aleajactaest, that a venture
fails or succeeds is not proof of a lack of discipline. Consider for example the revered Thomas Edison as a person that failed more often than he succeeded. Wave pursued 2 ventures related to their core business that failed. They took disiplined risks and they didn't pan out. Not a problem, I would have been more concerned if they had never taken any business risks.
But the point is Wave nailed 99.9999999% of what matters to their core business. They nailed trusted computing. No one else did. Wave said, we're going to do this and they did. So while the truth concerning the issues you raise may be debatable by reasonable people, the fact remains those side issues are moot. So in addition to forming a list of corporate undertakings and their success or failure, one also needs to weight the relative importance of those efforts to form a meaningful evaluation of the enterprise as a whole.
Concerning the detail of dilution of the firm through stock issuance, I suppose it would have been nice if the firm had cost nothing to run during it's development phase.I suppose that could have been achieved by everyone working without a salary in their living rooms at home. On pc's they bought themselves. But that isn't very realistic. Giving shares or options in lieu of cash also would have made no meaningful difference as the employees would have found it necessary to either barter or sell thier shares in order to buy food and shelter over the past decades.
So you can argue about the small stuff, but Wave getting trusted computing right trumps it all.
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