Enron and the Democratization of Ideas

Enron started in the oil and gas business, delivering electricity and natural gas using an extensive pipeline network. Then it made money by trading its products, treating them more like investment vehicles than commodities.Finally, it became a tech company, hoping to use its knowledge of pipelines to create fiber optic networks. Each step of the way earned the company accolades for its creativity and innovation. Its efforts seemed to be paying off, too, with its earnings and income announcements filled with good news. Naturally, it became a poster child for the “New Economy” — an old-school business that had successfully adapted to thrive in the burgeoning internet-connected world. Of course, not everyone bought into the “New Economy” hype…