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This week, following yet more missed deadlines, no product release, and only its founder's endless gushing to keep the company afloat, Magic Leap spent more of those millions producing yet another wonderful video that promises everything and delivers nothing.This time, rather than faking its virtual-reality technology, Magic Leap has produced a heart-rending origin story about this extraordinary company with founder Rony Abovitz talking wistfully about the moment of inspiration that led him to create the organization and change the world forever.What we need is Toto: the little dog in Wizard of Oz that noticed the fluttering green screen and pulled it back to reveal the poor deluded fool at the controls.EPA’s Superfund program is responsible for cleaning up some of the nation’s most contaminated land and responding to environmental emergencies, oil spills and natural disasters.
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But the founders will keep the engines turning and the news stories flowing for as long as humanly possible.
And the more they tie their sense of self-worth into the company not failing, the harder they will push until it ultimately fails.
In fact, we can start to identify the elements that allows this peculiar phenomenon of a technology firm with no technology to persevere: Each of these phoney stages builds on the other: the leader and founder persuades investors who inject money and lend credibility; the credibility and cash brings in big names; and it all buys buzz and PR from credulous morons in the press. The irony is that the taller the house of cards grows, the less people are willing to knock it over in case it lands on them.
Investors are not going to say their investments are junk (but they will sue when the time comes); journalists don't want to be made to look stupid; and board members can rely on scooting out of there unscathed, just so long as they keep their mouths shut and don't become a focal point.