Connect with us

Hi, what are you looking for?

Hyperloop illustration. Image Credit: SpaceX

Clean Transport

Hyperloop To Be Crowdfunded & Crowdsourced?

Crowdfunding and crowdsourcing the Hyperloop? Well, if this happened, it would certainly go down in the history books as a major crowdfunding milestone and a major crowdsourcing milestone. Personally, I don’t think I would bet on it happening, but some notable people clearly think it’s possible, and the approach is actually about as good as could be, imho.

Hyperloop illustration. Image Credit: SpaceX

Marco Villa, former director of mission operations for SpaceX, is one of two fundraisers looking to raise enough money for the $6 billion Hyperloop that SpaceX, Tesla, and PayPal co-founder Elon Musk designed with members of the Tesla and SpaceX teams. Prior to the unveiling of the preliminary design, Musk noted that he didn’t have time to pursue this idea — maybe in a few years if no one picked it up, but certainly not at the moment. But he put the design out there for others to adopt, improve, and perhaps try to implement… of course, if the money needed could be raised for such a massive project.

Dr Patricia Galloway, former president of the American Society of Civil Engineers and current president of Pegasus Global Holdings Inc (a Washington-based energy and infrastructure adviser), is the other main fundraiser now working on the project. Again, not exactly a person to take lightly. She and Marco are currently raising funds on JumpStartFund, a startup that just went into public beta on August 22 and took on the Hyperloop as its flagship project.

Along with working on the theoretical design more, the next step is creating a company for the Hyperloop. “We want to be the ones that actually make things happen,” Dirk Ahlborn, CEO and co-founder of JumpStartFund, said in an interview last Wednesday. “So of course we need to create a corporation. Whoever decides to dedicate more time to this than just logging onto the platform deserves to be part of this company.”

As reported before, the initial aim of the Hyperloop is 800 mph travel in individual capsules. Definitely a big leap above anything we have today. Transporting 7.4 million people a year between San Francisco and LA in 30 minutes for $20 a pop would theoretically result in the system paying for itself in about 20 years. For more details, check out this article: Elon Musk Has Unveiled The Hyperloop Details.

Granted, the initial draft was very rough. Many aspects of it have been criticized — financial and technical aspects. Nonetheless, if Marco Villa and Dr Patricia Galloway are on board… perhaps it’s still something to watch. And Ahlborn has noted that everything is still open to being changed. This is now a collaborative project with everything on the table for discussion. JumpStartFund is looking to make “everything” about the Hyperloop crowdsourced, an option that really could make a monumental technological project more possible.

“The whole concept is always going to be on the platform,” Ahlborn noted. “Everything is going to be very transparent, and we intend to reserve a percent of future revenues for people that work with us on the platform.” This even includes coming up with a name for the new company. Interesting that just as US democracy is faltering, such a democratic entrepreneurial process is sprouting.

Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Former Tesla Battery Expert Leading Lyten Into New Lithium-Sulfur Battery Era — Podcast:

I don't like paywalls. You don't like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don't like paywalls, and so we've decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It's a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So ...
If you like what we do and want to support us, please chip in a bit monthly via PayPal or Patreon to help our team do what we do! Thank you!
Written By

Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.


You May Also Like

Clean Power

The Canadian startup XlynX aims to improve perovskite solar cells with a new advanced adhesive.

Clean Transport

In this article, I’m going to share an important project I’m working on that could bring more equity and quality to my cleantech news...

Clean Transport

All 50 states will deploy federal NEVI program funds to build out the EV charging network and kill gasmobiles, anti-woke or not.

Green Economy

Woke or not, Kentucky is behind a new green steel factory that supports President Joe Biden's goal for offshore wind development in the US.

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.