Technology has given us virtual-reality adventures, but also real-life tourism in space and the deep sea. As the latter develops, entrepreneurs and investors should remember that innovation without safety isn’t a step forward.
The five passengers on a submersible vehicle headed to visit the wreck of the Titanic are believed to be dead, according to the U.S. Coast Guard and OceanGate Expeditions, the vessel’s operator.
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The passengers of the Titan submersible are believed to be dead.
Courtesy Ocean Gate
Technology has given us virtual-reality adventures, but also real-life tourism in space and the deep sea. As the latter develops, entrepreneurs and investors should remember that innovation without safety isn’t a step forward.
The five passengers on a submersible vehicle headed to visit the wreck of the Titanic are believed to be dead, according to the U.S. Coast Guard and OceanGate Expeditions, the vessel’s operator.
Rear Adm. John Mauger told reporters Thursday that a “catastrophic implosion” killed those on board after pieces from the craft were found near the Titanic.
“We grieve the loss of life,” Washington-based OceanGate said, calling the men on board “true explorers.” The sub’s owner previously said it has completed more than 200 deep-sea dives that can cost passengers roughly $250,000 each.
OceanGate is building a new tourism business based on falling costs for technology once reserved for scientists and governments, as well as an increasing number of people that can afford the experience. It isn’t unlike what space start-ups Blue Origin and Virgin Galactic Holdings (ticker: SPCE) are doing.
The Titanic incident highlights the importance for both industries to focus on safety early in their development. Too much risk can choke off demand for even the most exciting new services. For OceanGate, one incident out of some 200 is a rate of about 0.5%.
While the deep-sea-tourism industry is new, and this is only one incident, the rate looks a little worse than recent statistics tied to space.
Missions to space over the past 50 years have tragically killed about 20 astronauts in a few separate accidents, including two involving the U.S. Space Shuttle, with the last being the loss of Columbia in February 2003 that claimed seven lives.
The Space Shuttle flew 135 times, which works out to one ship loss for every 60 to 70 flights, or 1.5% of the time.
That doesn’t compare favorably with OceanGate, but over the past 20 years, there have been roughly 1,800 space launches, without the loss of life. The majority of those launches are uncrewed, though.
The required level of safety for new industries is up for debate. Ultimately, the goal will be to become as safe as any other transportation modality.
About 40,000 lives are tragically lost on U.S. roads each year. With Americans driving roughly three trillion miles annually, that works out to about one death for every 75 million miles driven, or 0.000001% of miles driven.
It’s an impressive number. And when cars were new, in the early 20th century, cars were roughly 1,000 times as dangerous.
Commercial air travel looks a little safer than driving. Each industry tracks safety a little differently. In, 2022, there were seven “hull losses” in commercial aerospace, according to
By miles flown, the percentage of commercial-aerospace fatalities goes to 0.0000006% per mile flown, or about twice as safe as driving. That’s a rough estimate based on available data. Overall, commercial air travel, and road travel, have become very safe.
Safe enough so no one thinks about it. Every industry wants to reach that level.
The Titanic incident hasn’t impacted Virgin Galactic stock, which is up about 30% over the past five days, while the
Write to Al Root at allen.root@dowjones.com