New Business Startup Looking To Build Elon Musk's Hyperloop
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Business Formation & Planning on Thursday, December 25, 2014.
Elon Musk had previously made headlines when he spoke of his vision of his Hyperloop concept, which involves a transportation system designed to speed pods of passengers at incredibly high speeds from one city to the next. Musk, who is the CEO of Tesla Motors and SpaceX, has not done anything himself in order to move this vision forward for the proposed dramatic change to the transportation system in California. However, one new business startup is now looking into raising funds in order to bring the Hyperloop concept to fruition.
The aspiring new startup, JumpStartFund, has been formulating plans for the Hyperloop. It says the Hyperloop will be faster and more cost-efficient than high-speed rail systems that have been proposed as of late. The company's business model is similar to a crowdsourcing and crowdfunding site combined. The aim of the company is to solve large societal problems, including planning the transportation system of the future.
Reportedly, approximately 100 engineers from all over the United States are collaborating remotely in order to create a plan to build the new cutting-edge transportation system. Musk's original proposed project would enable riders to travel from northern California to the southern part of the state in approximately 30 minutes for $40 to $60. However, JumpStartFund's proposed system aims to make this same trip only cost around $20 to $30.
Although thinking big and aiming high is an admirable quality, a new business startup venture will also have to deal with reality. The proposed transportation system will have to conform to legal standards as well as obtain permission from the relevant regulating agencies federally, in California and other jurisdictions. Some may even try to challenge the proposed project in court for one reason or another. As efforts are made to bring this forward thinking business concept into reality, the new company will surely benefit by having a solid grasp on the legal implications of its plans.
Source: bizjournals.com, "This startup wants to build Elon Musk's Hyperloop across the country", Eric Van Susteren, Dec. 19, 2014