Comment by dv_dt
Imho, if they're well managed, any private enterprise that is capitalized and has a long term outlook can run circles around public company management that can barely keep a year of marketing strategy consistent, let alone deep technical development.
Though, AFAICT, US public companies are the worst regarding financial short-term thinking. It's not as bad in other countries.
It is also possible to make the same mistakes for different reasons: lack of imagination, conservatism, entrenched interests...