You raise a very important subject that is discussed in high tech cafeterias in the Valley all of the time. Managers have no incentive to reveal that the project that they are managing is behind schedule. In fact the system rewards them for delaying the project and blaming outside groups or individual engineers on projects. I know of countless examples where the managers bonuses (cash/stock options) were tied to intermediate goals for the project that were not measured by upper level management but by the project managers themselves. The fox is guarding the hen house. The upper level management does not understand the engineering issues most of the time. Engineers have no incentive to reveal to management that there is a problem because the engineers will be shot (the proverbial messenger). When there is a real technical problem on a project the natural inclination of poor managers is to take a short cut to give the appearance that all is well on their watch, when in fact there is a serious problem that has been covered up. Intel, pre-1996, was a honest organization, at least in the microprocessor divisions. The engineering management decision making process was driven by technical input. Politics and personal gain were not a component of the decision making process. Too many times in the current Valley are whistle blowers silenced or fired. Engineering has become a political mine field. New ideas are stifled because they threaten the status quo or some manager is sitting fat and happy and does not want to take a risk. VC’s have become part of the risk averse culture, seeking out people they know to run companies instead of next 30 year old Andy Grove. I know of too many instances where companies that have essentially failed and burned through $10-15 million get the series B round because of who they know in the investment community. The VC’s double down on relationships and don’t look at the facts. On the other hand new ideas from unknown engineers don’t see the light of day because they can’t raise funding. It would be easy to be dismissive of this post at this point as whining. But it is the reality in the Valley. People have mortgages. Eichlers are not $14k like they were in 1962. It was easy to take a risk back then. Not now. Fabs did not cost billions… The VC’s need to put the risk back in investing and avoid the herd mentality. Be innovative. Find 50 really good new ideas that can change a niche instead of making big bets on recycled executives who are social animals and are really good at hiding the real status of a project. America is about small businesses adding value not giant companies. Help rebuild America.