Video Transcript

00:08 Richard Branson: We just surrounded ourselves with the best engineers in the world. We based the spaceship program in the Mojave Desert which... And in New Mexico and the kinds of people that work for NASA would actually rather work for a private company. They find it more exciting. They'd rather work on the birth of a new company rather than what is quite an aging set-up, and so we could attract the best people. And they all want to... For instance, our initial rockets for our spaceship, we have to throw away after every use. They're now developing a rocket, a hybrid rocket which they are hoping will get 1000 usage for. And that suddenly means that instead of having to charge $200,000 a ticket, we could really bring space travel to millions and millions of people.

01:09 Branson: So... And that's... Virgin isn't... I mean we've got the brand recognition of some of these very big brands in the world, but we don't have this sort of... Being in the airline businesses and things like that, we don't have the sort of deeper pockets, like building a new rocket like that, a 150-million-dollar decision, but it's definitely the right thing to do. And if we can... We're maybe five years ahead of anybody else, I think, as far as taking regular passengers into space. And if we can then move to the extent of say reducing that $200,000 down to $20,000 or something, it would be as revolutionary as what happened with transatlantic airline travel when... I mean the initial ticket price in the 1920s was the equivalent of about $200,000, and it came down and down and down. And that's what we've got to be able to do, which I think we will be able to do.