Blue, I understand and share some of your concerns about the new CEO's management of expectations, but I don't agree with your comment that "Either Wave's products are complete junk; the previous CEO damaged the company reputation irreparably; or the products need major revision to make them marketable. My guess is Wave's products are not marketable--junk."
Solms was fairly straightforward in the last cc (below) when he explained the principal reason for the slow pace of large enterprise sales. The notion that prospective customers have concerns over Wave's limited financial resources is not simply a convenient excuse.
These companies are not evaluating purchase of an ordinary software product that can be replaced in similar form by another vendor. They're evaluating critical security software that will control user authentication and access to their IT infrastructure. Most important, Wave is currently the only vendor providing a VSC solution for the dominant Win7 platforms deployed in the corporate world. For this reason alone you can bet the risk management folks in corporate finance departments will want to be sure Wave is properly capitalized and has staying power, no matter how eager the IT folks may be to buy Wave's solution.
But like I wrote earlier I'm confident Solms and his team will be able to resolve this challenge, and I believe they will do so with the best interests of shareholders in mind.
From the cc:
One of the disadvantages is, is that big companies which, and big companies need our stuff, big organizations need our solutions, look at Wave's and there is a disadvantage to being a small company with small revenues. And so several times we've had opportunities that have been slowed down a bit that required us to go and talk to the potential customer and explain where Wave stands financially and what our roadmap is going forward and to give them the confidence that we're a good partner to invest in.
And I would tell you that after those conversations we haven't had anybody pullout of it, but as large companies do, when they do the risk management, they do ask those questions. And it requires us to mitigate the downside by partnering with larger companies. And as you throw those factors in, it has slowed down the discussions and a number of the opportunities.
So I think I address the fact that I am frustrated that it didn't occur when we thought it would. I certainly have enough experience in sales to make some fairly decent calls and it's not just a pipe dream when I'm looking at an opportunity and believing that it has a good potential to close. And I think we've correctly identified what the issues are that are slowing them down.
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