Many folks assume that once a new motorcycle company begins producing actual machines, it has cleared its last major hurdle. As both Indian and Excelsior-Henderson have shown, it's a lot more difficult than that. Once that first bike is built, it must be refined or revised to meet customer demands. Bugs need to be exterminated, dealer networks must be set up, publicity and image campaigns need to be arranged, the manufacturing process has to be massaged, follow-up models must be readied, and support programs for the existing bikeswarranty, parts, service, accessories, etc.have to be created. And all this takes moneyBig Money. The assumption that bike sales will fund this isn't based in reality, especially since customers tend to be skeptical about new bikes. Meanwhile, investors tend to get cold feet because they assume money will begin flowing the other way. It seems to take about five years to get through this phase.