I think that given the state of movement, its early pickup could justify the long cd. Throw in some additional stats or even make it a Weapon item, and I think the cooldown could be more justified.
Boost into the air a short distance. Does not count towards double jump or stamina usage.
Goes directly vertical if on the ground, and directionally controlled when airborne.
Cannot be used for dash-jumps.
I think this would be a great pickup against heroes like Dynamo and Lash (more vertical...