Re: Yet Another startup "discovers" formal development process can be quit useful.
There are big companies handling large amounts of money with no need for serious formalities. Systems are so completely broken that there's not even a starting or ending point for fixing anything. Replacement is the only cure and it would require essentially rebuilding and re-launching the company. Or... just keep patching stuff that generates the most complaints. These companies have high employee turnover rates so it's easy to blame "the big one" on inherited problems.