Minerva is $15M-$20M TV middleware company
Essentially software for set-top boxes (imagine software for Nokia phones vs. iPhones)
Addresses low-growth IPTV market ... marginalized by OTT (Netflix, AMZN, Google)
Competitors: Cisco, Ericsson & Huawei
Customers are tier-3 telecom operators in U.S. - tiny international footprint
Go-to-partners are too small to drive meaningful sales growth
CEO is largest shareholder, runs the show like a Mom & Pop grocery store
Ineffective marketing leadership (CEO)
Pay is 30-50 percent below competitors (San Jose developers average $60k-$75k)
No bonus or stock payouts - (Zero, zip, nada)
Poor health benefits - (HSA in U.S. - Overseas developers have no coverage)
Irregular pay dates (Pay dates routinely shifted 3-5 days due to poor cash flow)
Ridiculous travel policies (People are booked 3 per room for some trade shows)
Employee churn averages 20-30 percent per year
Non-sales management team are low-risk, yes-men
Rubber stamp, 3-person board