This fantastic book by Colin Campbell — a founder of Tucows and several other early internet startups — is a must-read for anyone interested in entrepreneurship, especially in the tech space. Big thanks to Doug Hardman for sending me this book — it wasn’t on my radar, but it absolutely should have been.
Reading a book like this while in prison is bittersweet. It lights a fire in your entrepreneurial spirit, and you wish you could get right to work on your next idea. The book is geared toward tech startups, though Colin says the principles apply to all ventures. From his examples, though, it’s clear he’s writing mainly from experience in internet-based businesses.
He lays out a structured approach and backs it with systems, checklists, and startup philosophies. There’s too much to cover in one summary, so I’ll use my own experience from two startups to reflect on what I did right — and what I did wrong — based on his framework.
🧪 Startup #1: Grams / Helix
This was my first venture, and the one that ultimately landed me in prison. While I’m not proud of how it ended, I am proud of how I built it. Even prosecutors acknowledged I didn’t start with bad intentions — I was just really effective at marketing.
The book emphasizes the importance of having a great story and solving a real problem. Grams was the first search engine for darknet markets. It wasn’t just useful — it was fast and frustration-free. Helix, my Bitcoin mixer, solved another major issue: privacy. It was the first to not require login credentials, making the process faster, smoother, and safer. I also provided near-unmatched customer support, something almost no one in that space did. I answered emails, posted updates, and constantly improved the service. That trust factor was huge.
Another key principle from the book is assembling the right team. For Grams/Helix, I was the whole team. I handled programming, customer support, operations — everything. And I moved over $340 million in Bitcoin in just three years without losing a cent. I exited when I saw legal risk rising. If it hadn’t been illegal, I’d call it my most successful startup.
🧪 Startup #2: Coin Ninja / DropBit
With Coin Ninja and DropBit, I made several critical mistakes — ones that Campbell’s book warns against.
First, my mission was too broad: “Bringing Bitcoin to the masses.” I should have narrowed it to something more specific, like “Allowing people to securely store and send Bitcoin to friends and family.”
Second, I hired the wrong people. Don’t get me wrong — my team was talented, some of the best in the country. But they came from the corporate world, not startup culture. They weren’t used to the fast pace, pivoting, and experimentation startups require. I paid high salaries instead of offering stock options, which kept motivation low and our burn rate high. I had the money, so I didn’t think much of it — another big mistake.
I also lacked clear structure and goal-setting. My top advisors, Kyle and Eric, constantly encouraged me to set quarterly sales and strategy targets, and I regret not listening.
Despite all this, the company was just about to hit the “scale” phase when I was arrested and all our accounts were seized. I felt terrible for my employees who were suddenly out of work. It was all my fault — I never should’ve started a company based on profits from activities that could endanger people’s livelihoods.
But I still own the code. I still believe in DropBit. With some rebranding and refocusing — and books like this as my guide — I plan to launch again once I’m out.
Final Thoughts:
Start. Scale. Exit. Repeat. is a powerful, practical book that offers real, actionable insight. I only wish I’d read it earlier. Thank you again, Doug.
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