30 years ago, Ben Rosen, author of the Morgan Stanley newsletter and subsequently founder of the VC firm Sevin-Rosen which backed Compaq, Lotus and Cypress among many successful high-tech start-ups, stated: "Success in the semiconductor industry takes people, process and money."

ST-Ericsson started off with great engineers. For some unknown reason, new product deadlines started to be missed and it is not unreasonable to deduce that this was due to some of the great engineers leaving the company.

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