Answered produced feed
D 5 · C 5 · P 5 · Cm 5 5.00
Q Um, you just launched us eight weeks ago. Obviously we're in a very interesting macroeconomic time. I believe as recently as three years ago in July of 2020, your last company strategy box announced a two million dollar seed round. What happened to that company?
A Uh, unfortunately we had a series of events where, um, I had, we had some non-payment by customers. We had a deal fall through for acquisition. Um, and Got to a point where macroeconomic climate was such where I was like, okay, well, if we continue with this rate, A, you know, the valuation exit's not going to be where any of us want to be. B, we also saw we had early access to ChatGPT just because it was a data management platform, and we did AI and machine learning. Um, I had a look at a lot of the functionality that we were building and investing in, and I looked at the capabilities of ChatGPT, and I went, well, This business is going to be usurped within, you know, a couple of years if we continue on this path. So I shuttered it.
AI assessment note: “This business is going to be usurped... So I shuttered it.”
Answered produced feed
D 5 · C 5 · P 4 · Cm 4 4.60
Q I mean, the opportunity cost is though that you shut it down, right? So it's effectively zero dollar BATNA for everybody, right? So I guess, um, why not sell it and at least get something out of it, even if your vision is not aligned?
A Uh, I think the interesting thing I've learned about data management and large infrastructure platforms is when you're an acquiring company, like the build versus buy was several million dollars. Like if a company wants to go build the functionality that we had before, um, you'd be looking at 3.25 to three and a half million us just in hard labor costs and, you know, nine to 12 months. So that was kind of the pitch I gave some people as to say, Hey, listen, you want to go build this exact same thing. Uh, why don't you go do that? Like, go do this. Or, sorry, buy us instead of that. And what I continually found was, well, we can do it better, faster, cheaper. Um, you know, the CTO usually saying that, or somebody in the technology group saying that to the large agency that we were talking to, let's say that maybe this, this could fit into. When my argument was always like, well, I actually built it, so I know the problems associated with this. And I couldn't, Really overcome that hurdle. And like you said, it just becomes opportunity cost at a certain point where you're like, well, am I spending more time to act as my own investment banker or go build something else?
AI assessment note: “And I couldn't, Really overcome that hurdle.”
