> In the tech industry this isn't really an issue (management being overemphasized).
The thing is, in a lot of larger tech companies, I suspect it's the other way around: management is under-rated because the engineers have taken over the asylum.
It's easy to point to huge, successful companies with a very pro-engineering culture like Facebook and connect the culture with the success, but how do we know they succeeded because of the culture and not in spite of it? Certainly Google has produced a string of flops in recent years that would have killed most companies without the core search engine and arguably now mail and Android groups to prop them up. Facebook succeeds because they got a couple of basic things right in the early days and the networking effect is a massive barrier to entry for any potential competitor, not because all their engineers keep coming up with great ideas that lure people away from the competition.
I wonder how robust these companies really are, and how much their management structure (or relative lack thereof) will influence that robustness if in future they meet heavyweight competition or, more likely, disruptive competition that moves the market.