"Space elevator would make travelling cost effective by giving its owners 90 percent cost advantages over conventional rockets," Nofel Izz, the man behind the design, told IANS.
The "Telescopic Expo Shell" is a semi-hollow and cylindrical structure that consists of a telescopic tower that would be propelled by an "inner shaft" - chained cylindrical bits that lock in to form a shaft - a hydraulic system and rain-powered cable structures that would work in tandem to provide support.
"The base of this tower can also be positioned on water," Izz, who earlier launched his invention OMASK - a light weight portable safety breathing apparatus - explained.
Sharing details on how the space elevator could be built, the spirited entrepreneur, who is also a singer, added: "The space elevator could be constructed using materials such as titanium alloys that are currently being used in the aviation industry."
That would provide the structure immense strength to weight ratio, Izz added.
The space elevator would reach heights of 160 km into LEO (Lower Earth Orbit) when fully extended.
Izz said the first nation to successfully build the space elevator would dominate space travel in future, adding: "My design is more realistic and can be realised in the near future."
"I will soon get it endorsed from the Canadian Space Agency," he told IANS.
Explaining the significance of his earlier invention OMASK, Izz said it is a light weight portable safety breathing apparatus that allows the passengers of a vehicle to escape when submerged in water by providing oxygen-rich air in a mask.
The mask is waterproof/airtight and could also be a life-saving apparatus in possible natural disasters.