HindustanTimes Sat,29 Nov 2014

After restaurants, apps and film, now, crowdfund an airlines

AFP   May 14, 2014
First Published: 14:13 IST(14/5/2014) | Last Updated: 14:18 IST(14/5/2014)

Entrepreneurs have crowdsourced their way to fund everything from new restaurants, apps and film projects. But how about a new airline? Odyssey Airlines Limited is hoping to raise $1.7 million by mid-June to get off the ground and become the first business class jet to operate non-stop, transatlantic flights from London City Airport.

People can now crowdfund a new airline. (AFP)

Posted on Crowdcube, the concept was born from the frustration of having to deal with airport congestion, long lines, and “all the other aggravation that comes with travelling through a major airport,” explains CEO Adam Scott in a video.

The plane will be configured to transform the 110-place standard seating into 40 fully lie-flat seats. Initial plans are to start flying to New York in 2016, with potential expansion to Toronto, Washington, Boston, Chicago, the Middle East, and underserviced cities in Europe. Thirty-four days before deadline, the pitch has raised over $485,000 from over 80 investors.

Odyssey isn’t the first in the aviation industry to try and drum up public funding.Boston-based Spike Aerospace also posted its project to build a next-generation, supersonic windowless jet on Indiegogo, but failed to raise the desired $250,000.    PIC: People can now crowdfund a new airline

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