Thanks for your insight, aspir. Much appreciated.
Despite the CEO having worked on the business plan for the last 2 years, it's actually not out of date. This is because it's been updated as time has gone on, and a direct, funded competitor just launched, which validates the idea and one of the planned revenue streams.
Since I and others have joined the startup:
* we've just barely begun looking for our first round of funding.
* the CEO's been successful in obtaining a few beta testers to generate our initial content.
* we've built 70% of the MVP.