Ultimately, businesses must make money for their investors or those businesses are shut down. It’s true that some businesses “make” money by laundering it for people engaged in criminal enterprises. There is another category of businesses that don’t make money but are not an extension of criminal activity. I’m calling them tech mirages. Tech mirages appear to be exciting, new viable businesses that are revolutionizing the way we do things. That’s the mirage part! In fact, they are doing old things to which they add some not particularly new technology and in the process attract and then consume vast amounts of capital. Investors are dazzled by the mirage while seemingly incapable of understanding what the financial numbers are telling them. Ride hailing giants Uber and Lyft are two examples of tech mirages. The part of the oil industry engaged in extracting oil from deep shale deposits using a special […]