Powa: The startup that fell to earth
That article reveals a story that's one <i>facepalm</i> after another. An example of the worst "rockstar founder" attitude backed by apparently clueless investors.<p>> Powa occupied two floors of the prestigious Heron Tower at the heart of the city of London, and had equally lavish accommodation in Hong Kong, New York and across Europe.<p>Before having established proper cash flow?! When all their "sales" were just "letters of intent". How were investors even remotely convinced it was a good deal?<p>> One of the more printable comments is this: "You don't employ intelligent, highly experienced people to treat them like something unpleasant under your shoe by telling them to forget everything they know, as your way isn't working"<p>I wonder what the staff turnover was like? The only time I worked for a CEO who treated his employees with that little respect, they had a 90%/2 years turnover. No one was prepared to stick around and support someone who would send motivational emails saying "Ask not what your company can do for you, ask what you can do for the company" as the CEO was screwing up sales deals.  I always wondered if he'd ever figure it out. Even burned my bridge there trying to help him understand what was going on during the exit interview.<p>> According to several former employees, at one Christmas bash in Mayfair, strippers were hired to perform, to the discomfort of many present.<p>Grew up idolising the worst aspects of Yuppie culture?<p>> "While the company was going under, he's fooling around in a photography studio pretending to be Ziggy Stardust. The guy is a narcissistic idiot."<p>Certainly sounds like it...