I'm sure a commercial company can build a rocket within in 10 years. The problem, I see, is the lack of a market for such a thing.
I do think that NASA should do whatever possible to help develop the commercial space industry, sadly though there is not real clear plan or direction NASA has been given to do so.
Back before there was NASA, there was NACA (National Advisory Committee for Aeronautics) they would publish research papers, build test facilities, collect and distribute information about advancements in aeronautics. I think it really helped spurn a lot of innovation and aeronautical development in the early days of aviation. NACA eventually turned in to NASA in 1958 and became the sole source of civil space development. I can see now, with the new direction, NASA takes on more of a role like its predecessor NACA as the direction is given correctly.
Part of the difficulty NASA faces in a lot of things is existing legislation on the types of activities NASA can engage in, as well as legislation such as ITAR which greatly restricts distributing materials and information dealing with the creation of missiles and rockets.
I hope the commercial sector succeeds. I think in order for them to do so, NASA will have to invest heavily into helping them otherwise they may all bankrupt themselves trying.
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