Well that's what I call a venture!

"A private group has taken one small step toward the prospect of building a futuristic space elevator.

LiftPort Group Inc., of Bremerton, Wash., has successfully tested a robot climber --- a novel piece of hardware that reeled itself up and down a lengthy ribbon dangling from a high-altitude balloon.

The test run, conducted earlier this week, is seen as a precursor experiment intended to flight validate equipment and methods to construct a space elevator. This visionary concept would make use of an ultra-strong carbon nanotube composite ribbon stretching up to 62,000 miles (100,000 kilometers) from Earth into space.

During the day, the highest altitude reached by the balloon/ribbon/robot combination was 1,000 feet (305 meters). "It gives us complete confidence that the mile goal is well within reach," Laine said.

Laine said that the Federal Aviation Administration has been very supportive and helpful in orchestrating their test flights."

No doubts here that would be a fantastic thing but it 'feels' a bit silly.