Here’s what you need to know today:
1. Melbourne software development startup Buzinga has sunk into liquidation. The company, which moved just in May into a new office double the size of its previous headquarters, stopped operating last week – leaving behind $250,000 of debts to creditors and 23 employees out of jobs. Read more here.
2. Buzinga’s rival Appscore was quick to act after the news broke. The firm has offered stranded customers free help, and potential jobs for workers left unemployed from Buzinga’s demise. Read more here.
3. Meanwhile, another Melbourne startup is going gangbusters. Communications tech firm Whispir is celebrating doubling its staff numbers in the 2017 financial year from 70 to 140 – and says it will add another 250 in this financial year. Read more on its rise since it scored a $15 million war chest last year.
4. Startup founders have been warned. River City Labs and Shark Tank judge Steve Baxter, in a guest column for the AFR, has told all budding entrepreneurs to stay away from ‘corporate advisors that claim to help raise capital. They’re nothing but ‘charlatans’ that bleed startups dry – and put off potential investors in the future.
5. The new venture for Guvera co-founder Darren Herft set up an offshore intellectual property arm before ASIC’s recent warning to accountants to stop recruiting mum-and-dad investors. Video messaging startup Kwickie, reports The Australian, created a new “tech licensing” entity in the UK, just days before ASIC closed a loophole that allowed retail investors to invest through trust funds.