New Zealand Misses Out On Innovation

Although pleased that the Martin Aircraft Company has finally secured funding for the production of the world's first commercially available jetpack, it is disappointing that it has had to be done through a foreign investor because no one in New Zealand would get involved in the project.

The Christchurch-based company has spent more than 10 years developing the jetpack, which will be sold to emergency service agencies like police and military. Able to climb to around 2,400 metres and travel up to 100kmh, the jetpacks will provide a speedy method of providing aid and relief to disaster-hit areas.

Last year the cash-strapped company said it needed $35 million to develop the Martin Jetpack for commercial production – yet no New Zealand investors would come on board. Overseas interests, however, were not so reluctant, with offers for funding international production coming in from the Middle East and China.

Now the company has signed a $12 million joint-venture deal with a foreign investor, and the jetpacks will be built at "an overseas factory" – the aim is to make 500 units and generate $100 million within the next three years.

It is a real shame that the potential of this project wasn't identified here in New Zealand. This is a sad example of our tendency to overlook the talent and expertise in our own backyard and even more evidence of the need for us to begin celebrating and nurturing the achievement, innovation and entrepreneurship that exists at home.