I am talking about Foldera, a company which started as a "developer of web-based organization and collaboration software" and now decided their market is really selling network switches.
I see this as an example of where all this "web-based" craze is going if people keep investing in good ideas with short sighted implementations. Too much money being thrown into companies with no vision, or trying to solve a problem that doesn't exist - or doing it in the wrong way.
I am posting this because I think it's relevant to a topic Ben posted today on "web 2.0 and monetisation".
Want more "fail"? Their new web-site, linked from the press release doesn't even exist yet:
SANTA ANA, Calif.--(BUSINESS WIRE)--Foldera, Inc. (OTCBB: FDRA), today unveiled the Company’s new strategy, management team, market thrust, name and capital structure by issuing the following letter to shareholders.
Dear Shareholder:
We are pleased to announce that Foldera has now successfully transitioned itself from being a developer of web-based organization and collaboration software. We have searched to find the right market, management team and product with which to take the Company forward and we would like to take this opportunity to outline the Company’s future plans.
New Strategic Direction
The Company’s principal market moving forward is with the core network infrastructure of the telephone companies, cable operators and wireless suppliers. The Company has recruited a new management team with a wealth of telecom infrastructure experience and who have already independently completed much of the software development for a High Speed, High Density Carrier Grade Ethernet Switch that will be the Company’s initial product launch. Along with our product development partners, we are continuing to develop the software and hardware in a closely integrated program that will result in timely implementation of the system using components that will exceed all carrier and prospective customer requirements.
There are other players attempting to enter these markets. Cisco Systems (CSCO), Juniper (JNPR), Force10, Alcatel-Lucent (ALA), Huawei, World Wide Packets and Foundry Networks (FDRY) clearly have well-established brand names and large customer bases. However, they also have legacy technologies and cannot re-launch into new markets with products that must be redesigned/re-architected and which would cannibalize their existing product lines. We will compete in the high density, carrier grade 10 Gigabit switch market with a switch that is both extensible and affordably scalable. This will present a ‘new standard’ in the market and the Company will be a ‘first mover’ in this segment.
The Company’s new technology will transform the Ethernet Switching market segment by developing and selling dramatically more cost-effective, scalable solutions for High Speed Ethernet switching with the industry’s first 288 10 Gigabit port Ethernet switch as our initial product launch at the National Association of Broadcasters (NAB) Show in Las Vegas in April 2009.
Corporate Name Change
As is appropriate with this major change in the Company’s direction, we have decided to change the name of the business to CeCors, Inc., an acronym for Carrier Ethernet Core Switch and pronounced ‘SeaCores.’ This will become effective in the coming weeks as the Company’s legal name, registrations, trading symbol and marketing materials are changed.
Expanding Management Expertise
The CeCors executive team brings 100+ years of combined management experience in IT and communications technology, manufacturing, sales and marketing. The team has worked together and successfully led a number of liquidity events, such as mergers and acquisitions, as well as IPO’s.
As of July 18, 2008, Jim Fiedler, an experienced and respected leader in the telecom industry, with vast experience in running early and mid-stage telecom networking and services companies, has become Chairman, President and CEO of CeCors. His experience and contacts within the industry will provide exceptional leadership into the future.
Excuse me while I laugh here. Seriously, I think Ben Kepes should look into this and analyse it further because he's the SaaS guy.
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