Re: Omnibus incentive equity plan
posted on
Jun 23, 2023 10:28PM
Dave, I don’t disagree with anything you’ve said. In fact, in one of my previous posts i explained in detail why I believe we are in this current situation. Many very genius start-ups are lead by a technical team with an understanding of technology gaps and an ability to meet technical requirements to fill those gaps. And then they do this, they are hero's. These leaders focus on technological advances and pertinent technology partnerships. They are very good at this, and from what I have seen, Suresh and Vivek and team have executed very well in this function.
Typically, when an emerging company is successful, the Board will need to review the skills of leadership and determine if the execs in place have the appropriate experience to take the company to the next level. I've seen this often. The Board, at some point, makes a difficult decision to bring in a seasoned business exec who understands how to "represent" the company in a compelling way. They hire subject matter experts in Marketing, Sales, Bus Dev., and Product Managemente, and they ensure the expertise in Engineering is leveraged appropriately by Product Management who serve as a critical liaison between engineering and Sales/Bus Dev. The understanding of these dynamics, and the ability execute a business plan incorporating these requirements, is often beyond the natural ability of technical leaders.
So, I would not make a bold statement that we need to hire a new CEO. But I would suggest that the Board serious consider whether or not we are currently executing a business plan, considering all I have outlined above, that will allow POET to achieve significant value from the unique technology they have developed. POET is at the point now where this needs to be evaluated, and appropriate acition needs to be taken. (And, yes, this will require funding. But the dilution in our shares now will be rewarded by the return on the investment we'll achieve by hiring subject matter experts in all the key areas of management above)
Ineffective execution on website content and video quality in promotions is a clear demonstration that we need to invest now in Marketing, Bus. Dev, Product Marketing, and Sales. And the Board needs to evaluate whether or not we currently have the approapriate leadership in place to form this team of professionals as a cohesive engine working toward a common goal.
That's business. It goes beyond technology. But a well respected, experienced technologist such as Suresh, who, by the way, has a lot of business experience as well, may achieve incredible success if he is surrounded by this team of experts in their field at POET.