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Speaker 1: Hi there, Welcome to Shared Lunch. My name's Later Robertson,

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Speaker 1: the co founder and co CEO at Shareses. We've got

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Speaker 1: a really exciting episode for you today because I'm on

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Speaker 1: site in Auckland at rocket Lab with Sir Peter Beck.

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Speaker 1: But as always, before we get started, here's some important information.

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Speaker 2: Investing involves risk you might lose the money you start with.

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Speaker 2: We recommend talking to a licensed financial advisor. We also

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Speaker 2: recommend reading product disclosure documents before deciding to invest. Everything

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Speaker 2: you're about to see and here is current at the

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Speaker 2: time of recording.

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Speaker 1: Well, thanks so much for joining us again, Peter, always

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Speaker 1: a pleasure, fantastic to be here in your space as well.

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Speaker 1: It's probably the coolest place that I've ever filmed a

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Speaker 1: podcast for, that's for sure. Firstly, though, it's the first

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Speaker 1: time we've spoken to you, that Sir Peter beank, So

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Speaker 1: how does that feel? And is it being the official

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Speaker 1: ceremony you had the sword on the shoulder?

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Speaker 3: Oh no, that that's to come very unusual old.

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Speaker 4: Yeah, I mean I'm just just a Southern board trying

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Speaker 4: to build some rockets.

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Speaker 1: So it's yeah, it's very cool and congratulations and it's

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Speaker 1: great to have someone in our entrepreneurial community, in particular

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Speaker 1: with the profile and just doing these podcasts as well.

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Speaker 1: Over the last couple days, I've been watching a bunch

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Speaker 1: and I see how many you've been doing with some

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Speaker 1: quite random people. Actually they're invest in the retail network.

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Speaker 1: Is that a real focus of yours or something that

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Speaker 1: you're really quite deliberate about.

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Speaker 4: Yeah, I mean, so we have a wide investor base

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Speaker 4: and we have a reasonable sized retail base as well.

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Speaker 4: So you know, we do a lot of views with

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Speaker 4: analysts and you know, your normal kind of Wall Street folks,

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Speaker 4: but no, I like, I think it's important, you know, to.

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Speaker 3: Talk to all investors.

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Speaker 1: Yeah, fantastic. So you've just had the biggest quarter in

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Speaker 1: company history, Q two twenty twenty four. Can you give

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Speaker 1: us a little bit of an outline of those earnings?

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Speaker 4: Yeah, so, I mean i'll convert it on the fly

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Speaker 4: to New Zealand dollars being a usentity, But so about

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Speaker 4: one hundred and seventy million New Zealand dollars quarter, which,

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Speaker 4: as you point out, it's our biggest quarter you know,

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Speaker 4: to date, and you know that that represents, you know,

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Speaker 4: on a year to date kind of basis of seventy

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Speaker 4: one percent year over year and increase in revenue, which

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Speaker 4: is which which we're very happy about, and you know,

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Speaker 4: in about a fifteen percent increased quarter on quarter, so

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Speaker 4: you know, really really good solid earnings and great to

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Speaker 4: you know, tack over one hundred million us D mark

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Speaker 4: per quarter.

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Speaker 1: Yeah, fantastic, some really big numbers there. What's driving that

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Speaker 1: year on your growth?

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Speaker 4: Primarily it's across all sectors, so it's not just you know,

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Speaker 4: launches standout or Space systems a standouts, it's everything.

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Speaker 3: Really.

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Speaker 4: You know, our backlog is also increased, and you know,

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Speaker 4: we're sitting at round about one point six billion mzd

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Speaker 4: in backlog and the majority of that backlog sits in

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Speaker 4: our Space System's division. But you know, both launch and

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Speaker 4: space Systems has just been growing really really strongly.

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Speaker 1: Great. And then the other one I noted was certainly

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Speaker 1: that gap between the revenue and the lost number are

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Speaker 1: starting to get much closer. And is that a focus

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Speaker 1: and what's the sort of plan introductory from there?

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Speaker 4: Yeah, so that'll move around because obviously we're investing a

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Speaker 4: tremendous amount of Neutron. I mean, new Neutron is our

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Speaker 4: large rocket and you know it is it's consuming, you know,

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Speaker 4: it is the big consumer of cash for the business.

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Speaker 4: Absent that, then you know, the business looks very profitable.

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Speaker 4: But you know, we're strategically investing in that for the future.

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Speaker 4: You know, what we're trying to build here is an

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Speaker 4: end to end space company. And what that really means

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Speaker 4: is like customers can come to us or governments can

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Speaker 4: come to us, and we just provide the entire solution.

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Speaker 1: Yeah. Nice, Well that sort of brings me nicely into

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Speaker 1: the question because the earnings report did focus a bit

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Speaker 1: on that and interesting how that looks like, particularly that

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Speaker 1: the data and services and stuff, and how a miniment

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Speaker 1: I suppose and that strategy is for Rockabed to be

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Speaker 1: moving into that.

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Speaker 4: Yeah, I think if you look at all of the

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Speaker 4: large space companies of the future, they're not going to

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Speaker 4: look like a launch company. They're not going to look

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Speaker 4: like a satellite company. They're going to look like an

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Speaker 4: infrastructure company. And you know, we're accelerating as fast as

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Speaker 4: we can to get to that point. And really the

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Speaker 4: last piece in that puzzle for us is Neutron having

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Speaker 4: you know, a multi ton capability to lift orbit is

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Speaker 4: really the only piece of the puzzle that's missing.

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Speaker 1: Yeah, nice and multi ton How many tons are we talking?

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Speaker 1: This can be a thirteen thirteen yeah.

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Speaker 4: Right, And it's always good to put that in context.

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Speaker 4: You know, Electron our current rocket lifvets three hundred and

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Speaker 4: twenty kgs, so you know, you're lifting thirteen thousand cage and.

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Speaker 1: I'm looking at those out behind us and they're still

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Speaker 1: very big.

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Speaker 3: You know, it's huge. Yeah, it's absolutely huge.

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Speaker 4: And in fact, you know, we just we're just announced

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Speaker 4: today and put out some details of our large automatic

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Speaker 4: five placement machine, which is a technical way of saying

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Speaker 4: like the world's biggest carbon composite three D printer, you know,

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Speaker 4: is massive machine, seventy five ton machine that makes the tanks.

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Speaker 1: Yeah, credible, And that's that you mentioned. Is the going

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Speaker 1: to be the competitor for the Falcon the SpaceX Yeah.

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Speaker 4: Yeah, yeah, So, I mean there is kind of unashamably

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Speaker 4: a kind of monopoly and medium launch right now, and

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Speaker 4: you know, our friends over at spaces have done very

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Speaker 4: well with the Falcon nine, but there does need to

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Speaker 4: be some balance restored in that market with a competitor.

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Speaker 3: So that's the intention with Neutron.

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Speaker 1: Yeah. Great, So I mean, where are we at with

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Speaker 1: Neutron then it was i think originally targeted for the

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Speaker 1: end of this year now into twenty twenty five, with

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Speaker 1: how's the progress going on there?

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Speaker 4: Yeah, So I mean we always kind of at any

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Speaker 4: launch date with it's a rocket program, and you know,

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Speaker 4: I think if you looked at some of the earnings

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Speaker 4: and you look at the development timelines of our vehicles,

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Speaker 4: crazy short compared to any other launch vehicle. I mean,

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Speaker 4: Electron was brought to market from announcement in like two

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Speaker 4: point eight years. Contrasts that with more traditional programs and

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Speaker 4: they're measured in eight to ten.

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Speaker 3: Years or more.

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Speaker 4: So you know, Neutron is on task to be delivered

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Speaker 4: in sort of four and a half years, which is

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Speaker 4: faster than anybody's ever delivered a medium launch viewvehicle. So

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Speaker 4: so yeah, the plans to try and get this to

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Speaker 4: the pad by Miller next year and get the first

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Speaker 4: run away. But you know, it is a rocket program,

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Speaker 4: and you know it is there's there's just a huge

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Speaker 4: amount of things that all have to come together.

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Speaker 1: Yeah, And just like on that coming back to that

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Speaker 1: competitors space, the sort of cost per kilo aiming for

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Speaker 1: still on track for that as well.

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Speaker 4: Yeah so, so cost pequilo is is a is a

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Speaker 4: lovely metric that everybody can understand, but it's absolutely useless

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Speaker 4: because nobody ever buys a rocket on a cost perkilo

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Speaker 4: basis by those electrons behind us. A customer will come

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Speaker 4: to us, and one customer might have a one hundred

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Speaker 4: kg payload, one customer might have a two hundred and

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Speaker 4: fifty kg payload.

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Speaker 3: The price is no different.

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Speaker 4: You buy the rocket at the fixed price of buying

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Speaker 4: the rocket. So a cost pekilo metric is a nice

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Speaker 4: metric that's easily can kind of consumable, but it's not

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Speaker 4: how rockets are sold. But nevertheless on a cost pekillo

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Speaker 4: gram basis, yes, of course it's it's competitive with with

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Speaker 4: the the other options out there.

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Speaker 1: Yeah. Great, So between now and Neutron, the electron remains

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Speaker 1: the main revenue stream for.

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Speaker 3: The launch it does.

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Speaker 4: Yeah so, space systems accounts for over two thirds of

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Speaker 4: the revenue for the company, but you know, for launch here,

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Speaker 4: electron remains.

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Speaker 1: Can you break down some of those other revenue streams

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Speaker 1: just quickly that two thirds?

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Speaker 4: Yeah, so, you know, we don't know typically break down

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Speaker 4: into into various categories. Of space systems, but you know

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Speaker 4: it's spread across our components businesses, so you know, we

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Speaker 4: sell a tremendous amount of components into other people's platforms.

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Speaker 4: In fact, last year, thirty eight percent of everything that

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Speaker 4: went to orbit had a Rocket Lab blogo on it globally,

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Speaker 4: so you.

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Speaker 3: Know, whether it's a reaction.

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Speaker 4: We're a solar panel, you know, we sell a lot

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Speaker 4: of those components in and then and then spacecraft as well,

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Speaker 4: so you know we have over forty five spacecraft and

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Speaker 4: backlog representing over seven hundred million US dollars of revenue

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Speaker 4: in the future. So so yeah, it's we cover a

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Speaker 4: wide spectrum of spacecraft.

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Speaker 1: Yeah, so you collect the majority of cash on there,

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Speaker 1: so ninety percent I think.

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Speaker 4: Before launch for yeah, so on the launch business model,

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Speaker 4: you know, everybody always focuses on how many launches did

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Speaker 4: you get off in the quarter, which is yeah, you know,

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Speaker 4: it's a good metric to track, but actually from a

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Speaker 4: cash collection standpoint.

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Speaker 3: It's totally irrelevant.

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Speaker 4: So you know, as you kind of point out, when

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Speaker 4: it comes to launch day, we have collected ninety percent

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Speaker 4: of all of the contract value. So you know, our

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Speaker 4: business model with Electron is our customers fly with us

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Speaker 4: because we can tailor the mission and we can tailor

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Speaker 4: the timelines. So it's not uncommon for a customer to

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Speaker 4: delay a launch because their spacecraft isn't ready or they

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Speaker 4: want to optimize their orbit or those kinds of things.

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Speaker 4: And of course that can play havoc with our quarters

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Speaker 4: because you know, it shifts a launch from one quarter

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Speaker 4: to the other. And I guess what we're trying to

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Speaker 4: try to explain to people there is that, well, don't

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Speaker 4: get too worried. It doesn't actually matter because we would

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Speaker 4: have probably elected up to ninety percent of the cash

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Speaker 4: collections against that contract. And the contracts never go away,

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Speaker 4: they just sort of move around in the quarters. And

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Speaker 4: that's actually a value proposition. That's why people come fly

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Speaker 4: with us. So one one side of the equation, you know,

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Speaker 4: we don't want to be penalized by the street for

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Speaker 4: moving a thing between quarters because that's actually their business model.

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Speaker 1: And I mean, what happens if the if something goes

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Speaker 1: wrong with the launch, if you already clicked the ninety

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Speaker 1: percent weeks.

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Speaker 4: Now, that is that is that is the way launch

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Speaker 4: contracts are written. So you know, once we intention intentionally

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Speaker 4: ignite the engines. That is one hundred percent of the

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Speaker 4: contract complete. Generally, occasionally there is there's some some kind

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Speaker 4: of extra extra things on the contract, but that's the

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Speaker 4: vast majority of all launch contracts on intentional ignition, all

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Speaker 4: the you are your service is complete.

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Speaker 1: I mentioned that I was chatting with you to my

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Speaker 1: overdriver yesterday when I say, driving to the airport, any

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Speaker 1: one of his question for you or through me, it

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Speaker 1: was how you insure rockets and which is sort of

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Speaker 1: quite relevant after that, and I said, I'm not sure

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Speaker 1: if that would be if if as many insurance companies

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Speaker 1: lighting up, but I said, I got the opportunity I'd

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Speaker 1: ask you.

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Speaker 4: So absolutely, there is no there's a whole there's a

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Speaker 4: whole insurance market. Yep, there's absolutely a whole insurance market.

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Speaker 4: And you know, customers ensure their spacecraft for the replacement

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Speaker 4: of their spacecraft, they can insure them for the replacement

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Speaker 4: of the spacecraft and another launch. They can even insure

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Speaker 4: them for those things. Plus if it does blow up

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Speaker 4: a loss in revenue in the future.

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Speaker 3: And there was a.

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Speaker 4: Quite a famous you know, insurance claim a few years

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Speaker 4: ago from I think it was like a UAE satellite

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Speaker 4: where it was lost in a launch failure, and they

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Speaker 4: made an insurance claim that actually for the future generation

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Speaker 4: of the revenue off that spacecraft, and it was the

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Speaker 4: largest insurance claim in the space industry's history. Insurance got

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Speaker 4: a lot more expensive after that one, But no, there's

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Speaker 4: a there's a vibrant insurance market for it.

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Speaker 1: I think if there's many other businesses where revenue is

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Speaker 1: you know, contract is delivered at ignite point, you know

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Speaker 1: that's that. I don't know, it's be quite unique, I think,

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Speaker 1: but it makes complete sense.

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Speaker 4: Well, I mean, this is this is the reality of

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Speaker 4: the businesses. It's is extraordinarily difficult, and you know that

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Speaker 4: that that.

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Speaker 3: Is It's just it's just the nature of the business.

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Speaker 1: Correct. Maybe just the overall'd be really interesting in your

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Speaker 1: view on the overall health of the space industry at

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Speaker 1: the moment. It's been a huge amount of check. We

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Speaker 1: were just talking about one before. After I've watched the

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Speaker 1: documentary World Wilde Space, which was fantastic Rock Lab. I thought, so,

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Speaker 1: what's your feeling of the space industry at the moment

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Speaker 1: and where it's heading.

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Speaker 4: So the space industry is generally relatively insulated from kind

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Speaker 4: of macroeconomic things in a general sense only because a

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Speaker 4: lot of the space programs or the space infrastructure programs

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Speaker 4: are measured in five or more years of you know,

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Speaker 4: of deployment. So if you're going to put a constellation

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Speaker 4: of Earth observation spacecraft on all, but it could be

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Speaker 4: something like a five to seven year timeline, so you

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Speaker 4: can have a whole economic cycle during that, and generally

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Speaker 4: these programs are funded for that duration, so in some respects,

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Speaker 4: on the large programs, they're relatively insulated from any kind

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Speaker 4: of major environmental or economic and things. And sometimes some

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Speaker 4: really perverse things happened. I think there was there was

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Speaker 4: a bit of a boom in the space industry during

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Speaker 4: some of the some of the other downturns, simply because

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Speaker 4: there's a whole lot of unemployed people at home watching

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Speaker 4: TV and they were all their TV was coming through satellites,

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Speaker 4: so they had to launch a whole lot more satellites

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Speaker 4: to you to actually suffice that demand. So sometimes there's

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Speaker 4: some perverse outcomes. But I would say that definitely though

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Speaker 4: from an entrepreneurial standpoint, the space industry was at its

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Speaker 4: frothiest in sort of twenty twenty twenty twenty one.

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Speaker 3: There was crazy world.

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Speaker 4: Probably, Yeah, much of the world like just crazy stuff

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Speaker 4: done and large amounts of capital put it work into

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Speaker 4: some pretty suspect business models, and you're seeing that kind

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Speaker 4: of thrash out now and you're seeing, you know, who

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Speaker 4: are the real people in this industry and who are

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Speaker 4: the less real people in this industry.

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Speaker 1: Perhaps a little bit of consolidation happening after that, but.

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Speaker 4: Well that consolidation creates opportunities too, because you know, for us,

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Speaker 4: we're able to pick up, you know, a competitor that

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Speaker 4: failed Virgin Orbit and we're able to pick up you know,

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Speaker 4: all of their assets for sixteen cents on the dollar,

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Speaker 4: which are now hard at work producing neutron engines.

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Speaker 1: Topical at the moment. But the Boeing situation that's happening

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Speaker 1: currently astronauts stuck on the International Space Station due to

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Speaker 1: some technical issues. So it's just worrying if you had

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Speaker 1: any thoughts or views on that happening or sorry on

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Speaker 1: what's happening with that.

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Speaker 4: Yeah, well I think it highlights the fact that it's

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Speaker 4: always good to have too, right, and you know, kind

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Speaker 4: of to our point with neutron as well, it's like

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Speaker 4: you can't have one dominant or just one x one

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Speaker 4: kind of primary access to space. You need multiple So

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Speaker 4: you know, the space industry is super hard. This is

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Speaker 4: not easy stuff. So you know, I think it really

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Speaker 4: speaks to the importance of having more than one supply.

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Speaker 1: You recently built two spacecraft heading to Mars, the Blue

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Speaker 1: and Gold. Is any more developments in that space.

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Speaker 4: Yeah, so they're actually shipping as we as we speak

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Speaker 4: to head to Cape Canaveral to be launched. So, you know,

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Speaker 4: super exciting mission. It's not very often you get to

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Speaker 4: work on a planetary mission, and you know, it's just

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Speaker 4: super cool for the team. And I would say the

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Speaker 4: unique thing about that though, is that typically if you

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Speaker 4: look at the logos that are orbiting Mars right now,

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Speaker 4: they're all the logos that you would expect from the

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Speaker 4: very large defense in space primes. When those two spacecraft

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Speaker 4: from rocket LABL arrive, twenty percent of everything orbiting Mars

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Speaker 4: will have a Rocket Lab logo on it. And so

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Speaker 4: that's cool in its own right. But the thing is

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Speaker 4: that generally those programs have a billion dollar price tag

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Speaker 4: attached to it, and you know a decade of time

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Speaker 4: attached to it. I mean, we built two spacecraft in

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Speaker 4: three and a half years for tens of millions of dollars.

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Speaker 4: So I mean that that, to me is a bigger

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Speaker 4: accomplishment than actually even going to Mars. And why that's

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Speaker 4: important is that that that is that is incredibly disruptive

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Speaker 4: to the space industry, incredibly disruptive to interplanetary science. But

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Speaker 4: I think people are looking at that and thinking, well,

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Speaker 4: you know, if you can go to Mars for some

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Speaker 4: tens of millions of dollars, then that totally changes the

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Speaker 4: paradigm of interplanetary research and interplanetary work.

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Speaker 1: How long is the journey there?

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Speaker 4: Yeah, it's a multi multi year mission, so you know,

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Speaker 4: the journey to get to Mars is quite long. I

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Speaker 4: mean there's a transit window to Mars that happens every

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Speaker 4: couple of years, so I know that that that the

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Speaker 4: ends and sort of the end of September or thereabouts,

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Speaker 4: and you know, and then then they spend in a

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Speaker 4: long time in a cruise state. The spacecraft themselves have

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Speaker 4: tremendous amount of propulsion on board. The mission is very

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Speaker 4: very difficult. It's not you know, we don't just put

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Speaker 4: the spacecraft to sleep for a couple of years and

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Speaker 4: arrive at Mars where there's active maneuvering all the way,

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Speaker 4: and then when they get there, we have to capture

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Speaker 4: Mars's gravitational field and go into orbit. And then once

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Speaker 4: we're in orbit, we have to do a whole bunch

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Speaker 4: of maneuvers for the science. So very difficult mission not

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Speaker 4: certainly no respects.

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Speaker 1: And that maneuvering is still largely human driven. It's sort

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Speaker 1: of not set beforehand.

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Speaker 4: With there's certainly nobody's on a joystick because there's like

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Speaker 4: a twenty minute delay, but there's all pre pre programmed.

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Speaker 1: Maneuvers and speaking into planetary a couple of years ago,

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Speaker 1: maybe I think it's first sort of mentioned the idea

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Speaker 1: of finding aliens in venus. What's any progress there or thoughts?

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Speaker 4: Yeah, yeah, so you know that is that is the

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Speaker 4: nights and a weekend's kind of you know, philanthropic project.

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Speaker 4: Nobody's paying for that, so you know, we just kind

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Speaker 4: of take orbits and put them together and do stuff

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Speaker 4: and nights and weekends.

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Speaker 3: So you know, the probe is coming on really well.

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Speaker 3: So the probe probe.

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Speaker 4: Manufacturing is almost complete, the instrument manufacturing is complete, and

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Speaker 4: you know we're just we're just waiting for the right

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Speaker 4: time to get that away. We're too busy with real

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Speaker 4: work right back.

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Speaker 1: Yeah, what a cool sideline project day Venus A bit

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Speaker 1: closer to home, there's been some speculation I've been read

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Speaker 1: about the Internet that SpaceX might end up with a

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Speaker 1: spot in Australia. I don't know how true that is,

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Speaker 1: but if that word happens, that impact rocket lappen anyway

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Speaker 1: or no.

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Speaker 4: I mean, they're going to need spots all around the

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Speaker 4: world because with the fully reusable orbital kind of concept

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Speaker 4: is you know you're in orbit and the Earth is

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Speaker 4: processing processing under underneath you.

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Speaker 3: So you can't just take off and.

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Speaker 4: Land back where you started because you know it's processed

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Speaker 4: and you're you're in a different spot now. So they're

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Speaker 4: going to have to land in different countries and then

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Speaker 4: you know, once you land.

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Speaker 3: In Australia, you have to then ship the vehicle back

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Speaker 3: to the United States and all the rest of it.

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Speaker 4: And I guess, you know, some of that is what

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Speaker 4: drove us when if you look at the architecture of Neutron,

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Speaker 4: there's there's kind of two schools here, right like fully

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Speaker 4: reusable or like largely reusable. If you look at a rocket,

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Speaker 4: the first stage represents seventy percent of all of the

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Speaker 4: cost of the rocket traditionally. Now if you can make

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Speaker 4: that seventy percent, eighty or ninety percent, then the kind

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Speaker 4: of expendable upper stage equation from a business standpoint makes

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Speaker 4: great sense, and that's.

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Speaker 3: What we've really focused on.

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Speaker 4: If you look at the upper stage of Neutron, you know,

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Speaker 4: it's a giant carbon composite tank, but it's just it's

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Speaker 4: wayfer thin. I mean that whole tank. It's five meters

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Speaker 4: in diame and a five meters tall weighs the same

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Speaker 4: as a Harley Davidson motorcycle. So if it doesn't weigh much,

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Speaker 4: you're not using much material, it doesn't cost much. So

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Speaker 4: if you look at the architecture of Neutron, it is

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Speaker 4: you know, it's it's a giantly outsized first stage for

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Speaker 4: a tiny little second stage.

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Speaker 3: But the first stage is the bit that we keep

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Speaker 3: back and we keep reusing again and again.

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Speaker 4: So the economics become a little bit blurry when you've

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Speaker 4: got to, you know, ship giant rockets all around the

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Speaker 4: world and all the rest of it, and you know,

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Speaker 4: who knows what they end up turning up actually being.

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Speaker 4: But you know, we are for sure certain in the

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Speaker 4: economics of the neutron approach.

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Speaker 1: Anyway, just going to move into the world Wild Space

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Speaker 1: movie that we touched on before. I'm not sure if

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Speaker 1: you're at the point of sick of hearing it at

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Speaker 1: year or not. But like I said, did I learned

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Speaker 1: a lot in it? I think, but Rocket Lab came

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Speaker 1: out really glowing, has to do and it I'm just

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Speaker 1: interested if there's any takeaways for you in that process

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Speaker 1: or anything that you learned in the film that came

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Speaker 1: out or was it sort of all just things that

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Speaker 1: you're in your on screen in the end.

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Speaker 4: But well, I mean, I look, I was a reluctant

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Speaker 4: participant so in that whole thing, and you know, compared

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Speaker 4: to the excess that that others gave the you know,

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Speaker 4: the documentary makers, you know, we we didn't. We didn't

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Speaker 4: provide as much access. It's you know, it's not it

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Speaker 4: wasn't wasn't as critical for us as perhaps others. But

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Speaker 4: I think what you see on the documentary is is

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Speaker 4: what it is. I mean, that's that's how we operate,

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Speaker 4: and you know, we we take what we.

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Speaker 3: Do very seriously.

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Speaker 4: And what I think it highlights is that you know,

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Speaker 4: in the space industry, there is there is a tremendous number.

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Speaker 3: Of folks trying to do great stuff.

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Speaker 4: And one the one great thing about the space industry

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Speaker 4: is you can have a very grand idea and you

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Speaker 4: can go and raise a lot of money less so now,

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Speaker 4: but you used to be able to go and raise

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Speaker 4: a lot of money against a grand idea, and you know,

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Speaker 4: that was a wonderful thing about the space industry. But

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Speaker 4: it's also kind of the downside of the space industry

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Speaker 4: because you know, if you're a good salesman, you've got

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Speaker 4: a way out idea, you can go and raise some

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Speaker 4: money and then you know, quickly literally set fire to

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Speaker 4: it all. And a lot of people in the space

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Speaker 4: industry have a cool idea and then try and build

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Speaker 4: a business around a cool idea. And that's just never

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Speaker 4: been our go I mean, we look for honest to god,

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Speaker 4: real holes in the market that we can plug then

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Speaker 4: and then build a product to meet those. And you know,

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Speaker 4: as we're talking before, like twenty twenty, twenty twenty one,

439
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Speaker 4: it was like peak frothiness within the industry and there

440
00:21:20,359 --> 00:21:24,520
Speaker 4: was just just cubic dollars got put at work and

441
00:21:25,080 --> 00:21:28,280
Speaker 4: kubic dollars got lost, and that's kind of part of

442
00:21:28,280 --> 00:21:31,000
Speaker 4: the challenge for us, is that a lot of investors

443
00:21:31,080 --> 00:21:33,159
Speaker 4: put a lot of money into the space industry and

444
00:21:33,320 --> 00:21:39,240
Speaker 4: it wasn't successful. And you know, we kind of Adam Spiced,

445
00:21:39,320 --> 00:21:41,400
Speaker 4: my CFO and I often joke together it's like we've

446
00:21:41,400 --> 00:21:44,000
Speaker 4: got the best house in a really bad neighborhood because

447
00:21:44,160 --> 00:21:47,000
Speaker 4: everybody burned their house down and there's dead cars on

448
00:21:47,040 --> 00:21:50,239
Speaker 4: the lawn. So but you know, these the markets are

449
00:21:50,280 --> 00:21:52,960
Speaker 4: very efficient and in time these things, these things.

450
00:21:52,800 --> 00:21:54,199
Speaker 3: Kind of correct.

451
00:21:53,960 --> 00:21:57,560
Speaker 4: But certainly the space industry is you know, in that

452
00:21:57,600 --> 00:21:59,959
Speaker 4: frosty period did a lot of capital.

453
00:22:01,920 --> 00:22:03,879
Speaker 1: I was thinking while you were talking there, because one

454
00:22:03,880 --> 00:22:06,760
Speaker 1: of the quotes I think you made in the early

455
00:22:06,800 --> 00:22:10,600
Speaker 1: on in that documentary was about you need to understand

456
00:22:10,640 --> 00:22:13,359
Speaker 1: what the business is behind it. It's not just building rockets,

457
00:22:13,359 --> 00:22:16,240
Speaker 1: it's people. And I'm wondering at what point in your

458
00:22:16,280 --> 00:22:18,480
Speaker 1: journey you started to really observe some of those business

459
00:22:18,480 --> 00:22:21,360
Speaker 1: opportunities and how you continue to evolve that thinking.

460
00:22:21,880 --> 00:22:24,679
Speaker 4: Yeah, well, look, we're hustlers, so we're always looking for,

461
00:22:24,840 --> 00:22:26,640
Speaker 4: you know, the next opportunity that we think we can

462
00:22:26,680 --> 00:22:27,960
Speaker 4: either disrupt or displace.

463
00:22:28,720 --> 00:22:29,320
Speaker 3: Or compete.

464
00:22:30,200 --> 00:22:33,360
Speaker 4: And you know, you've seen we're not a static company.

465
00:22:33,600 --> 00:22:36,240
Speaker 4: You know, we bought the Electron product to market and

466
00:22:36,320 --> 00:22:40,480
Speaker 4: it is the permanent leader in small launch. Electron alone

467
00:22:40,560 --> 00:22:43,639
Speaker 4: accounts for sixty four percent of all United States launch,

468
00:22:44,400 --> 00:22:47,280
Speaker 4: third most frequently launched rocket in the world now, So

469
00:22:47,720 --> 00:22:48,119
Speaker 4: so you.

470
00:22:48,119 --> 00:22:49,720
Speaker 3: Know, market opportunity plugged it.

471
00:22:51,000 --> 00:22:53,600
Speaker 4: Likewise with Space Systems, as we saw a real opportunity there,

472
00:22:54,160 --> 00:22:59,399
Speaker 4: you know, to you know, to scale and provide different alternatives,

473
00:23:00,160 --> 00:23:02,080
Speaker 4: and you know, we bought a whole bunch of businesses

474
00:23:02,080 --> 00:23:03,280
Speaker 4: and then we scale the heck.

475
00:23:03,160 --> 00:23:03,560
Speaker 3: Out of them.

476
00:23:03,800 --> 00:23:05,959
Speaker 4: And you know, as we talked about before, now we're

477
00:23:05,960 --> 00:23:08,200
Speaker 4: a big supply there. And then same with Neutron is

478
00:23:08,760 --> 00:23:13,240
Speaker 4: like there is a huge launch kind of demand that's

479
00:23:13,280 --> 00:23:17,480
Speaker 4: not being met by one provider. So and you even

480
00:23:17,560 --> 00:23:20,800
Speaker 4: you just can't have one provider. So we made the

481
00:23:20,800 --> 00:23:22,480
Speaker 4: big call and it was a big call to go

482
00:23:22,840 --> 00:23:25,280
Speaker 4: and invest in Neutron. But the one thing that I

483
00:23:25,280 --> 00:23:28,479
Speaker 4: would say is that you know, we're all kind of

484
00:23:28,760 --> 00:23:32,080
Speaker 4: engineers here, so we're all pretty conservative folks. So you

485
00:23:32,240 --> 00:23:34,399
Speaker 4: never see Rocket Lab kind of push all the chips

486
00:23:34,400 --> 00:23:37,320
Speaker 4: into the center of the table on one particular idea

487
00:23:37,400 --> 00:23:40,440
Speaker 4: or opportunity. We're always very methodical in the way that

488
00:23:40,840 --> 00:23:41,720
Speaker 4: we build the business.

489
00:23:42,080 --> 00:23:44,160
Speaker 1: At what point, like, you know, ten years a decade ago,

490
00:23:44,200 --> 00:23:46,520
Speaker 1: did you realize that did you realize then that it

491
00:23:46,560 --> 00:23:48,959
Speaker 1: would be the almost an infrastructure play that you were

492
00:23:48,960 --> 00:23:51,359
Speaker 1: building or the how's that evolved?

493
00:23:51,480 --> 00:23:51,680
Speaker 2: Yes?

494
00:23:51,880 --> 00:23:53,440
Speaker 3: Yeah, So we often asked this question.

495
00:23:53,480 --> 00:23:56,480
Speaker 4: It's like rocket Lab pivoted into building satellites as well

496
00:23:56,520 --> 00:23:58,920
Speaker 4: as rockets are like, no, we never pivoted. I mean

497
00:23:59,680 --> 00:24:03,320
Speaker 4: this second Neutron electrons sorry, rocket that we ever launched

498
00:24:03,760 --> 00:24:05,639
Speaker 4: on the kickstage, which is the top of the rocket

499
00:24:05,680 --> 00:24:09,080
Speaker 4: that goes into orbit, had recesses all round that keckstage

500
00:24:09,160 --> 00:24:11,480
Speaker 4: for solar panels to turn that into a satellite that

501
00:24:11,600 --> 00:24:14,520
Speaker 4: was on flight two. So but once again going back

502
00:24:14,520 --> 00:24:15,760
Speaker 4: to the point, I'm never going to push all the

503
00:24:15,840 --> 00:24:18,679
Speaker 4: chips into the center. We needed to establish Electron as

504
00:24:18,680 --> 00:24:21,120
Speaker 4: a market leader first, and I like to finish one

505
00:24:21,160 --> 00:24:24,240
Speaker 4: thing before I start the next. And you know, once

506
00:24:24,280 --> 00:24:26,800
Speaker 4: Electron was kind of dialed, and then then we announced

507
00:24:26,840 --> 00:24:29,359
Speaker 4: our space system's programmed and then started to grow that

508
00:24:29,440 --> 00:24:32,440
Speaker 4: and grow that, and then you know, when the right

509
00:24:32,480 --> 00:24:35,520
Speaker 4: time to bring Neutron into the mix, we did that

510
00:24:35,560 --> 00:24:38,320
Speaker 4: as well. So you know, once space system is established

511
00:24:38,320 --> 00:24:41,880
Speaker 4: and everything, we bring neutron into them.

512
00:24:42,560 --> 00:24:46,439
Speaker 1: That's such a familiar entrepreneurial sort of tail all that

513
00:24:46,440 --> 00:24:50,560
Speaker 1: stuff that the entrepreneurial drug where that comes in because

514
00:24:51,800 --> 00:24:53,400
Speaker 1: we've got a case that cheesy at the moments, well,

515
00:24:53,520 --> 00:24:54,680
Speaker 1: we're sort of doing a lot more in the B

516
00:24:54,760 --> 00:24:56,919
Speaker 1: to B space and quite weird to set our sharehold.

517
00:24:56,920 --> 00:24:58,399
Speaker 1: I mean, one of the common questions are you pivoting

518
00:24:58,400 --> 00:25:01,000
Speaker 1: into businesses more? It's like, no, if you rewind seven

519
00:25:01,080 --> 00:25:03,399
Speaker 1: years ago to where one of our first pitch decks

520
00:25:03,440 --> 00:25:06,679
Speaker 1: this this was yah, Yeah, that's right. That wasn't That

521
00:25:06,760 --> 00:25:08,680
Speaker 1: was a bit that wasn't captured in the story, you know, But.

522
00:25:09,000 --> 00:25:12,240
Speaker 4: And you find that that, you know, all companies have

523
00:25:12,240 --> 00:25:15,280
Speaker 4: a larger vision and and you just have to keep

524
00:25:15,320 --> 00:25:17,600
Speaker 4: working towards that vision. And sometimes you know the direction

525
00:25:17,720 --> 00:25:20,679
Speaker 4: changes a bit or how you get there, but but

526
00:25:20,840 --> 00:25:24,200
Speaker 4: you know, there is there is always a grander, grander goal.

527
00:25:24,320 --> 00:25:28,440
Speaker 1: Yeah. One of the other things that the documentary showcased

528
00:25:28,640 --> 00:25:33,159
Speaker 1: was the pressure around that launch. And I think you

529
00:25:33,160 --> 00:25:35,119
Speaker 1: said it was your least favorite time of it. But

530
00:25:35,119 --> 00:25:37,400
Speaker 1: I was wondering if if there's any particularly enjoyable ones

531
00:25:37,400 --> 00:25:39,560
Speaker 1: that you have reflected on or particularly challenging ones.

532
00:25:40,520 --> 00:25:40,720
Speaker 2: Yeah.

533
00:25:40,760 --> 00:25:43,080
Speaker 4: I mean for me personally, one of the one of

534
00:25:43,080 --> 00:25:45,680
Speaker 4: the most satisfying ones was you know, a first flight

535
00:25:45,760 --> 00:25:50,840
Speaker 4: for for NASA, because when I before I started rocket Lab,

536
00:25:50,840 --> 00:25:53,320
Speaker 4: you know, my plan at school was was always to

537
00:25:53,320 --> 00:25:56,240
Speaker 4: go and work Vanasa. That was the goal, right, And

538
00:25:56,800 --> 00:25:59,240
Speaker 4: I quickly found out that you know, a foreign national

539
00:25:59,280 --> 00:26:01,879
Speaker 4: with no Universe degree is very challenging to go and

540
00:26:01,920 --> 00:26:07,080
Speaker 4: work for FANASA. So not not you know, not to

541
00:26:07,119 --> 00:26:09,400
Speaker 4: be not to be outdone with that is the easiest

542
00:26:09,440 --> 00:26:12,320
Speaker 4: solution was just to go and start rocket Lab and

543
00:26:12,480 --> 00:26:16,720
Speaker 4: you know, launching, I think it's like four launching. You know,

544
00:26:17,480 --> 00:26:20,680
Speaker 4: it's dedicated group of payloads. Fanasa just felt you.

545
00:26:20,600 --> 00:26:22,400
Speaker 3: Know, full circle. Of course, in Heed at the moment,

546
00:26:22,760 --> 00:26:23,920
Speaker 3: you're never think any of this.

547
00:26:23,960 --> 00:26:26,480
Speaker 4: But it's often that, you know, the drive home after

548
00:26:26,520 --> 00:26:29,280
Speaker 4: a successful launcher go huh that actually happened and that

549
00:26:29,359 --> 00:26:30,400
Speaker 4: was that was super cool.

550
00:26:30,720 --> 00:26:34,560
Speaker 1: Yeah. Yeah, that's one of the things I have to ask.

551
00:26:34,640 --> 00:26:38,119
Speaker 1: But how relevant is the countdown these days? It seems

552
00:26:38,119 --> 00:26:40,679
Speaker 1: like it's been in movies forever, it's still happening in

553
00:26:40,720 --> 00:26:42,199
Speaker 1: all of them. But it just seems to me that

554
00:26:42,240 --> 00:26:44,560
Speaker 1: surely there's a computer bitter place, but not for the

555
00:26:44,720 --> 00:26:46,000
Speaker 1: overall drama of it, but.

556
00:26:46,000 --> 00:26:49,120
Speaker 4: Well so, so you know, the computer actually takes control

557
00:26:49,440 --> 00:26:52,080
Speaker 4: of not only the launch vehicle but also the launch

558
00:26:52,119 --> 00:26:54,480
Speaker 4: site and all the infrastructure at t minus ten minutes.

559
00:26:54,840 --> 00:26:57,200
Speaker 4: So when we enter auto sequence, that's when we hand

560
00:26:57,240 --> 00:26:58,919
Speaker 4: over control to the rocketing.

561
00:26:59,240 --> 00:27:01,280
Speaker 3: You know, the rocket is also controlling the.

562
00:27:01,200 --> 00:27:03,720
Speaker 4: Ground systems and it's and it's just you know, we

563
00:27:03,760 --> 00:27:07,879
Speaker 4: can interrupt that auto sequence, but from that point onwards

564
00:27:07,920 --> 00:27:10,800
Speaker 4: until the spacecraft is deployed, it's all on the rocket.

565
00:27:12,160 --> 00:27:15,320
Speaker 4: But the countdown is you know, it's it's kind of

566
00:27:15,320 --> 00:27:17,760
Speaker 4: important because you want to know when stuff is supposed

567
00:27:17,800 --> 00:27:20,440
Speaker 4: to happen, and you know that it's going to have

568
00:27:20,480 --> 00:27:22,040
Speaker 4: would be pretty weird to just sort of sit there

569
00:27:22,080 --> 00:27:23,560
Speaker 4: and just watch a rocket launch.

570
00:27:23,400 --> 00:27:29,560
Speaker 1: Without I absolutely love watching that. It's just yeah, just

571
00:27:29,600 --> 00:27:32,159
Speaker 1: watching that thing, just that the stress in those moments

572
00:27:32,160 --> 00:27:34,640
Speaker 1: as you're about to ignite something that could literally blow up.

573
00:27:34,720 --> 00:27:37,760
Speaker 3: But well, it's it's it's the bizarrest thing to say.

574
00:27:38,040 --> 00:27:40,480
Speaker 4: But for the first few launches, I was doing the

575
00:27:40,560 --> 00:27:44,159
Speaker 4: team count rights, doing the final countdown, and there's so

576
00:27:44,280 --> 00:27:47,680
Speaker 4: much going on and you're concentrating so much that it's

577
00:27:47,720 --> 00:27:49,480
Speaker 4: actually really hard to count.

578
00:27:49,200 --> 00:27:50,000
Speaker 3: Backwards, right.

579
00:27:50,440 --> 00:27:52,320
Speaker 4: You wouldn't you wouldn't think it, right, But you're sitting

580
00:27:52,320 --> 00:27:54,680
Speaker 4: there and you have to actually go in your head, well,

581
00:27:54,760 --> 00:27:56,320
Speaker 4: jeap like seven is before.

582
00:27:56,119 --> 00:27:56,439
Speaker 1: Eight, and.

583
00:27:58,000 --> 00:27:59,840
Speaker 4: There's just so much going on that you think there

584
00:27:59,880 --> 00:28:02,800
Speaker 4: were be a super easy task, but actually it's more difficult.

585
00:28:02,400 --> 00:28:02,840
Speaker 3: Than you think.

586
00:28:05,000 --> 00:28:08,119
Speaker 1: You mentioned that, you know, you didn't have the degree,

587
00:28:08,119 --> 00:28:11,520
Speaker 1: and what's of stuff? What's the plausibility of someone being

588
00:28:11,560 --> 00:28:13,760
Speaker 1: able to work at rocket Lab, for example, without having

589
00:28:13,760 --> 00:28:15,200
Speaker 1: that degree and getting a job here now.

590
00:28:15,880 --> 00:28:20,919
Speaker 4: I mean, you know, look, you get a CV and

591
00:28:20,960 --> 00:28:23,600
Speaker 4: they all look the same, and I don't know who's

592
00:28:23,640 --> 00:28:26,680
Speaker 4: telling you know, which careers advisor university telling people to

593
00:28:26,680 --> 00:28:29,040
Speaker 4: write cvs, but they're all the same, and it's impossible

594
00:28:29,040 --> 00:28:32,359
Speaker 4: to distinguish, you know, the kind of Rocket Lab person

595
00:28:32,359 --> 00:28:34,840
Speaker 4: that we like. So the first question we ask is, okay,

596
00:28:34,840 --> 00:28:36,800
Speaker 4: this is great, put it to one side. Tell me

597
00:28:36,840 --> 00:28:38,920
Speaker 4: what you actually do in your own spare time, Tell

598
00:28:38,920 --> 00:28:41,880
Speaker 4: me what you built. And those are the people that

599
00:28:42,240 --> 00:28:44,760
Speaker 4: we actually want. The people that do well here are

600
00:28:44,760 --> 00:28:48,040
Speaker 4: people who are like in an engineering sense, are born engineers.

601
00:28:48,480 --> 00:28:50,480
Speaker 4: So they'll go to university and they'll do an engineering

602
00:28:50,480 --> 00:28:53,320
Speaker 4: degree or not. But then after that they'll go home

603
00:28:53,360 --> 00:28:54,920
Speaker 4: and they'll be working on their car, or they'll be

604
00:28:54,960 --> 00:28:57,520
Speaker 4: building a quad copter, or they'll be there'll be you know,

605
00:28:57,560 --> 00:29:02,040
Speaker 4: the whole life revolves around engineering, and those are the

606
00:29:02,040 --> 00:29:03,720
Speaker 4: people that you really really want.

607
00:29:05,920 --> 00:29:08,240
Speaker 1: I remember maybe it was an earlier podcast we talked

608
00:29:08,240 --> 00:29:11,000
Speaker 1: about you mentioned that you would never go into space yourself.

609
00:29:11,040 --> 00:29:13,480
Speaker 1: You don't see that as a thing, but I have

610
00:29:13,640 --> 00:29:16,120
Speaker 1: noticed on another YouTube thing or something else watching where

611
00:29:16,120 --> 00:29:20,120
Speaker 1: you did used to ride your early rockets. Is that

612
00:29:20,240 --> 00:29:22,160
Speaker 1: just is it the space factor or is it like

613
00:29:22,280 --> 00:29:24,400
Speaker 1: or is you just your risk appetite changed in general.

614
00:29:25,000 --> 00:29:27,080
Speaker 3: No, I've got a fairly healthy risk appetite.

615
00:29:28,720 --> 00:29:31,560
Speaker 4: No, It's just one of those things that the more

616
00:29:31,600 --> 00:29:35,120
Speaker 4: you know about something, the more you know, the more

617
00:29:35,160 --> 00:29:37,760
Speaker 4: you realize you don't know. And also, you know, look,

618
00:29:37,800 --> 00:29:40,160
Speaker 4: I have I have all of the all of the

619
00:29:40,240 --> 00:29:43,800
Speaker 4: engineering insight, but in that sense, none of the courage

620
00:29:43,840 --> 00:29:46,400
Speaker 4: to climb on board a rocket because I understand all

621
00:29:46,400 --> 00:29:48,480
Speaker 4: of the things that have to go right too well.

622
00:29:49,120 --> 00:29:52,760
Speaker 4: And I have tremendous admiration for an astronaut because a

623
00:29:52,760 --> 00:29:54,920
Speaker 4: lot of those guys are engineers as well, and they

624
00:29:54,920 --> 00:29:57,120
Speaker 4: have a full understanding as well, And I think it

625
00:29:57,160 --> 00:29:59,320
Speaker 4: just takes a special kind of person to do that.

626
00:30:00,000 --> 00:30:04,680
Speaker 4: And you know, I think I think i'm maybe if

627
00:30:04,880 --> 00:30:08,120
Speaker 4: if I'm kind of old and and you know, all

628
00:30:08,160 --> 00:30:09,800
Speaker 4: your kids are grown up and all those kinds of

629
00:30:09,840 --> 00:30:12,920
Speaker 4: but if you've actually got responsibilities to to to people

630
00:30:13,000 --> 00:30:15,920
Speaker 4: and to other things, I think it's it's a pretty

631
00:30:15,920 --> 00:30:18,440
Speaker 4: tough thing to do to take that level of risk.

632
00:30:18,560 --> 00:30:20,680
Speaker 1: Yeah, you mentioned the healthy ep type for risk, right,

633
00:30:20,840 --> 00:30:21,920
Speaker 1: Where where is that line?

634
00:30:22,000 --> 00:30:22,120
Speaker 2: Then?

635
00:30:22,200 --> 00:30:23,640
Speaker 1: What is what are the things that you like doing that?

636
00:30:24,240 --> 00:30:24,440
Speaker 3: Yeah?

637
00:30:24,440 --> 00:30:29,040
Speaker 4: So I think I think I'm paid to take relatively

638
00:30:29,120 --> 00:30:31,920
Speaker 4: large amount of risk and then mitigrate, mitigate it to

639
00:30:32,440 --> 00:30:35,160
Speaker 4: an extreme level such that it doesn't occur. That's that's

640
00:30:35,240 --> 00:30:36,840
Speaker 4: that is basically the definition.

641
00:30:36,480 --> 00:30:37,280
Speaker 3: Of a rocket CEO.

642
00:30:38,280 --> 00:30:41,400
Speaker 4: So you know, heavy to heavy to take take risk.

643
00:30:41,480 --> 00:30:43,920
Speaker 4: But but you can't take risk unless you fully understand

644
00:30:44,120 --> 00:30:46,920
Speaker 4: you all the consequences and how you mitigate them. So

645
00:30:48,240 --> 00:30:50,640
Speaker 4: I think there's a big difference between perceived risk and

646
00:30:50,840 --> 00:30:51,480
Speaker 4: actual risk.

647
00:30:53,520 --> 00:30:54,600
Speaker 3: You brought up the rocket.

648
00:30:54,360 --> 00:30:58,680
Speaker 4: Bike, right, So if someone standing on the outside putting

649
00:30:58,680 --> 00:31:00,760
Speaker 4: a leg either side of a rocket bike probably looks

650
00:31:01,000 --> 00:31:04,280
Speaker 4: very very risky, but the actual risk of that is

651
00:31:04,320 --> 00:31:08,560
Speaker 4: you know, the particular engine on that was was incredibly robust.

652
00:31:08,600 --> 00:31:11,960
Speaker 4: The chances of that thing, you know, detonating almost zero,

653
00:31:12,760 --> 00:31:14,560
Speaker 4: and you know, the stability of the vehicle was really

654
00:31:14,560 --> 00:31:16,239
Speaker 4: really solid, and I had heaps of safety gear on

655
00:31:16,680 --> 00:31:18,760
Speaker 4: and all the rest of it. So worst case scenario

656
00:31:18,840 --> 00:31:22,960
Speaker 4: probably skid along the ground, No big deal. So the difference,

657
00:31:23,040 --> 00:31:25,280
Speaker 4: the difference there is like, yes, there is there is.

658
00:31:25,480 --> 00:31:27,680
Speaker 4: There is actual risk if you didn't mitigate it through

659
00:31:27,840 --> 00:31:30,440
Speaker 4: through kind of making things safe. And there's a lot

660
00:31:30,440 --> 00:31:34,120
Speaker 4: of perceived risk that that isn't actually even there.

661
00:31:33,480 --> 00:31:35,440
Speaker 1: Just maybe outside of rocket layer. I know, you do,

662
00:31:35,560 --> 00:31:37,480
Speaker 1: you do invest in a few companies. What are the

663
00:31:37,560 --> 00:31:41,000
Speaker 1: things that you're normally looking for when you're selecting companies.

664
00:31:41,920 --> 00:31:45,320
Speaker 4: Yeah, so it's kind of like, you know, as being

665
00:31:45,400 --> 00:31:48,120
Speaker 4: CEO of a publicly traded company, there's you know, you

666
00:31:48,200 --> 00:31:51,240
Speaker 4: lose some of that kind of entrepreneurial kind of you

667
00:31:51,280 --> 00:31:54,200
Speaker 4: know abilities. So I need to get my hit and

668
00:31:54,240 --> 00:31:57,080
Speaker 4: I get my hat through you know, supporting other early

669
00:31:57,080 --> 00:31:59,960
Speaker 4: stage companies. And you know, I sit on an investment

670
00:32:00,000 --> 00:32:03,440
Speaker 4: committee for outseet and invest in companies as you point out,

671
00:32:03,520 --> 00:32:07,600
Speaker 4: and I guess the things that I'm invested in all

672
00:32:07,680 --> 00:32:11,560
Speaker 4: things that I think could be billion dollar entities in

673
00:32:11,600 --> 00:32:14,360
Speaker 4: New Zealand. Those are the things that I get really

674
00:32:14,400 --> 00:32:17,960
Speaker 4: excited about. I've always viewed that it's the same amount

675
00:32:18,000 --> 00:32:20,880
Speaker 4: of work to build a ten million dollar company as

676
00:32:20,920 --> 00:32:23,320
Speaker 4: a ten billion dollar company, So why would you bother

677
00:32:23,360 --> 00:32:26,040
Speaker 4: building a ten million dollar company. I mean, there's nothing

678
00:32:26,080 --> 00:32:27,560
Speaker 4: the matter with a ten million dollar Then it's great.

679
00:32:27,560 --> 00:32:30,760
Speaker 4: There's lots of those, and it's super important. But for me,

680
00:32:31,040 --> 00:32:34,120
Speaker 4: if I'm going to use my time on this planet,

681
00:32:34,160 --> 00:32:37,480
Speaker 4: I want to have the maximum impact possible. So those

682
00:32:37,520 --> 00:32:39,360
Speaker 4: are the companies that I look to, you know, to

683
00:32:39,680 --> 00:32:43,080
Speaker 4: kind of support and help in New Zealand. And you

684
00:32:43,080 --> 00:32:45,520
Speaker 4: know there's a bunch of those, which is super exciting.

685
00:32:45,960 --> 00:32:48,400
Speaker 1: Well, that's great note to finish on. Thanks so much

686
00:32:48,480 --> 00:32:52,040
Speaker 1: for again giving your time to our shareholders and chess

687
00:32:52,080 --> 00:32:54,720
Speaker 1: so and you know, look forward to see what happens

688
00:32:54,760 --> 00:32:57,280
Speaker 1: over the next year and hopefully checking again soon. And yeah,

689
00:32:57,440 --> 00:33:00,400
Speaker 1: this is a very cool new aspirations for cheesies off us.

690
00:33:01,800 --> 00:33:03,520
Speaker 1: Thanks for joining us today. Everyone. If you want to

691
00:33:03,520 --> 00:33:05,240
Speaker 1: see more of us on Shared Lunch, then check us

692
00:33:05,280 --> 00:33:08,320
Speaker 1: out on YouTube or wherever you get your podcasts. And

693
00:33:08,360 --> 00:33:10,800
Speaker 1: today we've got a special giveaway. Rocket Lamb were giving

694
00:33:10,880 --> 00:33:12,480
Speaker 1: us some bottles and if you want to enter the

695
00:33:12,560 --> 00:33:14,960
Speaker 1: drawer then check it out and the link below with

696
00:33:15,000 --> 00:33:18,040
Speaker 1: some instructions. Otherwise, have a fantastic.

697
00:33:17,640 --> 00:33:30,400
Speaker 4: Day, Italian summer, buying a house, new granny flat, whatever

698
00:33:30,480 --> 00:33:33,840
Speaker 4: your aspirations, we can help you get there, not just

699
00:33:33,880 --> 00:33:37,479
Speaker 4: with investing, but now with a high interest, flexible savings

700
00:33:37,520 --> 00:33:41,000
Speaker 4: account and a key we save a scheme too, SHARE's

701
00:33:41,000 --> 00:33:43,520
Speaker 4: ease for the money you've got big plans for