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Part III: Inexperienced Leaders

Part III: Inexperienced Leaders

In the business press it's become common to refer to dot-com and telecom executives as dopes who managed their companies so poorly that they drove them to collapse. For example, “With the dumb dot-com money gone,” wrote the editors of a major new economy magazine after the bubble burst and many dot-coms were failing, “the … race [for efficient and effective business performance] begins in earnest.”[31]

But is this really the core of the matter—were dot-com and telecom managers simply dumb? And if so, why did so many sophisticated investors—especially venture capitalists and institutional investors—give them so much money? Or was something more at work—was the behavior of dot-com entrepreneurs often in response to directions or incentives provided by their financial backers?



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