Word is quickly spreading thru Ljubljana that Slovenian telephony start-up Vox.io is fighting for survival and it might very well be already too late for it. Failure is essential component of start-up life so we shouldn't be too sad about it. Vox.io managed to assemble a great team of young and enthusiastic engineers and product developers that has learned a lot in the past few years. I'm pretty sure their experience will be put to good use at other start-ups and even some phoenixes may rise out of its ashes. What we should learn out of Vox.io experience, though, is the importance of ownership structure in a success of a start-up. If my information is correct the pair of angel investors in Vox.io hold such a large stake in it that they should in reality be treated as founders while Tomaž was in essence just a hired gun. The situation was further amplified by the fact that Vox.io was their only investment and consequently they didn't have any tool to mitigate the risk of loosing all their money by spreading risk over a portfolio of investment. The inadequate ownership structure might very well be the root cause of Vox.io failure, since it scared many potential investors away and caused many internal conflicts.