New air transportation ventures are being born, just at the time when the private space travel business is, quite literally, taking off.

That’s the overall message from Flight School 2007, being held here June 20-22 at the Aspen Institute in Aspen, Colorado.

Top aviation and space entrepreneurs are showcasing projects demonstrating that now is a time of rebirth, rethinking and growth in both enterprises.

People can now make “true creative leaps to say, not so much how can we improve on air travel, but how can we envision a whole new age of air and space travel,” said Walter Isaacson, President and CEO of the Aspen Institute.

Esther Dyson, Chairman of EDventure and host of the Flight School, sees a nexus between the air and space communities. “There’s the whole optimization of air travel on one hand…and private space travel on the other. You have many, many problems in common, starting with financing, finding customers, running your businesses. So while, to some extent, you are a different market…in many ways you can learn a lot from one another,” she told the audience gathered here on Thursday.

The very light jet and private aviation market is being born almost at the exact same time — and for many of the same reasons — as the personal spaceflight industry,” said Peter Diamandis, Chairman and Co-founder of the X Prize Foundation.

“People want the chance to personalize aviation and personalize space…there are people who are demanding it,” Diamandis told me.