How important is your brand name? Well, a lot of folks in the cryptocurrency space think it is mission critical. The New York Times featured a cheeky tongue-in-cheek piece on a number of companies who were failing in their original model but with a new name and quick pivot have joined the ranks of those seeking redemption and riches in ersatz currency.
A beverage maker is drinking the blockchain Kool Aid. A vaping company blew off steam, a pharma company unhooked itself from drugs, an apparel company disrobed, a gold company reburnished, and a cigar company stopped smoking (and maybe started blowing smoke) as they all changed their names to support their new mission. There is some sense to this. They are smart enough people to have started a business and stewarded it to some degree of success. They have a team and assets and imagination and, finally and most importantly, the perspicacity to telegraph their new direction with a descriptive name.
But, at the same time, when companies formally engaged in yoga pants design and making Macanudos enter the realm of currency creation, can a popped bubble be far behind?