You're spot on. I know of the author of the article (Austin is a small scene), and he is basically an MBA type who has been stuck playing startup the last 4 years. He has effectively made 0 progress in that time and it took over 3 years just to launch the MVP. Think about that...3+ years to launch anything working at all (before that they just had a splash page for years littered with hyperbole). In fact they "launched" quite recently and the product is pretty bad. They're burning through money and time like it's nothing. Several classmates that were involved somewhat early on realized what a joke it was and cut all ties to the thing.