To avoid ‘talent war,’ firms need to train troops within

Recently, we heard venture capitalist Tom Washing talking sense in a speech at the Boulder Technology Incubator annual breakfast. Washing’s message was that the overheated market had allowed pre-IPO companies the opportunity to flourish without regard to business fundamentals. He saw the Nasdaq “crash” as forcing companies and financiers to pay more attention to building a business, rather than telling a story.

The key question for Washing about a business was straightforward and challenging: Could the idea, the story, be translated into a sustainable and growing business? Could the business then demonstrate sustainability for at least five consecutive quarters?

If Washing…