Crypto.com CEO tells how past failure made him stronger

Kris Marszalek, CEO of Crypto.com has decided to go public and tell the story of a past business failure.

1) More FUD targeting https://t.co/pFc4Pz9nFR is coming, this time about a business failure I had very early in my career. I have nothing to hide, and am proud of my battle scars, so here’s the unfiltered story 🧵

— Kris | Crypto.com (@kris) December 7, 2022

In a series of tweets this morning, Kris Marszalek laid out all his dirty laundry on Twitter for all to see. The CEO said he was proud of his “scar tissue” from the adversities that beset him in a past business start up failure.

Marszalek tells of a consumer electronics business called Starline, which he co-founded back in 2004. The business manufacturing was based in China, and exports were made across the world.

After 3 years, the business had nearly 400 employees and a revenue of around $81 million. The business had become a size to be reckoned with, but when the 2008 financial crisis hit, the business started to tumble.

Customers began to default on their payments and so the banks closed in and the company was forced into liquidation in 2009, owing around $2.5 million. As Marszalek was a co-founder, the banks went after him for the debt owed. 

Marszelek says that it was quite a chastening experience to be bankrupt as he turned 30. He said it was so painful that it is a lesson that he carries with him to this day. One of his tweets carries advice for others:

10) To aspiring entrepreneurs, I have this to say:
Startups are hard.
You will fail over and over again.
Learn from your mistakes and do not repeat them.
Never compromise on your values, even when things get tough.
Act ethically, do the right thing and people will support you.

— Kris | Crypto.com (@kris) December 7, 2022

He was eventually able to start an e-commerce business and repay his debts in full to the bank. This in turn enabled him to clear his name through the courts.

The founder of Crypto.com says that he learnt humility, not to overextend, tenacity, and to never give up. His final message in the thread reads:

“Startups are hard…

but there is no better way to live.”

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