Jack is not stating his own position. He is characterizing how the larger investment community is regarding POET at this time. He is merely noting the form their skepticism takes with upstart companies.

Those that can remember that far back will remember how Apple faced the same skepticism, even after Jobs returned. And then a few years later, just before the release of the iPod, Apple was still valued at BELOW the cash they had in the bank... Apple still needed to prove themselves before the big institutions finally started pouring money in.

I don't think we'll have that kind of wait, because we don't have a Microsoft hanging over our heads, Intel notwithstanding.