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Uber Hires Veteran NASA Engineer to Develop Flying Cars

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  • Uber Hires Veteran NASA Engineer to Develop Flying Cars

In 2010, an advanced aircraft engineer at NASA’s Langley Research Center named Mark Moore published a white paper outlining the feasibility of electric aircrafts that could take off and land like helicopters but were smaller and quieter. The vehicles would be capable of providing a speedy alternative to the dreary morning commute.

Moore’s research (PDF) into so-called VTOL—short for vertical takeoff and landing, or more colloquially, flying cars—inspired at least one billionaire technologist. After reading the white paper, Google co-founder Larry Page secretly started and financed two Silicon Valley startups, Zee Aero and Kitty Hawk, to develop the technology, Bloomberg Businessweek reported last summer.

Now Moore is leaving the confines of the U.S. National Aeronautics and Space Administration, where he has spent the last 30 years, to join one of Google’s rivals: Uber Technologies Inc. Moore is taking on a new role as director of engineering for aviation at the ride-hailing company, working on a flying car initiative known as Uber Elevate. “I can’t think of another company in a stronger position to be the leader for this new ecosystem and make the urban electric VTOL market real,” he says.

Uber isn’t constructing a flying car yet. In its own white paper published last October, the company laid out a radical vision for airborne commutes and identified technical challenges it said it wanted to help the nascent industry solve, like noise pollution, vehicle efficiency and limited battery life. Moore consulted on the paper and was impressed by the company’s vision and potential impact.

Nikhil Goel, Uber’s head of product for advanced programs, says the company wants to organize the industry to help spur development of flying cars. “Uber continues to see its role as an accelerant-catalyst to the entire ecosystem, and we are excited to have Mark joining us to work with manufacturers and stakeholders as we continue to explore the use case described in our whitepaper,” Goel wrote in an e-mailed statement.

Moore acknowledged that many obstacles stand in the way, and they’re not only technical. He says each flying car company would need to independently negotiate with suppliers to get prices down, and lobby regulators to certify aircrafts and relax air-traffic restrictions. But he says Uber, with its 55 million active riders, can uniquely demonstrate that there could be a massive, profitable and safe market. “If you don’t have a business case that makes economic sense, than all of this is just a wild tech game and not really a wise investment,” Moore says.

Uber’s vision is a seductive one, particularly for sci-fi fans. The ride-hailing company envisions people taking conventional Ubers from their homes to nearby “vertiports” that dot residential neighborhoods. Then they would zoom up into the air and across town to the vertiport closest to their offices. (“We don’t need stinking bridges!” says Moore.) These air taxis will only need ranges of between 50 to 100 miles, and Moore thinks that they can be at least partially recharged while passengers are boarding or exiting the aircraft. He also predicts we’ll see several well-engineered flying cars in the next one to three years and that there will be human pilots, at least managing the onboard computers, for the foreseeable future.

His move to Uber is a risky one. Moore says he’s leaving NASA one year before he’s eligible for retirement and walking away from a significant percentage of his pension and free health care for life “to be in the right place at the right time to make this market real.” (Though it’s probably safe to say that Uber, with some $11 billion on its balance sheet, is making it worth his while.) Moore seems to be disillusioned with NASA, saying the agency is leaving promising new aviation markets to the private industry. “It’s the federal government who is best positioned to overcome extremely high levels of risks,” he says.

While NASA is larded with layers of bureaucracy and management, Uber Chief Executive Officer Travis Kalanick has been closely involved in hatching his company’s flying car plans, Moore says. That is, when he’s not distracted with his own political crises, such as his role on President Donald Trump’s advisory council, which he relinquished last week after criticism from customers, drivers and employees.

Kalanick’s bet on Uber Elevate is another indication that while Silicon Valley seems on the surface to be consumed with politics and protests these days, the march into the future continues apace.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fintech

From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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Karl O Toriola - Investorsking.com

The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Nigeria - Investors King

MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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