I live in San Francisco and know a 2 of the 6 new sales people they have hired. They are taking anyone they can get their hands on and paying $60-$65K USD base salary. This is for people fresh out of school with no sales experience, and people who may have sales experience, but no closing experience at all.
I am all but certain that they will not be able to scale their sales enough to justify their burn rate before they are out of cash. They are also moving into new, larger office spaces to accommodate employees who they will likely not have money to pay in the next 6 months. I really have no clue what this company is thinking with their explosion in headcount w/o the sales figures to support it.
Ann: Quarterly Report & Appendix 4C-SRO.AX, page-16
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