Venture capitalism has definitely accelerated the pace of technological development, with venture capitalists (VC) having poured hundreds of millions of dollars into companies that develop everything ranging from ride-hailing and food delivery services to artificial intelligence, organic farming methods, and a host of applications and technologies to dominate and disrupt industries. It is part ambition, part vision, part trust and sometimes a whole lot of audacity when it comes to investing in certain companies that are aiming to take the definition of big to an entirely new level. One such company to have attracted big names in venture capitalism is Boom, which is planning to make commercially viable supersonic jets.
Based out of Denver, Colorado, Boom has raised $140 million to date and wants to build the world’s first commercially feasible supersonic airliner. Concorde used to be a preferred mode of transport back in its heyday, but it was not affordable to the average flyer. Boom, however, wants to overcome this obstacle and make supersonic travel accessible to flyers at business class rates. Long distances flights usually take more than an entire day and with layovers can even extend up to two days. Supersonic jets can slash transatlantic and transpacific travel times by half and thereby attract a large body of frequent flyers.
The idea, although seems ambitious, has attracted some of the largest names in venture capitalism which include Y Combinatory Continuity, Sam Altman, Ron Conway, Emerson Capital, etc.