Being the Chief Executive Officer of a listed company is much like the demands upon a military leader, or to an extreme like those upon Winston Churchill during the war. Atop an organisation, or country, formed of a kaleidoscope of materiel and people, each with their own ideals, desires, fears and needs.
A leader who needs to paint a picture of what needs to be done and why, as well as inspire people to often go beyond the call of duty as the saying goes, including ‘we shall fight on the beaches’. Yet, as any great leader will know, their task is to not only lead the direction of their organisation, or country, but to win both hearts and minds of those within, and often more importantly those without.
Britain could not have prevailed in the war without the help of many others. Those without, in the sense of outsiders, such as its allies including the Americans who needed to be encouraged, beyond their leaders’ minds’ interest in financial gains with lend-lease, to assist with their hearts militarily and sadly with the lives of our dear American cousins.
In the case of EnSilica, winning hearts and minds of not only staff, customers and potential customers, but also that of professional advisors and investors alike. Particularly investors in America with their deep and vast capital reserves that can help propel a promising company to greatness unlike any other nation in my opinion.
It seems to me that Ian is winning some minds (mine clearly!) but not enough minds, and far from enough hearts. Particularly so in the diverse investor community in my opinion, with the company’s value and share price below that which it was when the company listed on London’s junior market on 24th May 2022. As a side thought, my mind questions whether the ‘junior market’ is really the best place for such a promising firm now it is making more meaningful progress.
In fact Ian may be holding people close to him that have not done him any recent favours in my opinion, such their new joint broker Panmure Liberum with a 55p price target. A price target only 39% higher than today’s share price and a touch higher than where it was only weeks ago before the necessary trading update (due to factors outside of their control in my opinion) took the wind out of the sails of the share price.
Some clearly like to write conservatively, as you don’t get sacked for buying IBM as they say (or giving middle of the road price targets in this case), but those people often do not create great companies, or inspire people like a great leader. Perhaps for reasons such as this, the share price and company value has not achieved so far what I believe it should have and could one day be in the years ahead.
Ian Lankshear is listening to various professional advisors, including good ones such as Mutt Butlin of Allenby Capital from my brief discussions with him, but Ian is also listening to too many conventional thinkers I suspect, perhaps he is such himself (but I doubt that), or those with vested interests in simply making whatever money they can from his endeavours while he and his colleagues grow a very promising business. Solely listening to conventional thinkers is not the way to win both hearts and minds though, nor to create a world leading business.
It is heartening to think that while not meaningfully engaged with me, I may be having some positive influence upon him with my unconventional thinking and activities. For example in their latest annual report he takes a very different tone from the year before, with a seemingly new found ambition to make EnSilica Europe’s premier ASIC device company (à la the European equivalent of Qualcomm as I have been saying). Yes, that goal is some way into the future, but you need such a goal if you are ever going to achieve it in my opinion.
The path being taken currently is arguably a journeyman like approach… one that will hopefully see the company succeed in time, but possibly not realise the vast potential that could be. Potential realised in other businesses over decades thanks to the now household names of British entrepreneurialism, such as Sir Christopher Gent (who built Vodafone into a global telecom’s leader), Sir Richard Branson (need I say more!) or Sir James Dyson (the inventor who persevered through decades to go onto worldwide success).
Anyway, if you are reading Ian, please don’t take what I am saying for granted, listen to John Mullins (Associate Professor of Management Practice at the London Business School) and his enlightening (for conventional thinkers) TEDx speech linked below. And ask yourself afterwards… are you listening to enough counter-conventional thinkers?
If not then perhaps you need to find someone who can fulfil that role for you while you focus on your strengths within EnSilica. Please take fifteen minutes to listen to John Mullin’s wise words…
Are you going to change the world Ian? I think you can and want to help you change your company and the world for the better.
As I have said before, I have ideas that I think can help your business grow to become what you and I both want for it. I am happy to freely share those ideas with you, in fact I am happy to participate in some of those ideas. In time I hope my ideas and efforts will be richly rewarded thanks to holding shares in your company.
Alternatively you can watch what I now do for Vertical Aerospace, a company founded by, financed by, and led by counter-conventional thinkers and entrepreneurs, who are clearly aiming to make their business the European and perhaps world leader in vertical take-off and landing aircraft. A multibillion dollar business in the making I suspect. They are hopefully going to do this by winning hearts and minds. They have already won mine.
My door is open Ian. I am willing to fight them on the beaches with you!
Mark aka Double Bubbler
EnSilica: CEO Ian Lankshear’s battle for hearts and minds!
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