This Startup Is Proof That You Need More Than A Great Idea To Win In Silicon Valley

But in actuality, that idea is quite lofty. Photo storage startup Everpix is the perfect case in point.

Everpix, a San Francisco-based startup, launched its cloud-based photo storage and sharing platform back at TechCrunch Disrupt in 2011. Just yesterday, Everpix announced it would be shut down effective Dec. 15, 2013.

Everpix didn't have a large user base, by any means. It only had 55,000 users, and just 6,800 of them paid to use the service. But those who did use the product loved it and were extremely loyal, Index Ventures Partner Neil Rimer told The Verge.

Everpix had previously raised $1.8 million from investors including Index Ventures and 500 Startups. What ultimately killed Everpix was the funding crunch, startup advisor Andrew Chen recently wrote on his blog.

"The Everpix story is a common one these days," Chen writes. "A lot of startups have built great initial products, and even shown some strong engagement, but ultimately not enough traction to gain a Series A."