Acquired Virgin Galactic
23 snips
Nov 23, 2020 Explore the thrilling journey of Virgin Galactic, from winning the XPRIZE to becoming a pioneer in space tourism. Discover the crucial moments, like the development of SpaceShipOne and the financial challenges that followed its public listing. Uncover the role of high-profile investors and the innovative SPAC maneuvers that shaped its future. Delve into the evolving market for space travel and the optimistic, yet cautious outlook for the next decade. The podcast emphasizes both the excitement and hurdles of commercializing space exploration.
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Orteig Prize
- In 1919, the Orteig Prize offered $25,000 to anyone who could fly nonstop between New York and Paris.
- Charles Lindbergh won in 1927, demonstrating the power of prizes to incentivize innovation.
XPRIZE Funding
- Peter Diamandis proposed a $10 million prize for reusable spacecraft in 1995, inspired by the Orteig Prize.
- Richard Branson and Elon Musk initially declined to fund it.
XPRIZE Insurance
- The Ansari family became the title sponsor, but half the prize money came from an insurance policy.
- First USA underwrote it, betting no one would win and primarily wanting to market XPRIZE credit cards.
