In fourteen hundred ninety-two Columbus sailed the ocean blue. !He had three ships and left from Spain; He sailed through sunshine, wind and rain. !He sailed by night; he sailed by day; He used the stars to find his way. !...

Luis de Santángel

Columbus’ first voyage cap table

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Source % AmountSantangel 50% $132,000

Genovese families 35% $92,000Columbus 15% $39,000

Total $263,000

Best estimate is 1 maravedies = $0.26 in 1630. Some evidence it was significantly below that in 1497 when Spanish monetary system was reformed. One estimate puts entire voyage at $40,000.

Henry the Navigator• Sponsor of many early voyages,

responsible for Gil Eanes roundingCape Bojador, improved caravelboat technology

• Appointment as the governor of thevery rich Order of Christ, the Portuguese successor to the Knights Templar

• Awarded right to all profits to any lands he discovered by his brother King Edward.

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John Cabot• First European encounter

with the mainland of North American sincethe Vikings

• Patents provided by Henry VII

• Funding provided by Bardi of London and Society of Merchant Venturers

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Ferdinand Magellan• First circumnavigation of the world

• Patents provided by Charles I (soon to be Holy RomanEmperor Charles V)

• 75% of the funding provided by Charles V and Christopher de Haro, a Flemish merchant from Lisbon !

• Much of the money provided by Charles V was actually loaned to him by Haro at very high interest rates

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European food must have really sucked!

Ever heard of the European Gold Rush? Yea, me neither.

Religious conversion

• The vast majority of voyages during the Age of Discovery were privately funded but publicly incentivized

– Loan guarantees – Patents on routes – Revenue percentage – Property claims – Titles

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The Vassa !14

!• Sank within minutes less than a mile from dock • Ship design by political committee

• Schedule pressure • To many change requests without a redesign • Change requests didn’t include specifications • No documented project plan • Excessive innovation • Secondary innovations • Requirements creep • Ignoring the obvious

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Hypothesis

• Apollo, like rounding the Cape of Bojador, was a required antecedent

• But, like the vast majority of voyages after Henry’s, not a model to follow once the capability is demonstrated.

• NASA’s Commercial Crew and Cargo program is one test.

• History says double down

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