In 1919, New York City immigrant hotelier and restaurateur Raymond Orteig had an inspiring if dangerous idea to speed up the development of aviation. He established a $25,000 prize to go to the first pilot to complete a successful solo flight between New York and Paris. The businessman received a great return on his investment as numerous aviators individually poured time and resources into the endeavor. The first six attempts ended in failure and death, before Charles Lindbergh collected the check from Orteig, who had flown to Paris for the occasion.
I was reminded of Orteig by a recent Vivek Wadhwa column in the Washington Post which compared him to Peter Diamandis, who 20 years ago established the $10,000,000 X Prize to similarly stimulate space travel. Below is a Brooklyn Daily Eagle feature published a few months after Lindbergh’s 1927 triumph, which told of Orteig’s unlikely rags-to-riches story and how he sparked one of history’s great moments.