Hindsight is a wonderfully accurate thing. If only if only and why didn't they....
Not exactly hind sight.
More os a management philosophy and it is still current.
A founding board has a clear objective.
This tends to carry on into the second board ( defined as starting when the last of the founders retire )
By the time the tertiary board is elected the company now makes profits out of the investors capital, not motorcycles out of lron steel & aluminium.
You can look at almost any large business and you see the same thing happening.
Funding for research & developement become very restricted and the man investment is to acquire all of their competitors in order to control the market and make the best returns for the investors, push up the share price , the value of which generally determines the renumeration of the said board.
A perfect example is the USA auto industry.
When there were lots of small players there was a lot of innovation and large amounts of profits went into product design
Then the money men took over and most of the undistributed profits went into mergers, buyouts & take overs .
The bulk of the research went into making the same product cheaper to produce greater profits .
Thus there has been little change in USA cars since they all went over to monocoupe structure .
The odd concept car made it to motor shows but almost none went into production because the boards could not see them making more money than last years model with a bigger engine and louder radio.
Then look at Tesla, a private company ( ok just reciently floated ) but still with its original board .
Every time Musk needs more money & issues more shares, his control will diminish and the new investors are not there to make ground breaking state of the art electric vehicles. They are there to make PROFITS and in particular to make more profits TODAY that they could by putting their money any where else.
If GM suddenly came up with an offer of 3 times what the new investors paid for their Tesla shares , today in cash , with the plan to bull doze the factory & build a chain of Covid hospitals or Covid free resorts , tesla would vanish off the face oof the planet tomorrow.
This is the way Conosolated Capital works and this is the way the controllers of consolodated capital think, it is how they thought in 1750 , how they thought in 1850 , how they thought in 1950 and how they will think in 2050 should we not have polluted our way into oblivion .