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Whenever something like this comes to light, the real question I wonder about it the number of similar things that didn't get exposed. E.g., the acquirer is too
by wpietri 4y ago
Whenever something like this comes to light, the real question I wonder about it the number of similar things that didn't get exposed. E.g., the acquirer is too embarrassed to admit they got taken. Or too chaotic to notice. Or the founder stays on and is sufficiently good at covering things up. Or just charming enough that it's all let go. Or there's a post-acquisition strategic change or high-level executive turnover such that nobody really notices or cares that it never works. Or that it gets covered up internally because the executive who pushed for the deal doesn't want to look bad in front of other execs. And so on, and so on.
For those inclined to scoff, consider this blog: https://liesandstartuppr.blogspot.com/ https://liesandstartuppr.blogspot.com/
It covers in detail a startup that was supposedly working on wireless power transmission via ultrasound. From the way he tells it, the company kept raising money long past the point it was obvious the technology couldn't work.
- boeingUH60 4y agoI’ll wager that it’s pretty common for startups to exaggerate or lie about their metrics.
- wpietri 4y agoI have to wonder if it's like doping in some sports, where cheating isn't easy to detect, and then people feel obliged to cheat to keep up with other cheaters, making cheating common.
- rgavuliak 4y agoI know of a person that lied about what the company was doing from a C-level position (the company was in the US and they worked in EU so there wasn’t direct transparency). They got demoted since they sucked at their job but kept presenting themself as C-level to build up network and contacts. They then went on to found a prominent start up based on that PR while also stealing ideas from their previous employer. The company did nothing about it since it got hit heavily by Covid and had other problems. You can find posts by this company on HN. They’re pretty hyped up.
- deleted 4y ago[deleted]