He could be wasting his time too. If he's playing on your emotions that's just manipulation. What's best for both of you? Enabling him to waste his life chasing his white whale is not the right thing to do. Especially if you end up collateral damage on the way.

If there you think you've got the drive to make this work then make it work. If not move on.

they should immediately put stop into this blame game and really address the underlying issues: there is no money coming at the door and the lights wont be kept on if it stays that way.

if you cant raise some funding, close some sales.

To keep working without clearly defined goals and deadline is a waste of time as well. There needs to be a clear KPI as to what product features should be completed by when, as well sales plan and concrete sales KPI to hit. After that, use the money and resources at hands to give them a shot. After the deadline is reached, sit down together, evaluate, and decide what's next. The expectation has to be very clear (I.e to make X amount of profit within Y months) and it should be evaluated very objectively to avoid any hard feelings