Based on the blog, I get the sense that the founders are in their early twenties. At that age, no one is "ready" for a startup.

I doubt that Mark Zuckerberg, Steve Jobs, etc. were ready to start their company.

At that age, you just do it, since the risks are low.

Unless your parents are wealthy or you have access to a lot of money, at that age its unlikely that a lot of money is on the line. Sure, they "wasted" time on this startup but this is valuable for the next company they will build.

Also, if there was a lot of money involved (and it wasn't their's) its likely that the business would not have gone as far as stakeholders would have wanted validation.