By Malika Zouhali-Worrall, CNNMoney.com contributing writer
Last Updated: August 15, 2009: 12:09 PM ET
NASA has $4 million on the line for inventors creating the technology that could one day link Earth to the stars.NEW YORK (CNNMoney.com) -- On an April day in Boulder, Colo., Michael Laine sat onstage in front of a large audience, struggling to hold back tears. That afternoon he was supposed to be presenting to the attendees of the Conference on World Affairs, but at the moment, Laine was finding it hard to concentrate. "Two hours ago I lost a $3 million building," he declared to the room. "And now I don't have a place to live."
It was the seventh time Laine had gone into foreclosure in just five years, all in pursuit of an entrepreneurial dream. Always before, he'd managed to raise the cash to buy his office building -- also his home and only source of income -- back at auction. This time, he was out of luck, as was the nine-employee company, LiftPort, that Laine financed almost entirely by leveraging his property.
Two years later, Laine still doesn't regret the obsession that led him to repeatedly default on his mortgage and gamble the $140,000 he received in rental income each year. "I could have retired at 35 with a lifetime income," he says. "Or I could build an elevator to space."
Laine is one of the most devout proponents of the sci-fi phenomenon known as the space elevator -- an as-yet hypothetical alternative to rockets -- but he's not the only entrepreneur inspired by the idea. This week's fifth annual Space Elevator Conference, sponsored by Microsoft (MSFT, Fortune 500), is bringing a host of academics, space enthusiasts and small business owners to Redmond, Wash., to discuss everything from the technology to the regulatory framework required to build a giant elevator to space.
The conference will be closely followed by the Space Elevator Games, parts of which take place at NASA's Dryden Flight Research Center in the Mojave desert. Teams of scientists, tinkerers and entrepreneurs will gather to test out technologies that could one day lift riders through the Earth's atmosphere toward the stars.
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