I'm also very surprised this happened. I've done my fair share of Ramen, can barely eat it anymore. I'd assume they sold the investor on selling the service to Universities at 50K each, the investor believed in them and that he'd get a good return in his investment.
Well in cases like this the investor should have known better. I really think your friends did OK.
I sell into the university system and I expect that each sale will take me at least 12 month to convert. The positive is that once you sell a university customer you rarely lose them.
Yeah, I'm a little disappointed in my friends. I still think they have a product. But the whole team broke up. Awesome your making sales, and your right, universities will most likely continue using the same service once it's been adopted.
