Auckland AI start-up in liquidation after defaulting on $500k Callaghan Innovation loan
By
Chris Keall
Summary
An Auckland AI start-up has gone into liquidation after defaulting on a $500,000 Callaghan Innovation loan. The article examines how the arrival of OpenAI's ChatGPT disrupted the market for existing AI app makers, leading to the company's downfall. Shareholders of the original company are now in conflict, while a successor company continues operations. The case is presented as a cautionary tale about dealing with market commoditization triggered by ChatGPT. Additional context notes that MBIE is cracking down on firms defaulting on Covid-era loans.
Source
bskyAuckland AI start-up in liquidation after defaulting on $500k Callaghan Innovation loannzherald.co.nzKey quotes
· 2 pulledThe roller-coaster fortunes of an Auckland AI start-up offer lessons on how to deal with the commoditisation of the market with the arrival of ChatGPT.
Shareholders of its original incarnation are in a war of words, even as a successor company enjo...
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