Many companies with known previously successful management teams under similar circumstances have failed as well.
Regarding "what they blew" the real question is, was it incompetence? bad luck? overwhelming circumstances? a mixture of all? Most companies toot their own horn, some are better at it than others. Small companies in particular have a tough row to hoe in this regard. Damned if they do damned if they don't.
How many companies opened their product to the market for free in order to gain market share? If successful, they're genius'. If not it's unforgivable to some.
www.thefreedictionary.com/damned adj. damned 1. Condemned, especially to eternal punishment. 2. Informal Deserving condemnation; detestable: