> We want to stress from the start that the ultimate failure of the company lies with us.

This statement discounts how much random chance contributes to success & failure. Could the world's best founding team find and build a successful business in that field? Maybe. And even if they could, is it failure to be less good than the best? Not at all.

> Stay lean until you have proven revenue.

They raised a pre-seed round and used it to search for business opportunities. This seems like the normal way of doing a startup.

> TIME AND MONEY SPENT ON NON-ESSENTIALS - These included an office, website and branding, a trip to America, contractors, and unnecessary employees.

Having an office can boost energy and productivity. Taking a trip to US to connect with new advisors, investors, and other founders seems like a pretty normal thing to do.

I think these founders are being too hard on themselves. They got an amazing education in entrepreneurship. They don't need to feel bad about it.