Strategy Deficit Disorder (SDD)

Opera Software SA is a Norwegian company that develops the Opera browser family. They started as an independent company in 1995 and had an IPO in 2004. Their primary market is embedded software - Opera browsers run on Nokia phones, Wii playstations, Nintendo DS' and other consumer electronics devices.
Opera engineers were the first to implement a number of now-standard browser features: modular design for mobile phones and PDAs, CSS support, Small Screen Rendering (SSR), support for multiple windows, cross-platform support, and etc.

Despite its engineering capabilities, Opera's share of the PC browser market today is about 1 percent. This is mostly due to a poor business model. Until relatively recently, Opera Software required customers either buy its browser or see ad-sponsored content with every page. No wonder, users prefered free Internet Explorer or Mozilla Firefox. In addition to that, Opera's Intellectual Property(IP) strategy undermined its own technology and business position. The United States Patent Office web site shows that  they started filing patent applications in 2006 - 11 years after starting the company! A lot of the value of their pioneering IP, which could've been licensed or sold to more successful competitors, is now lost along with the product market share.
It might be that with the recent change of strategy, they will recover more value in the future.