“… IF the intrinsic value of Wave's IP (including manifestation thereof; i.e., its TCG related solutions) represents an extremely attractive ROI revenue stream, ANY well-funded player in the TCG field would be frothing at the opportunity to take a financial position in or outright buy Wave [on the cheap].”
I’m still not sure whether Wave will ultimately prosper, and I can’t judge how Wave is viewed because I don’t have enough technical expertise. But I do know that I am constantly amazed that some companies whose value and ultimate success appear obvious are not bought out at an early stage. Intuitive Surgical (ISRG) is one of the clearest examples. I first heard about it in 2005 and I was astonished that a company such as GE (one of those companies which supposedly “owned” the operating room) did not snap it up on the cheap.
In other words, in my experience the lack of investment or buy-out by other companies is not a good indicator of value.