NEW YORK (TheStreet) -- Perhaps one the most intriguing products to come out of this year's South By Southwest event is a fully functional flying car prototype. 

AeroMobil CEO Juraj Vaculik explained that this product is more than a hobby or a product to showcase how far technology has come. The company's business plan will hopefully result in the successful commercialization of the car. 

In an attempt to bolster its quality, the company continues to search for the right staff and partners to add to its team. Recently, it added three new, "very bright" members to its advisory board, he said. 

AeroMobil is based in Slovakia, a country that many people likely don't realize is one of the top automobile manufacturers in the world. It's the "absolute perfect place to be," especially with this type of product, Vaculik reasoned. 

Small planes are also a fast growing market segment, he added, making his product a perfect fit in a niche category. 

Currently the company is able to test the vehicle in Europe and is hoping it will be able to start testing in the U.S. in the second half of this year. 

Beyond that, Vaculik says he wants to begin selling the vehicle in the U.S. sometime in 2017.

However, this isn't exactly a mass market car. As you can imagine, buying a vehicle that is capable of taking flight won't be cheap. Vaculik estimates that it will likely cost a few hundred thousand dollars. 

So its addressable market is those who are buying luxury cars and would want something unique and capable of flying above traffic to its destinations as well. 

One day, perhaps its niche designation will disappear as more and more consumers are able to buy the car. Vaculik pointed out that when cell phones first came out, they were bulky and expensive. 

Today, almost everyone has a cell phone, which is now slimmer and has better technology as well.