this former NASA engineer and the founder of LiftPort is designing a lunar elevator, a way to get people to the moon without depending on rockets. He recently ran a Kickstarter campaign to raise $8,000 for this project. The results were impressive: He instead acquired $110,000 from over 3,400 backers during 21 days.
Why it’s needed
NASA’s decision to stop its shuttle program furnished a unique opening for private entrepreneurs. NASA has taken a break from exploring space. But private entrepreneurs aren’t. And they’re increasingly using sites such as Kickstarter to finance their own exploration into space.
Space-age success
For another example of space-age crowdfunding, PCMag points to asteroid-mining company Planetary Resources. This company ran a Kickstarter campaign to generate $1 million to develop a low-Earth orbit telescope. The campaign earned more than $1.5 million from 17,600 supporters in just 32 days. The company plans to use the excess funds to search deeper into space, perhaps for alien worlds.