Guernsey resident Nick Magliocchetti, who was guest speaker at the IoD Jersey lunch, says that having secured initial funding for the project mainly from Channel Islands residents, he has now launched a second round of funding targeting individuals and family offices in the UK and Europe.
‘The fundamental behind this is the technology,’ he said. ‘Waves is an on-demand air taxi service, not an airline. We want to make aviation more efficient, to build the product here, test-bed the business in the Channel Islands and then licence that abroad.’
Mr Magliocchetti announced earlier this week that Waves had been granted an Air Operators’ Certificate by Guernsey’s air registry, 2-Reg. The service will start with its freight operation and ‘soft launch’ the passenger service.
He told IoD members that Waves would be offering services not only inter-island, but also to the south of France and Switzerland.
Explaining the booking process, he said: ‘A typical user goes online to book the destination and the day of travel. They choose the time they want to go. An aircraft will then be created for them and Waves will have the right to sell the excess seats.’
Most people who were travelling inter-island would want to travel at similar times, he said, after the school run but getting home before 6 pm.
He also claimed that other firms were not using suitable aircraft, whereas Waves would have access to Beechcraft and Cessna planes appropriate for the journey required.
Asked about the efficiency of the business model, Mr Magliocchetti said that it would ‘morph’ over time. He said he expected to have two or three permanent aircraft by the new year as well as more pilots.
Earlier, describing his business background, he told the lunchtime audience that he had started his first business at 16 and specialised in companies that were not performing. ‘I was the guy who came in to help. I have a lot of fond memories of companies that have been turned around.’
Initially, having moved to Guernsey a year ago with the help of the States’ Locate Guernsey initiative, he had intended to set up a small cap tech fund. ‘I just started talking to people about the challenges – 99% were about transport links, so what I was going to do was decided for me.
‘I see Jersey, Guernsey and Alderney as a test bed where you can get feedback very quickly,’ he said.
