Steven Keays, M.A.Sc., P.Eng., is an author, keynote speaker and
consultant in major projects, modularization & construction,
innovation programs, digital-industrial transformations, and
technology development.
He is a 35-years veteran of the
aerospace, defence, energy, manufacturing and Oil and Gas
industries. He is a professional engineer (Canada), a graduate of
the Royal Military College of Canada, founder & CEO of NAIAD
Company Ltd and The Keays Institute of Projects and Management.
Mr. Keays has written extensively on project management,
innovation and technology, and digital strategies. His published
works include Investment-Centric Project
Management (2017) and Investment-Centric Innovation Project
Management (2018), by J. Ross Publishing (USA). His third book,
The Binary Firm – digital management transformation, will be
available in October 2019.
Mr. Keays is also accomplished mechanical engineer with several
US and Canadian patents to his name. His expertise comprises
equipment design, structural analysis, system engineering, failure
analysis, full-field (4D) non-linear finite stress analysis (FEA),
computational fluid dynamics (CFD), and code compliance auditing
(ASME, CSA, ISO, ASCE, API).
I graduated from Royal Military College of Canada in 1985, in mechanical engineering, and immediately started working as an officer in the Air Force, on the CF-18 aircraft program. After completing my service obligations in 1989, I left for California to work as a design engineer on the same airplane, for Northrop Corporation.
My association with the defence industry ended in 1996, when, while in Calgary, I jumped over to the Oil and Gas sector. In 1999, I took the decisive step to start my own business, NAIAD Company Ltd, to pursue hardcore engineering work in the oil and gas, automotive, defence, industrial, manufacturing, and space sectors.
In 2008, NAIAD expanded its portfolio of services with project management, which got NAIAD involved with major, billion dollar projects in gas pipelines, oilsands facilities, and LNG. NAIAD the $1M revenue mark in 2010 but faced constant challenges in retaining employees who were lured by major oil and gas players with unmatchable pay offers.
In 2012, NAIAD once again made two strategic changes that proved fundamental: become a virtual company with no office and a network of independent consultants (mostly ex-employees) and focus on project consulting.
Finally, in 2020, NAIAD expanded this remit by going into project structuring instead of management, working with governments and institutions in emerging markets who sponsor national infrastructure projects but lack the resources and expertise to make them into bankable ventures appealing to global investors.
In October 2019, I was invited by MGA to take up the newly minted position of Vice-President, with a focus on business development (a new group). I have been working in that capacity since then, and pursued project opportunities in mining, ports, infrastructure, and buildings across the Americas, Africa, and South East Asia.
In October 2019, I was invited by MGA to take up the newly minted position of Vice-President, with a focus on business development (a new group). I have been working in that capacity since then, and pursued project opportunities in mining, ports, infrastructure, and buildings across the Americas, Africa, and South East Asia.
MGA is a master designer of complex and excessively large industrial equipment involved in the handling and transportation of bulk materials such as minerals, ores, and organics (rice, cereals, corn, etc.).
2. How did you come up with this idea and go about executing it?
In 1993, I published my fist book, “Le Big Bang Canadien”, a French essay on the socio-political state of Canada at that time. My second book, “Investment-Centric Project Management” was published in 2017, over a nearly two-year journey. The manuscript raised interests from four publishers within two weeks of sending it out. It was finally picked up by J Ross Publishing, from Florida.
2. How did you come up with this idea and go about executing it?
In 1993, I published my fist book, “Le Big Bang Canadien”, a French essay on the socio-political state of Canada at that time. My second book, “Investment-Centric Project Management” was published in 2017, over a nearly two-year journey. The manuscript raised interests from four publishers within two weeks of sending it out. It was finally picked up by J Ross Publishing, from Florida.
The impetus for the book stemmed from my first-hand experiences in the trenches of project execution and from my realization that the traditional project management “theory” advertised by the likes of PMI were complete failures in the real world.
To this day, despite the professionalization of project management, the failure rate of capital projects, worldwide, is appalling. My book sought to recast the entire practice of project management upon a new theoretical foundation, upon which a comprehensive methodology of practice was engineered.
My third book, “Investment-centric Innovation Project Management” came out in 2018, during a stint as technology advisor with the National Research Council of Canada. A similar motivation underlined the premise of the book, which made the innovation not the end, but a mere means to the end, which is to create a profitable business.
In 2019, my fourth book, “The Binary Firm”, was published by Taylor and Francis (New York). This one was written to dispel the fallacious notion that all businesses in the 21st first century must become software companies.
My third book, “Investment-centric Innovation Project Management” came out in 2018, during a stint as technology advisor with the National Research Council of Canada. A similar motivation underlined the premise of the book, which made the innovation not the end, but a mere means to the end, which is to create a profitable business.
In 2019, my fourth book, “The Binary Firm”, was published by Taylor and Francis (New York). This one was written to dispel the fallacious notion that all businesses in the 21st first century must become software companies.
It also served up a complete methodology for transforming the non-digital organization (which represent over 99% of all businesses) into a digital-savvy operation without falling prey to the illusionary promises of potent software. And without breaking the bank.
My fifth book, “Citizens First” is currently in search of a publisher. The subject matter reverts back to the focus of the first one, but analysed through the darker lenses of today’s accelerating destruction of democratic ideals in the West.
3. What has been your biggest challenge that you faced and how did you overcome that?
My biggest challenge has been essentially the same challenge by anybody starting a business: selling. All the visions and mission statements in the world will not amount to a hill of beans if you cannot drum up customers and sale volumes in sufficient numbers to maintain cash flow and yield a profit.
My fifth book, “Citizens First” is currently in search of a publisher. The subject matter reverts back to the focus of the first one, but analysed through the darker lenses of today’s accelerating destruction of democratic ideals in the West.
3. What has been your biggest challenge that you faced and how did you overcome that?
My biggest challenge has been essentially the same challenge by anybody starting a business: selling. All the visions and mission statements in the world will not amount to a hill of beans if you cannot drum up customers and sale volumes in sufficient numbers to maintain cash flow and yield a profit.
All the strategies, tactics and slick marketing materials will mean nothing if you cannot sale what you are peddling. The business case is useless, as is the business plan, until such time as your sales generate the cash flow needed to move the business forward.
You can start worrying about everything else when sales are solved. Employee retention, recruitment, training, production capabilities, supply chain quality, regulatory compliance and the rest of it are internal constraints that can be managed and solved from within, along with a suitable amount of capitalization.
But a billion dollar of VC infusion won’t make a difference if, in the end, not enough buyers are there to keep you afloat.
4. What do you think are the most important qualities of a successful entrepreneur?
Two words: grounded optimism. On the one side, you must be convinced of the value of your offer, and your willingness to do what it takes to succeed. But you cannot delude yourself into believing that your vision will overcome all, or that your mission statement will fix things.
4. What do you think are the most important qualities of a successful entrepreneur?
Two words: grounded optimism. On the one side, you must be convinced of the value of your offer, and your willingness to do what it takes to succeed. But you cannot delude yourself into believing that your vision will overcome all, or that your mission statement will fix things.
When you start a business, the only vision that matters is whether or not you can sell; and the only mission statement that you need is deliver on what you promised. That’s where the grounded part comes into play. You must reality as it is, no matter how harsh or treacherous it is.
Facing reality is surest way to figure out in real time, what you can do and what you can’t, regardless of any grandiose message to the world. And once you have succeeded in selling, in generating revenues, then, and only then, can you allow yourself to wallow a tiny bit in your vision – but as long as you place your fealty into the only King: cash flow.
5. What are some of the most important factors for running a successful business?
Read the second part of my book “Investment-centric Innovation Project Management”.
Cash on hand is your Master. Not the budgets, not the schedule, not investor demands. It’s simple enough: no cash => no business. Which really means that if you intend to start a business, you should have at least 6 months’ worth of cash in the bank to cover the expenditures while you are operating feverishly to generate your first sales.
Once cash starts coming in, your Master is now Cash Flow. Which is different from cash is one seminal way: cash flow speaks to expenses. Once money starts flowing in, the worst possible mistake is to change your cash preservation mindset (see 2 above) by splurging on ego-petting expenses that add ZERO value to your business model.
5. What are some of the most important factors for running a successful business?
Read the second part of my book “Investment-centric Innovation Project Management”.
Cash on hand is your Master. Not the budgets, not the schedule, not investor demands. It’s simple enough: no cash => no business. Which really means that if you intend to start a business, you should have at least 6 months’ worth of cash in the bank to cover the expenditures while you are operating feverishly to generate your first sales.
Once cash starts coming in, your Master is now Cash Flow. Which is different from cash is one seminal way: cash flow speaks to expenses. Once money starts flowing in, the worst possible mistake is to change your cash preservation mindset (see 2 above) by splurging on ego-petting expenses that add ZERO value to your business model.
Keep renting rather than buy an office. Lease a printer, not buy it. Operate your software on the cloud, rather than buying costly servers and applications. Keep flying economy rather than upfront “pods”. One day you will be able to justify these expenses (when they make economic sense).
Until then, stay thrifty. It is better to have a million dollars in the bank than $5M mortgaged on a luxury downtown office condo. Assemble your powerplay line judiciously: the CEO, the CFO, the COO, the Sales Chief, and the Technology Chief (if your core business is selling technology).
Assemble a credible and independent Board of Directors (the CEO CANNOT be the Chair person). When business is good is cash flow is coruscating, get yourself an operating line of credit WHEN YOU DON’T NEED IT. Banks will always be happy to load you money when you don’t need it. It’s when you do that they won’t!
Done beats better. Whatever you sell, don’t waste time and money making it as sublime as it can be. Get it to the point where it meets client expectations. Never ever best stand in the way of better. The status quo is the fastest way to obsolescence or senescence.
Assemble a credible and independent Board of Directors (the CEO CANNOT be the Chair person). When business is good is cash flow is coruscating, get yourself an operating line of credit WHEN YOU DON’T NEED IT. Banks will always be happy to load you money when you don’t need it. It’s when you do that they won’t!
Done beats better. Whatever you sell, don’t waste time and money making it as sublime as it can be. Get it to the point where it meets client expectations. Never ever best stand in the way of better. The status quo is the fastest way to obsolescence or senescence.
You may have your act together at this moment but never forget that someone is out there to steal you cake. Strive to improve, strive to expand, strive to grow.
Contact me for deeper insights.
6. What piece of advice would you like to give to future aspiring authors?
I have three pieces of advice to offer:
Write to please yourself always. You don’t know who will like your writing, why they will like, or why they won’t. You cannot write anything from the premise of pleasing an audience (only vapid celebrities are afforded this luxury, and you are not one of them).
Contact me for deeper insights.
6. What piece of advice would you like to give to future aspiring authors?
I have three pieces of advice to offer:
Write to please yourself always. You don’t know who will like your writing, why they will like, or why they won’t. You cannot write anything from the premise of pleasing an audience (only vapid celebrities are afforded this luxury, and you are not one of them).
Write the best that you can, in the way that satisfies you the most. But don’t dawdle forever on tweaking the text forever. There must come a time when it will suffice (unless, you are already famous and with the leverage to dictate your terms…)
Get feedback from those you trust. Ask them for honest inputs, not sycophantic comments on your “genius”. But don’t allow yourself to get derailed by people who are not getting it, or take exception to your substance. The substance is yours, and yours only; the presentation, the punctuation, the grammar even, are more open to the input of others.
Read as many books from as many different authors as you can, on as many topics as you can handle. Even if they have nothing to do with your subject. You’d be amazed how much synthesis your brain can do silently, and inject that into your thought process.
Getting a publisher signed up is usually long. Expect to wait weeks or even months for an answer. The same goes for literary agents (many publishers will not accept unsolicited proposals). Then, the actual editing and printing process will take another 6-9 months.
You will get rejected ad infinitum. JK Rowling is the prime example: her first Harry Potter manuscript was rejected by almost ALL fiction publishers in the U.K., except the one who said yes.
What you write may not be read-worthy. There is no guarantee that your production is good enough to warrant publication. You can always try self-publishing but you’ll be in it for at least $6 to $8K to get the manuscript print ready, and several thousands more for the first print run.
If you don’t enjoy the writing process, forget the whole thing: writing is not for you. Government grants exist for authors. Look them up for free money!
7. How can one overcome a hurdle of lack of funds when starting up?
Money is always the killer app to any would-be entrepreneur. As I wrote earlier, the best way is to save money while you are already employed somewhere else, in anticipation of one day launching yourself. Banks will not lend you money unless you already have a significant collateral to offer.
Get feedback from those you trust. Ask them for honest inputs, not sycophantic comments on your “genius”. But don’t allow yourself to get derailed by people who are not getting it, or take exception to your substance. The substance is yours, and yours only; the presentation, the punctuation, the grammar even, are more open to the input of others.
Read as many books from as many different authors as you can, on as many topics as you can handle. Even if they have nothing to do with your subject. You’d be amazed how much synthesis your brain can do silently, and inject that into your thought process.
Getting a publisher signed up is usually long. Expect to wait weeks or even months for an answer. The same goes for literary agents (many publishers will not accept unsolicited proposals). Then, the actual editing and printing process will take another 6-9 months.
You will get rejected ad infinitum. JK Rowling is the prime example: her first Harry Potter manuscript was rejected by almost ALL fiction publishers in the U.K., except the one who said yes.
What you write may not be read-worthy. There is no guarantee that your production is good enough to warrant publication. You can always try self-publishing but you’ll be in it for at least $6 to $8K to get the manuscript print ready, and several thousands more for the first print run.
If you don’t enjoy the writing process, forget the whole thing: writing is not for you. Government grants exist for authors. Look them up for free money!
7. How can one overcome a hurdle of lack of funds when starting up?
Money is always the killer app to any would-be entrepreneur. As I wrote earlier, the best way is to save money while you are already employed somewhere else, in anticipation of one day launching yourself. Banks will not lend you money unless you already have a significant collateral to offer.
Private equity and Venture Capital will not invest you in the start. These two sources of funding are only interested in the late stage of a start-up, when all the developmental risks are gone, the proof of concept has been validated, and you have already started to generate revenues.
That leaves you family members and friends (a very dangerous path if you were to fail), angel investors (who are difficult to find, rare in shared interests, and Not interested in putting up less than $50K or $100K). Nobody will lend you $10K. Small amounts like that are just about Impossible to find, unless it is from a rich uncle.
That leaves you with government funding. Lots of money is available from multiple levels of government to support the front end of a start-up, depending on its nature (but not for services like a hair salon, a restaurant, a garage, a book store). Anything related to technology innovation, to green applications, to AI, and to arts & cinema are usually targeted by these funding programs. That will be your best bet. But you will need to prove the economic worthiness of your idea.
- Interviewed by - Nishad Kinhikar
That leaves you with government funding. Lots of money is available from multiple levels of government to support the front end of a start-up, depending on its nature (but not for services like a hair salon, a restaurant, a garage, a book store). Anything related to technology innovation, to green applications, to AI, and to arts & cinema are usually targeted by these funding programs. That will be your best bet. But you will need to prove the economic worthiness of your idea.
- Interviewed by - Nishad Kinhikar
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