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One hundred and eighty-two years ago today, New York Governor DeWitt Clinton boarded the Seneca Chief and traveled 500 miles from Buffalo to New York City to mark the opening of the Erie Canal. It was the beginning of an enterprise of immense economic and political significance in that it expanded the reach of American commerce and established New York as one of the world’s leading financial centers.

It is easy, in retrospect, to think the canal’s success was ordained from the beginning. It wasn’t. In 1810, when DeWitt Clinton, then mayor of New York City, first proposed building the 363-mile, 83 lock canal, Gouverneur Morris, responded by saying “Our minds are not yet enlarged to the size of so great an object.” Another Founding Father, Thomas Jefferson, was more biting in his criticism, writing to Clinton, “It is a splendid project, and may be executed a century hence. It is little short of madness to think of it this day.”

Jefferson’s reasoning was solid. The project was budgeted to cost $6 million—a sum then equal to three-fourths of the federal government budget. In fact, the scale of the project was so massive that it was determined it would be the biggest public works project since the Great Pyramid and would consist of digging and removing over 11 million cubic yards of earth. It is no wonder that many decried it as “Clinton’s ditch.”

Fortunately, Clinton persisted and while he wasn’t able to persuade the federal government to support the idea he did win over the citizens of New York and in 1817 the state legislature approved the funding for the project.

Amazingly, the canal was completed on October 26, 1825—two years ahead of schedule. More impressive still, the state’s debt off was paid-off in a decade’s time.

With this little bit of history in mind, let me now introduce you to a modern-day equivalent of the Erie Canal: the space elevator.

To many, the idea of constructing an elevator into geosynchronous orbit might be, to echo the words of Jefferson, a splendid project a century hence but little short of madness today. Nevertheless the idea is beginning to elicit consideration from a growing number of serious scientists.

In its simplest form, the elevator would consist of a ribbon of super-strong carbon nanotubes be tethered to a large platform located near the equator and attached to a space structure at the other. To get from earth to space a cab would climb the ribbon. (Further details can be found at www.liftport.com)

Without question a great many obstacles must be overcome in order to achieve this vision, but they are just that: obstacles. They are not barriers. Ironically, as with the Erie Canal, the greatest barrier may not be technical in nature but rather political—namely, our leaders (and perhaps our country) have lost their ability to think big.

But like the Erie Canal, a space elevator would be more than just a testament to good old-fashion American ingenuity and know-how. It would have broad, practical economic and political ramifications. For instance, just as the Erie Canal lowered the cost of shipping a ton of flour from $120 to less than $6, a space elevator could similarly open up space by radically reducing the price of hauling the equipment and supplies into orbit. Today, it costs anywhere between $10,000 and $20,000 to launch a single pound of material into space. With a space elevator, replacing and updating the communication and satellite infrastructure upon which modern society is now so dependent would be fast, inexpensive and easy.

Beyond this, if America is serious about establishing a permanent presence on the moon and, ultimately, Mars; this country will need a dramatically more efficient process for delivering cargo and personnel into a space. Our present system of using individual rockets is about as efficient as hauling flour by horseback.

It has been estimated that a space elevator can be built for $12 billion. It is a large amount of money to be sure, but so too was the Erie Canal. Thanks, however, to some farsighted and courageous leadership a profitable canal was built and, in the process, it turned the course of history. How fitting then if on October 26, 2025—the bicentennial of the opening of the Erie Canal—America could send a group of people into space on an elevator. It is possible but first we must enlarge our minds to “so great an object.”

Jack Uldrich is a writer, futurist, public speaker and host of jumpthecurve.net. He is the author of seven books, including Jump the Curve and The Next Big Thing is Really Small: How Nanotechnology Will Change the Future of Your Business. He is also a frequent speaker on future trends, innovation, change management and executive leadership to a variety of businesses, industries and non-profit organizations and associations.