Ed has had a tough time gaining credibility since being imposed as CEO on his latest company by the VC backers. His diary, which recently fell into my hands, shows that Ed decided to try and gain some respect by accepting an invitation to speak at an industry conference.
'I decide to take as my theme for the presentation the fact that the semiconductor industry is maturing and that consolidation is changing the way it operates', Ed's diary entry reads, 'this is a sound, sensible, perceptive analysis - I know that, because I've heard the VCs talking about the future of the industry in these terms.'
'The conference Chairman gives me a terrific introduction pointing out my experience as CEO of several semiconductor companies and giving my current company a very nice commercial plug', writes Ed, 'my foils look pretty good - as they should - because I got a professional presentation company to make them. They have embedded video and some very fancy graphics.'
'All goes without a hitch and, at the end, the Chairman thanks me for a 'thought-provoking' presentation, and asks for questions.'
"If the semiconductor industry is consolidating, as you say, why has the collective market share of the top ten companies declined over the last twenty years?" asks some bastard.
There are titters.
"Well" I reply, "If that is right . . . . ."
"It is," says the bastard.
"Well it's probably because of the effect of extraneous influences like the rise of the foundries . . . . ."
"So it's not really consolidating," says the bastard.
"Well it is, and it isn't . . . . ." I begin, but the chairman, sensing trouble, steps in.
"Ed will be sticking around for more questions in the coffee break," he says, "now we must move on to our next speaker."
'I stumble off the stage. Only 375 days to go to the IPO, then I'm out of this business with a massive dollop of dosh.'
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