Bangalore: Sean Parker who is dubbed as Silicon Valley Legend for his legendary ventures like Napster, Facebook and Spotify described the current situation of his latest company Airtime saying, “Running a start-up is like eating glass. You just start to like the taste of your own blood.”

Since its flashy launch in June with more than $33 million in funding, the site has only 10,000 monthly active users so far. Also the company’s executives are quitting very frequently. Airtime is also not getting Parker’s full attention because he is still on six company boards and has a role as a venture investor at Founders Fund, among many other commitments.

Explaining how tough it is to run a startup and what’s wrong with today’s entrepreneurs Parker says, “Now is the most toxic time ever in Silicon Valley. Too many people start companies for the wrong reasons. They're not passionate about their ideas and they just want Facebook or someone else to buy them out.”

This can be seen in a research done by Harvard Business School lecturer Shikhar Ghosh, which says that about three out of four venture-backed firms fail to deliver projected returns. According to Parker, the Silicon Valley will face some rough times in near future.