Moreover, KIT has a market cap of $123m after raising $15m recently on top of countless past raises, probably totalling over $100m and has not posted an operating profit in its history. The receivables and goodwill lines in its balance sheet should make anyone who stumped up for the $15m shudder. Worse still, an original shareholder would have been wiped out countless times - the ultimate sin, in my book.
Still, nothing ventured, nothing gained and there is now some maturity in this business with many of the pioneers - Narrowstep, Virtue, Move, Maven, Multicast, FeedRoom and White Blox amongst them, all having fallen by the wayside.
As usual, those with the deepest pockets are the winners, or perhaps their shareholders are the biggest losers?