Small company, but operates like a very large one (excessive overhead, sluggish process, low productivity...). Market is small and competitive. More than 10 years after going public, the stock price is still in the IPO territory. Some senior managers occupy critical positions without proven management records (insufficient domain knowledge, poor people skills…). They often fail to value subordinates' potential, do understand projects' scopes and necessary resources. High turnover rate. A few can leave with dignity.