Marking a first in human history, the Federal Aviation Administration approved Moon Express this week to be the inaugural private company to leave Earth's orbit and land on the lunar surface. Until now, only governmental agencies have been permitted to touch down on the moon. Humans haven't returned to the moon in person since 1972, the last time Americans landed there.

The project was founded by Bob Richard, Barney Pell and billionaire Naveen Jain, who hope to claim a $30 million prize from Google's Lunar XPRIZE competition, which was designed to encourage private companies to soft-land on the moon and tour the landscape. But aside from the prize, are there any other reasons for going to the moon?

"In 15 years, the moon will be an important part of the Earth's economy, and potentially our second home," said Jain. "Imagine that." Private companies do launch objects into space, but these are typically satellites. To get permission for further travel, Moon Express had to negotiate and consult with the FAA, the White House, the State Department and NASA, among other agencies.

"The Moon Express 2017 mission approval is a landmark decision by the U.S. government and a pathfinder for private sector commercial missions beyond the Earth's orbit," said Richards. "We are now free to set sail as explorers to Earth's eighth continent, the Moon, seeking new knowledge and resources to expand Earth's economic sphere for the benefit of all humanity." According to CBS Miami, the Moon Express' unmanned lunar vehicle is the size of a washing machine, and it has no wheels. To travel across the surface, it will propel itself by "hopping" along with bursts of the engine. It will launch late in 2017, and is estimated to cost $10 million.

CBS also noted that Moon Express hopes to make money over and above Google's prize. One other potential revenue source is a company that wants to send the ashes of deceased people to the moon.

This initial trip may be something of a test run, but the founders believe there's ample economic value to be extracted from the moon.

"In the immediate future, we envision bringing precious resources, metals, and Moon rocks back to Earth," Jain said. More broadly, the founders hope the approval for the project marks a new age of space exploration, and possibly colonization.