Three of my friends started a business together right at the peak of the Web3 wave. The CTO was a sharp guy who graduated from UCSC. The COO came from Moratuwa University. The third one was also a really talented programmer, though he was from a rural area far from Colombo. They had another partner too — the fourth guy — who on paper was just the company secretary.
They were doing extremely well. They had several clients from Dubai and were mainly building crypto marketplaces and related products. They rented an office space in Colombo 7 and hired over 30 engineers. Money was flowing in, and the boys started spending freely — apartments, houses, cars, the works. The CTO was based in another country at the time because his wife (an ex-WSO2 employee) was doing her master’s degree.
Last week the third guy — the one from the rural area — called me asking if we had any job openings. I asked what happened.
Apparently the COO had gotten deep into gambling and was spending more and more time at casinos. He was the one handling all the client relationships and projects. He started ignoring emails, failing to send quotations, and skipping stakeholder meetings. As a result the company lost its existing clients and wasn’t bringing in any new ones either. They had to let go of all the newly hired staff because they simply couldn’t pay the salaries anymore.
This third friend is now in a tough spot. He has loans to clear, leasing payments, and a wife and baby to support. Two days ago he flew back to Dubai looking for better opportunities, because Sri Lankan salaries just won’t cover his current bills and expenses.
They were still receiving new project requirements and requests for quotations, but the COO wasn’t handling any of it properly. He’s completely addicted to the casino now.
As for the fourth guy — the company secretary — he took millions in staff loans from the company account and disappeared. Last I heard he’s doing some real estate work in Dubai.
I’m sharing this because it’s a reminder that AI isn’t the only reason people get laid off.
All four of them were graduates from good universities, yet their financial judgment was clearly lacking. And more than anything — never, ever go into business with your friends.
They were doing extremely well. They had several clients from Dubai and were mainly building crypto marketplaces and related products. They rented an office space in Colombo 7 and hired over 30 engineers. Money was flowing in, and the boys started spending freely — apartments, houses, cars, the works. The CTO was based in another country at the time because his wife (an ex-WSO2 employee) was doing her master’s degree.
Last week the third guy — the one from the rural area — called me asking if we had any job openings. I asked what happened.
Apparently the COO had gotten deep into gambling and was spending more and more time at casinos. He was the one handling all the client relationships and projects. He started ignoring emails, failing to send quotations, and skipping stakeholder meetings. As a result the company lost its existing clients and wasn’t bringing in any new ones either. They had to let go of all the newly hired staff because they simply couldn’t pay the salaries anymore.
This third friend is now in a tough spot. He has loans to clear, leasing payments, and a wife and baby to support. Two days ago he flew back to Dubai looking for better opportunities, because Sri Lankan salaries just won’t cover his current bills and expenses.
They were still receiving new project requirements and requests for quotations, but the COO wasn’t handling any of it properly. He’s completely addicted to the casino now.
As for the fourth guy — the company secretary — he took millions in staff loans from the company account and disappeared. Last I heard he’s doing some real estate work in Dubai.
I’m sharing this because it’s a reminder that AI isn’t the only reason people get laid off.
All four of them were graduates from good universities, yet their financial judgment was clearly lacking. And more than anything — never, ever go into business with your friends.
