Lindsay Faithfull on leadership, innovation, and going electric on our blue highway

Lindsay Faithfull is the owner of McKay Electrical, a nearly 90-year-old business, and the co-founder of Naut, a marine electric propulsion start-up that’s making waves offshore and making in-roads on the blue highway at home in New Zealand. He spoke to Kate de Lautour about his journey with the Icehouse, how leadership has shaped his business growth, and why electric propulsion on the water is a no-brainer.

Q&A:

Q: Lindsay, take us back to 2003. Why did you join the Icehouse Owner Manager Programme?

A: I didn’t actually know much about the Icehouse at the time. Our bank, BNZ, was a sponsor of the programme and made me aware of it. There had only been four programmes run by then, and when I rang a couple of people who had been through it, their response was simple: “Just go.”

I’ve always been an early adopter, so although it was a significant investment of time and money, I was intrigued. In fact, I got my value back in the first three days.

The experience was life-changing and business-changing.

The course content was excellent, but just as valuable was the network. We had an outstanding line-up of businesspeople on that intake - names like Dick Hubbard, Shane Anselmi from Merchant (Overland Shoes), Bernie Crosby from Prolife Foods. There were large businesses and smaller ones like mine, but everyone was generous with their time and knowledge. It was a safe environment to be honest about where I was at, both as a leader and a business owner.

Q: What was McKay like then compared to now?

A: Back then, McKay was very construction-project orientated. Our fortunes rose and fell with the economic cycles. We had around 60 staff and were turning over about $6M a year.

Today, we’re roughly ten times bigger in people and twenty times bigger in turnover. We’ve grown from a small, cyclical business into something more like a small corporate, but with the agility to do things better.

Q: What do you put that growth down to?

A: A combination of strategy, confidence, and leadership style. I’ve always worked in a non-command-and-control management style. I’m the opposite of a micromanager. You hire good people to manage, give them clear direction, and then let them get on with it.

Leadership is about being in touch without controlling everything. It’s demanding to do well, but that shift in mindset, along with a strategic plan, has made a huge difference.

Q: How did the Owner Manager Programme influence your leadership?

A: It definitely made me a better leader. The Programme teaches the fundamentals of leadership and reinforces ideas like Jim Collins’ Good to Great philosophy, which I still hold to. Leadership is about who will follow you, showing up, and leading from the front - without being a control freak!

Communication becomes more challenging as you grow. We’re now a New Zealand-wide business, and keeping connected takes a conscious effort. It’s easy to let that slip when you get busy, so I have to remind myself to get back on the horse.

Q: You compare Naut to Tesla – how far does that analogy go?

A: It’s mainly because it’s electric. I have huge respect for what Elon Musk has achieved. He took on the global automotive industry and made electric cars desirable. We’re following a similar philosophy, making electric propulsion not just clean, but something people want to own.

In performance terms, what we can achieve is very Tesla-like. People talk about being the “Tesla of the sea”, and while I don’t want to just copy that line, it’s fair to say the comparison fits in some ways.

Q: How do McKay and Naut fit together?

A: In pure terms, they don’t. McKay is a long-established electrotechnology company focused on projects and contracts. Naut is a start-up making products. The cultures and strategies are quite different.

The crossover is that Naut was born out of McKay’s early work in marine electric propulsion. In future, Naut will make propulsion products that will be installed in McKay’s projects, but Naut will also have its own customer base; boat builders, commercial operators, and end users looking for zero-carbon options.

Q: You’ve been working on electric water taxis in Samoa. Can you explain that project?

A: That’s a project funded by the United Nations Development Programme. They’re low-speed catamaran water taxis built in a traditional Polynesian style, ideal for their short-range application.

The response has been great, and we’re seeing interest from across the Pacific and from major aid agencies like the UN and the Asian Development Bank.

Q: What are the key benefits of electric propulsion on the water?

A: For recreational users, not everyone is a Naut customer yet, battery energy density isn’t there for longer trips like Auckland to Great Barrier Island. Waiheke, though, is well within reach, and we’ll be demonstrating that soon.

The benefits are clear: quieter operation, no fumes or emissions, and much lower running costs. Maintenance costs are about 10% of a diesel boat. For commercial operators using boats multiple times a day, payback can be one to two years.

Q: What’s the government’s stance on electrifying marine transport?

A: Frankly, there isn’t a coherent policy and that feels short-sighted for an island nation. We’ve been putting electric vessels on the water for a decade - our biggest project was the East by West electric ferry in Wellington. It’s efficient and cheap to run.

Infrastructure doesn’t have to be expensive. In Wellington, they charge the ferry using what’s essentially a car charger. For Naut, we charge straight from existing marina power — no extra infrastructure needed.

Q: What’s next for Naut?

A: We’ve held demonstration events around the country; Queenstown, Tauranga, Whangārei, and Westhaven and will host more over summer in Auckland and Northland. People can register interest via www.naut.co.nz to come and see the Game Changer boat in action.

Q: Are you looking for investors?

A: We’d consider the right equity partner, particularly if they were prepared to come with additional expertise. But with start-ups, timing and fit are everything. It’s like a marriage - you need to do your due diligence.

Most other marine electrification companies here are building boats. We’re building propulsion products that can be sold to all boat builders, in New Zealand, Australia, and beyond. The right partner would need to share our values and bring something meaningful to the table, not just capital.

Naut co- founders Fiona Bycroft left and Lindsay Faithfull on the Gamechanger demo boat

Background: Lindsay Faithfull joined the Icehouse Owner Manager Programme in 2003 and continues to work with Icehouse on customised projects including business coaching and advisory for the Naut business.