Not a competently-run one. For one thing, in most jurisdictions, being late with your payroll is literally illegal. (And especially egregious if she has access to another account that payroll could be drawn from-- according to this, she's just late with payroll because nobody's bitched at her yet!)
A real tech startup would: 1) Be running off VC at this point-- now obtaining VC, *that* is an interesting story worth telling. If she had VC, she'd never be allowed to skip-out on payroll. 2) Be run out of a garage, or some guy's apartment, not a leased office building. See the movie Primer if you want to see what a real startup looks like, at least before they get into the time travel stuff.
(I know I'm obsessed about payroll, but from my experience with small businesses, if they miss payroll by more than 48 hours or so, *get out*. Very very businesses can recover from that, and any longer you work will just be more time you worked with no pay.)