This story is part of CNBC Make It’s The Moment series, where highly successful people reveal the critical moment that changed the trajectory of their lives and careers, discussing what drove them to make the leap into the unknown.
In early 2006, Peter Beck took a “rocket pilgrimage” to the U.S.
The native New Zealander always dreamed of sending a rocket into space. He even skipped college because of it, taking an apprenticeship at a tools manufacturer so he could learn to work with his hands, tinkering with model rockets and propellants in his free time.
By the time of his pilgrimage, he’d built a steam-powered rocket bicycle that traveled nearly 90 mph. He hoped his experiments were enough to convince NASA or companies like Boeing to hire him as an intern. Instead, he was escorted off the premises of multiple rocket labs.
“On the face of it, here’s a foreign national turning up to an Air Force base asking a whole bunch of questions about rockets — that doesn’t look good,” Beck, now 45, tells CNBC Make It.
Still, he learned that few companies were actually building what he wanted to build: lightweight, suborbital rockets to transport small satellites. On the flight back to New Zealand, he plotted his future startup, even drawing a logo on a napkin.
Convincing investors to back someone without a college degree in an industry where he couldn’t even land an internship wouldn’t be easy. Failure would push him even further away from his lifelong dream.
Beck launched the company, Rocket Lab, later that same year. In 2009, it became the Southern Hemisphere’s first private company to reach space. Today, it’s a Long Beach, California-based public company with a market cap of $1.8 billion. It has completed more than 35 space launches, including a moon-bound NASA satellite last year.
Here, Beck discusses how he turned his disappointment into opportunity, the biggest challenges he faced, and whether he ever regrets his decision to create Rocket Lab.
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