Elon Musk may have verbal approval for his underground hyperloop but there is much more work to be done to get the project underway:

“It means effectively nothing,” says Adie Tomer, who studies metropolitan infrastructure at the Brookings Institution. “The federal government owns some land, but they don’t own the Northeast corridor land, and they don’t own the right-of-way.” Sure, having presidential backing isn’t bad—but it is far, far from the ballgame…

First, you have to get the OK from all the states and cities and municipalities involved. This is essential because Musk promises this Northeast hyperloop will pass through city centers, so he’s counting on tunneling under places where lots of people live and work and play. Judging by the the official responses from local agencies and politicians along the proposed route, this process is not quite underway. “This is news to City Hall,” the press secretary for New York Mayor Bill de Blasio tweeted. Looks like the Boring Company has a lot of boring meetings with public officials ahead of it…

And then there’s the little problem of moolah. Just updating the current Northeast corridor railroad—you know, the one run by Amtrak—to high-speed rail standards would cost an estimated $123 billion. Tunneling will be even more expensive. Musk has promised his boring technology will speed up the construction and bring down costs. But boring will never be cheap, especially in populated areas. Carving less than two miles of tunnel under New York for the Second Avenue Subway took $4.5 billion. Even if this hyperloop were entirely privately financed, it would take lots of zeroes…

By law, projects need to be evaluated for the potential environmental consequences of their construction and operations, to create what’s called an Environmental Impact Statement. Federal agencies generally take a while to prepare these documents: One 2008 study found the average writeup took three and a half years, and some have taken as many as 18. They also cost a lot to prepare—millions and millions in government funds.

That is a lot to take on. I’ve seen suggestions in recent years that the United States is no longer able to tackle needed large infrastructure projects. In the past, large projects could be accomplished such as the intercontinental railroad or Hoover Dam. Today, American projects lean more toward interminable delays and huge cost overruns. In contrast, some other countries do not get bogged down in the same ways. Sure, some of that might require more authoritarian regimes – such as the new Silk Road railroad in China or the growth in Abu Dhabi in the United Arab Emirates – but things get done!

Moving forward, is there a way for a country like the United States to undertake large innovative projects without all the bureaucracy that slows it down? Can we still take risks? Musk’s hyperloop might be a perfect test case: the technology barely exists so it might be an incredible risk. But, the payoff could be tremendous (and not just necessarily for the intended purpose of a new transportation technology but the other helpful pieces that come along the way – including a way forward across multiple governments and requirements).