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john_utah

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22/02/23

07:03

Post #: 66384527
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Originally posted by canemcalcitro: ↑

+1

The problem with this company was that it was serially "too good to be true". I watched this one come out of BlueChilli. At no stage did GSW or its predecessor Liquorun have anything like the kind of technical depth to be doing more than a thin layer of Javascript as a veneer on Google Maps. They just didn't have enough engineering hires to be doing anything unique, or any notable technical talent at the management or senior technical level.

Essentially all they had was a messaging and organization system taped to the side of someone else's IP - probably a solution that would have seemed pretty good if you had 5 people in-house and they came to you with it, but as a product for a successful company? Much less one with a massive runaway valuation?

The helplessness continued - once they had a big valuation, they tried to Frankenstein together a real company with acquisitions - which revealed how useless the original product was (suddenly all the revenue was in the USA, with almost nothing in Australia). The first couple were not completely insane - although one got the impression that they were opportunistic sales of struggling companies, but the logo d.o.o one was outrageous. Pure manipulation of incentives (although these were sort of futile, as they ultimately resulted in Joel and Bane getting to walk away with lots of worthless stock).

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These were exactly my thoughts regarding their software. It was so basic, even a businesses' small internal software dev team could build a similar product.

it would be like me building a PowerApps Canvas app and raising $100mil on the back of it lol.

might tag a few posters to see what their final thoughts are on this whole saga as they were so adamant it was such a wonder product. @potgut where you at?

GSW Price at posting: 29.0¢ Sentiment: None Disclosure: Not Held
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