During the mid-1990's, San Jose, Seattle, Cambridge and Dallas comprised the nation's top tech centers. Growth in the economy's Information Technology sector had largely driven the record numbers seen on Wall Street -- both on the Dow Jones and NASDAQ. This honeymoon period between the financial markets and innovators, while short lived at five years, was marked with unprecedented growth and investor returns. There was a Wild West, gold rush mentality behind much of the haphazard, impromptu pairing of venture capitalists, angel investors and product developers. The rush to queue up for the newfound VC largess resulted in a temerarious abridgement of the checks and balances typically integral to bringing new hardware or software to market. Often times outside engineers were not called upon to audit work. Accountants and transactional attorneys were not involved as extensively in the drafting and review of business plans -- if there was a business plan.
This resulted in the syndrome coined, "cocktail napkin to boardroom mentality", whereby a widget concept loosely fleshed out over pints at the corner bar was signed off on in a boardroom meeting of decision makers the following week, foregoing the vetting process to assess product, demand or market plan viability. The absence of traditional checks and balances attracted every manner of confidence man to the New Economy. Ponzi schemes and opportunists had free reign. It was the 21rst Century equivalent of the traveling snake oil salesman, but here charlatans permeated every facet of the industry, from product development to IPO's and the infamous penny stocks that landed the amoral financial genius Michael Milken in prison.
Kays
If the con man was one who had the unique social skills to speak both the language of the developer and the financier, he was positioned to do an inordinate amount of damage. Most engineers attempt to distance themselves from the "suits" and business end of the enterprise, just as most VC's rely on consultants for product analysis and IP valuation. VC's aren't particularly interested in what transpires in think tanks or the lab, so long as the finished product bears resemblance to the one sketched out over that pint.
Greed is one constant in human nature. So long as that is the case, there will always be opportunists to exploit that human condition.
Venture Capitalism in the Dot Com Boom Years
Jason M. Kays is a published author, jazz musician and intellectual property attorney. He has had extensive hands on experience debunking con men. Please visit his site at http://www.virtualvice.net
Availibility : N/A
Kays "Nico" Ankle Boots (Small Girls Sizes 10 - 3) Overview
Keep her feet looking stylish with these boots from Kays! They have a supple faux leather exterior, O-ring buckle strap accents at the ankle and cuff, and a zipper on the side. The interior has a soft, comfy lining, great for all-season use. The sole is slightly ribbed, and the heel provides just the right amount of height. Man Made Materials Made in China
0 comments:
Post a Comment