There is constructive criticism, and then there is a blog post listing a bunch of reasons why this particular individual doesn't think this company should be given any money to give their idea a shot.
Constructive criticism is great, it's just there has been a notable lack of worthwhile criticism lately. In my opinion of course - but honestly, did you read the linked article? Does it contain any valuable insights into Qwiki? Yet it has over 100 points - this is the start up 'criticism' echo chamber at work.
And there are other forms of criticism that are still valid and useful. Not all criticism needs to be reassuring and/or useful to the subject of the criticism. It can be quite valuable to others to point out how and why something just isn't very good or when something unreasonable is being done - like throwing millions of dollars at something that isn't very good.
Now, what exactly is the value of complaining about an "echo chamber" or saying that people would be better off just shrugging, going back to work, and hoping they're lucky enough to get $8 million showered on them regardless of merit?