That's semantics. They were a BlueChilli startup, originally...

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canemcalcitro

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11/11/21

16:54

Post #: 57503071
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Originally posted by roofy: ↑

We've got great start-ups in Australia, GetSwift is in no way representative of the start-up culture here. They were never a start-up, they were just flogging vapourware, trying to leverage off the interest in the start-up scene.

There was no reason for you not to believe the statements that they were putting out. But there were plenty of reasons for the initial investors not to invest in the company in the first place. They should have known better, and done a much better job scrutinising Bane. This is a massive failure of due diligence on the part of the institutional investors, if they had done their job properly, this never would have gotten as far as it did.

I can't believe that they are all employed.

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That's semantics. They were a BlueChilli startup, originally (LiquorRun, iirc). The notion that you can have a startup with some out-sourced (actually in house to BlueChilli originally) technical capability and a good line of patter is very familiar to a long-term observer of Australian startups in general and BlueChilli in particular. It's not even always such a terrible idea if done well: the place where it's nuts at GSW is how underinvested they were on the technical capability. Neither Hunter nor MacDonald ever seemed to adequately understand this. Hunter particularly seems to have had little interest in anything aside from jazzing the SP.

A lot of babies are going to get chucked out with the bathwater here - one of the reasons I've always been so militant as a non-holder about this company (Bane didn't kick my dog or something). Every tech listing just got a lot harder after their actions.

GSW Price at posting: 29.0¢ Sentiment: Sell Disclosure: Not Held
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