December 22 ,2014 | by Hari Sri

Crowdfunding will send UK company to the moon

UK’s Lunar Missions Ltd pass first crowdfunding milestone for mission to the moon.

The UK company, Lunar Missions Ltd, has successfully reached their funding target of £600,000 on crowdfunding website, Kickstarter. The project, Lunar Mission One, will attempt to land a spacecraft on the Moon to fulfil the mission objective of drilling at least 20 metres into the south pole of the Moon.

Crowdfunding has been growing in popularity as a means of investment since it was first introduced to the internet around seven years ago. It’s a method of funding where monetary contributions are raised from a large number of people, which is why the internet is so useful for startups attempting to reach the masses.

 

Lunar Mission One could drill as deep as 100 metres into the Moon

Using the funding gained, Lunar Mission One will aim to land an unmanned craft in an unexplored region of the lunar South Pole. Once there, they plan to use pioneering technology to drill deeper than ever before, to at least 20 metres and potentially as deep as 100 metres.

“We will access lunar rock dating back up to 4.5 billion years to discover the geological composition of the Moon, the ancient relationship it shares with our planet and the effects of asteroid bombardment,” the firm says on its Kickstarter page.

“Ultimately, the project will improve scientific understanding of the early solar system, the formation of our planet and the Moon, and the conditions that initiated life on Earth,” the team behind the project added.

To add incentives for people to fund, the enterprise offers people their own digital memory box in a time capsule that will be buried in the borehole if they pledge £60 or over. Other incentives come in the form of additional funding stretch targets that open up further mission bonuses, such as a Lunar Missions Club if £1 million is reached.

 

Spacehive boosts funding for local community projects

Earlier in the year, crowdfunding in the UK even reached the attention of prime minister David Cameron. An organisation, called Spacehive, received his praise after winning the Big Society Award.

Spacehive uses the potential of crowdfunding to improve local communities by posting civic projects online that could be funded by anybody. These projects ranged from playgrounds and community centres, to free public wifi and rooftop gardens. One bizarre case saw the building of a giant waterslide running down the highstreet.

Since March 2012, a total of £1.8 million has been received via Spacehive to fund 58 civic projects in Britain.

Prime Minister David Cameron said: “Spacehive is a simple idea that is having a huge impact in communities across the UK. As the world’s first crowd funding platform for civic projects, it is putting local people and businesses in the driving seat.”

“From creating green spaces to refreshing sports facilities, Spacehive is letting people make the changes they want to see in their neighbourhoods,” he added.

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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