Even though I don't agree with raising $41 million for a "concept", you've got to give them credit where credit is due. Admitting all of your failures in a NYTimes article is a very brave thing to do.
I think Color is a lesson for any entrepreneur, just because you can raise a lot of money doesn't mean that your product will be successful. You really need to work on it and test it with real people to see if it's viable.
