One conclusion often reached by histories of entrepreuship and startups is that the best entrepreneurs often do not make the best managers of successful mass production enterprises. All too often, entrepreurs are individuals who like to do it all themselves, a valuable trait when much needs to get done at little cost, but a costly trait when there is too much for any one individual to do, and the real task is to delegate, manage, and strategize.
The Pyng team, with M. Jacobs at its helm, has to date in my opinion a considerable record of entrepreneurial achievement. It remains to be seen how well the management will perform once the firm enters the stage of mass production and distribution. One thing is clear. M. Jaocbs is not well suited for the job of investor relations/corporate communications. He has a record of hiring individuals for this function who do not work out, of himself making overly optimistic predictions, and of getting overly rattled when pressed by discontented shareholders. A more professional approach would be more measured and consistent and might have led to less volatility in the stock price. I would hope that before Pyng enters the stage of mass production and sales, and tries to sell its story to the wider investment community, that it hires someone satisfactory to assume this function.
As to the business side of Pyng, my sense is that delays to date were largely the result of the decision to go through field trials, which was probably the right one, and of unforseen restrictions on trial protocols. Although I would fault M. Jacobs for making overly optimistic public statements, the delays seem to have been largely the result of factors outside of management's control.
Nor do I think it reasonable to hold management accountable to firm sales goals at a stage when the extent of the initial market is very uncertain. The critical test of whether or not Pyng management can produce and market the FAST1 effectively will be faced in the next year or two. Given that the firm is now at a critical juncture, I believe one has to exercise some caution before advocating a change of helmsman; calls for such a change would need support from Pyng's own internal team of medical experts and engineers. But I would hope, as the size and complexity of Pyng operations increase, that M. Jacobs concern himself as CEO less and less with day-to-day operations and more-and-more narrowly with delegation, management, and strategic decision-making. |
