The following is the opinion and analysis of the writer:
Remember World View Enterprises, the space tourism company that Pima County subsidized? Well, that company has evolved into a commercially viable remote sensing and analysis outfit with a new primary mission and new leadership.
The old World View was founded in 2012 in Tucson by Jane Poynter and Taber MacCallum. Their plan was to offer near-space balloon rides to wealthy tourists.
In 2016, Pima County involved itself in the venture by supplying World View with $15 million worth of manufacturing facility and launch pad through a lease with an option-to-buy contract.
In the beginning, growth was slow, and few of the promised benchmarks were being met; and then there was that unfortunate explosion that shook loose ceiling tiles at the local missile factory (Raytheon).
Interestingly, none of that seemed to deter the venture capital companies. An initial round of fund raising yielded $7 million. They then raised another $15 million in 2016, and $26.5 million in 2018. The venture capital companies in the last two go-rounds included Accel, Canaan and Northwest Venture Partners. The 2016 money was to be applied to the development of the โStratolliteโ balloon and related technologies. The 2018 money was to accelerate the Stratollite project development.
This brings us up to the more recent news that Jane Poynter and Taber MacCallum have left World View and are now off in Florida with a new company, Space Perspectives, that will take tourists on near-space balloon rides! They are no longer working at World View. What happened?
I surmise that the Stratollites are the key. I think it was that program that attracted the money. In both the second- and third-round funding announcements, it was stated that the money was to go to development of the Stratollite system and then the acceleration of Stratollite development respectively.
I recently spoke with Ryan Hartman, the current CEO of World View, at the headquarters here in Tucson. He dispelled the rumors that World View was out of business, that the building was shuttered, and that all the launches were occurring in Page. In fact, according to Hartman, there have been two Stratollite launches out of Page and 16 out of Tucson.
The old World View was all about near space tourism with the Stratolite technology as a sideline. The new World View is about Stratollite technology with maybe passenger flights in the future sometime. As Hartman put it. โThe technology we have lends itself to that kind of mission set. Itโs a much better way to monetize the investment in the technology we created here.โ
I asked Hartman how the new company differs from the old one. He said, โThe company today, versus two years ago, is a much more professional company. We have matured the business and our technologies greatly and have poised the company for long-term sustainable growth, and that understandably attracts more interest in the business.โ
I believe that what Hartman described is an organization that is about to deliver a disruptive technology to the world of remote sensing, all done through voluntary contributions and cooperation.
Well, except for Pima County, since the source of its funds is taxpayers who are compelled by law. Their payments are not voluntary, which is why there are many legal constraints on how that money is spent.
Sure, government can affect economic growth by helping to create a business-friendly environment, but unelected government workers playing venture capital magnates? Not good.
