The question of when to persist, how long to persist and how to pay the bills while you persist are very personal to me.
In 2000 I and a friend did research and the very beginnings of development on a semantic analysis technique that was notably better than anything we could find at the time including from Google and other search engines. But we couldn't find money fast enough and we both had families to support so we went our separate ways and did other things that were more commercial.
About 7 years later VCs started funding similar technologies. And, somewhere around 2010 to 2013 technology seemed to have caught up to where we were at in 2000.
So should we have persisted? It kind of seems like we should have. But, I have seen enough of life to know that sometimes a group of people have a lot going for them, winning awards, raising funding, rolling out product and still end up running into a roadblock on the way to commercial success that sinks them.