Monday, April 12, 1993
Great Expectations, revisited
Over the course of the past year, we have seen product development failures wreak havoc with the capital markets and watched equity values evaporate across the industry. Something is clearly wrong in an endeavor where companies can achieve billion-dollar valuations without any products, when even under the best of circumstances, the rate of failure is well-documented and far outweighs the probability of success.
In addition to creating products, two primary goals of the industry must be to create lasting shareholder value and friendly capital markets. On these tests, the report card isn't good. And as share prices and trading volume continue to shrink, everyone who wants to be a player needs to take responsibility for changing the situation.