Space Travel for the Entrepreneurs: What's the Rush?

To take a break or while planning a vacation we all prefer to travel across the country or even overseas. But, the iconic entrepreneurs have opted for space travel. Over time humans have been efficient enough to mould technology according to their requirements and have endeavoured to travel to space, horsy on technology. Resultant, billionaires namely Richard Branson, Elon Musk, and Jeff Bezos are on the race to space with their specially developed programmes that has even assured to make the voyage affordable for commoners. Indeed, technology has aided a lot in reducing the cost, also, the above mentioned three billionaires are striving to cut down the cost of space exploration.

What Induced Space Travel?

Being inspired to enter the private space race after watching the Apollo 11 mission 50 years ago and watching“Neil and Buzz land on the moon”. Jeff Bezos states that referring to the 20 July 1969 landing linking Neil Armstrong and Buzz Aldrin. Since then I’ve been dreaming and getting ready for this for a long time.” He adds, “We humans have to go to space if we are going to continue to have a thriving civilisation. We’re in the process of destroying our planet. We have guided robotic probes to every planet in the solar system; this is the good one. We have to preserve this planet. We can do that using the resources of space.”

However, after nearly 50 years China, India and Europe are examining the US’s once-dominant position, and within the US, amid numerous dozen private entities, three significant private players are dominating the space tourism and exploration sector i.e Richard Branson’s Virgin Galactic, Elon Musk’s SpaceX, and Bezos’s Blue Origin.

Also, space mining is likely to be a Multi-trillion dollar industry. However, this era has given us the opportunity to work on the business opportunities of the 21st century. We have conquered earth for thousands of years for one reason: gold, oil and many other valuable raw materials. Now that earth has been mined almost our entire planet, the target moves to new resources. Iconic entrepreneurs, such as Bezos and Musk, understand like no other that their present exponential growth was just the warming up if they are able to coin of the biggest business trends called space mining. Thus, space tourism has turned to be a perfect way to cover up for the final strategic plan for monetizing the hell out of space mining. Prior to new laws could stop innovation. Hence, entrepreneurs know that now is the time for radical space strategies thinking.

However, presently there are already 10 large, private firms working on ways to extract raw materials from asteroids and near-Earth planets. These include Kepler Energy and Space Engineering,  Deep Space Industries, and Moon Express. Things have changed, now three types of asteroids have been recognised for mining and the two most desirable contain valuable metals such as gold, platinum, and rhodium. Massachusetts Institute of Technology research reveals that one single 500-meter-wide platinum-rich asteroid is worth $2.9 trillion. that makes 174 Earth’s annual platinum mining output.

Three Players Dominating Space Tourism

Space Flights 

Richard Branson, Virgin Group Founder has sent passengers to space and his space-flight company Virgin Galactic. The company had originally initiated to commence commercial passenger space flights by sending 500 people in 2014. Although, the attempt was unsuccessful post the SpaceShipTwo’s crash in California killing one of the co-pilots. The plane had burst into pieces and dropped in California’s the Mojave Desert.

Richard had believed that the Virgin Galactic space programme will be ready by 2018. After all the struggle, Richard reached the edge of space and safely turned to Earth, a trip that marks a turning point in the entrepreneur’s multidecade effort to aid create a space-tourism industry.

The space trip that Richard and five other crew members completed on July 11, 2021, on a Virgin Galactic Holdings Inc. The company intends to begin its commercial service next year, costing the passengers hundreds of thousands of dollars each for such flights. The test flight was targeted at evaluating systems and the passenger experience, as well as to deliver additional validation of its safety. Vehicles developed by private space companies have been tested a fraction of the number of times compared with the planes used by airlines.

The British entrepreneur and five crew members traversed one threshold of space, uphill 53.5 miles above the Earth’s surface.

Mars Mission

SpaceX founder Elon Musk’s mission plans to send a human by 2026 to the Red Planet is being viewed as the most ambitious among other missions to reach Mars. These missions arrive after several operations over the decades have proved the presence of water ice on Mars and therefore kindling expectations that a human landing is possible there.

Elon said that while talking about the first crewed mission to Mars which according to him is expected to take place in 2026. Scientists and researchers have expressed their concerns over Mars missions. They warned of numerous challenges such as cosmic radiation, dust storms and lack of oxygen and water.

Space Tourism

Jeff Bezos’s Blue Origin, a private spaceflight firms offers space tourism services. The company is evolving technologies that would lower the costs dramatically so that people can afford space travel. It is creating fool proof arrangements to gain people’s trust and reliability.

Jeff has linked ‘barnstormers’ with an intention would pull an extraordinary stunt with their aircraft, with space travel where rocket launches would promote space tourism through entertainment. Since its launch, Blue Origin was very secretive about its plans and emerged from “its self-imposed silence only” post 2015. In September 2020, Blue Origin proclaimed its plans to build New Glenn, its orbital launch vehicle that would airlift people to low-Earth orbit destinations and further.

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