This is a subscriber-only article.

For a limited time, join Entrepreneur+ and save 50% during our Cyber Monday sale. Use code SAVE50.

Join Now

Already have an account?

Sign in
Entrepreneur Plus - Short White
For Subscribers

Startup has Sky-High Aspirations for Roadable Aircraft An aviation enthusiast's invention leaps from the road to the wild blue yonder.

By Michelle Juergen

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneur: Carl Dietrich, co-founder of Terrafugia, a Woburn, Mass.-based company that's developing The Transition "roadable aircraft." (It's a flying car!)

"Aha" moment: In 2004, the Federal Aviation Administration eased regulations related to developing light sport aircraft and acquiring licenses for operating them. "That's what got me thinking about doing something entrepreneurial in aviation," says Dietrich, Terrafugia's CEO and CTO, who got his bachelor's, master's and Ph.D. from the Department of Aeronautics and Astronautics at MIT. In 2006, he and his co-founders (three of the original five remain with the company) launched Terrafugia--the name is Latin for "escape the earth."

Taking off: Terrafugia was initially funded with $40,000 after Dietrich won the Lemelson-MIT Student Prize for Inventiveness and the company's business plan was a runner-up in the MIT $100K Entrepreneurship Competition. The team brought a model of the concept to Wisconsin's EAA AirVenture Oshkosh, the largest annual U.S. gathering of aviation enthusiasts, and convinced seven people to put down deposits on vehicles. In December 2006, Terrafugia closed on a $250,000 first round of investment. In 2009, The Transition completed flight tests in Plattsburgh, N.Y. To date, Terrafugia has brought in more than $7 million from angel investors and others.

Why? Beyond his lifelong fascination with "aviation, aerospace, spaceships and airplanes--all that sort of fun stuff," Dietrich wanted to create a unique product with a big impact that addressed the standard obstacles faced by recreational pilots: weather sensitivity, high ownership costs and the little or no ground transportation at public-use airports. Dietrich and his team determined that "all of these problems could be solved if we had a flying car," he says.

Editor's Pick

Related Topics

Business Ideas

This Teacher Sells Digital Downloads for $10. Her Side Hustle Now Makes Six Figures a Month: 'It Seems Too Good to Be True, But It's Not.'

When one middle school teacher needed to make some extra income, she started a remote side hustle with no physical products and incredibly low overhead. Now she brings in six figures each month, and offers courses teaching others how to do the same.

Leadership

How to Win Over the Room With Effective Persuasion Skills

The art of persuasion is not just about the notes, the data, and the pitch; it's about creating a connection that resonates with the audience. We explore how a blend of story, active listening, and genuine interaction can not only capture attention but also win hearts and minds, setting the stage for achieving success in any meeting.

Living

'I Haven't Ticked All the Boxes Yet.' Hilary Duff Reveals Her Next Venture After More Than 2 Decades in the Spotlight — and the Surprisingly Relatable Key to Her Enduring Success

The actor talks entrepreneurship, secrets to success and her latest role as chief brand director for Below 60°, a product line of air fragrances.

Leadership

Great Leaders Must Be Great Coaches — Here's How to Become One

To be a successful leader, you must become an expert in how to help others grow and develop. Here's a research-driven approach for entrepreneurial leaders to coach and effectively develop their teams.

Business News

An Ivy League University Is Teaching the Secret of Taylor Swift's Success

Several major universities have added courses dedicated to studying Swift's star power.

Marketing

Google Is About to Delete Inactive Accounts. Here's How to Avoid A Massive Gmail Bounce Rate.

Google will start deleting inactive accounts soon. For businesses like yours, that means many Gmail contacts will probably bounce. Here's how you can avoid that – and keep your business emails landing in the inbox.