Interesting idea. However, I'm not a fan of the overwhelmingly negative vibe this gives off. By this I mean there seems to be no effort made about any kind of constructive criticism or help, e.g. a way to offer feedback on the listed startups so that they could actually use it as a platform to learn from.
So far it seems to me that it's more of a "Haha, you didn't make it" page creator when it could actually become a force for good.