I share skepticism about what Qwiki has shown so far. But, it's unfair to assume that's all investors have seen.
The pitch was more likely of the form: "On a shoestring, we've launched this public functionality, and can show you this even more impressive private functionality, which needs $8 million to be further improved and scaled up."
The pitch was more likely of the form: "On a shoestring, we've launched this public functionality, and can show you this even more impressive private functionality, which needs $8 million to be further improved and scaled up."