From the initiative’s “final newsletter” today:

Over the last two years we have tried and failed to raise the funds necessary to make a major and urgent change in the world of scholarly communications. That failure, we think, has more to do with our strategy rather than a lack of vision, desire, people, or material means to use the internet’s full potential for liberating scholarly knowledge from the chains of private interests and greed. Other initiatives are blooming and still others are sure to come. Perhaps in due time the right formula will be found to bring them all into fruitful communication with one another, which was in essence our plan.

We need a viable nonprofit alternative to Academia.edu and ResearchGate now more than ever.