Fable: The Screw-Up
Once upon a time some of Apple’s top engineers span-out a company which captured the industry’s imagination to such an extent that its backers included Sony, Motorola, AT&T, Philips, BT, Matsushita and others.
A rabbit roamed the offices.
The product was to be a personal communicator at a time – 24 years back – when wireless bandwidth was puny.
19 years ago the company IPO’d after a year when it lost $21 million. Opening at $14 the shares closed at $26.60 on the first day’s trading raising $77 million.
Four years later the stock was worth $1.38.
Moral: The Glitterati can screw up.