However, mechanical problems would lead Thompson to abandon Miss Supertest I and set his sights on designing and building a new boat.
Miss Supertest III, which also featured a 2,000 horsepower (1,500 kW) Rolls-Royce Griffon engine, was designed specifically to compete for the Harmsworth Cup.
Miss Supertest III was christened in 1959 and went on to win the 1959 Detroit Memorial Regatta and the Harmsworth Cup in 1959, 1960 and 1961.
When Miss Supertest III won the 1959 Harmsworth Trophy for Canada it ended 39 years of American domination.
He said: "With the untimely death of Bob Hayward, the members of our racing team would derive little satisfaction from further success.
Thompson was also involved in the operations of the golf course that his father co-founded in London, Ontario, during the Great Depression.
[2] Canada Post issued a commemorative stamp in August 2011 honouring the hydroplane Miss Supertest III, her driver Bob Hayward and businessman Jim Thompson, who designed and built her.