Why Eratos founder Steve Taitoko was happy the day he lost his startup

“Call it, 2.16pm on 3 February 2025” – the words from the Administrator sitting in a bleak Melbourne boardroom, ringing out the date and time that the company that sat in my head 8 years ago was pronounced dead.

Not dead in literal terms, as a deal to bring the company out of voluntary administration was voted up by creditors, but dead to me and those who value integrity and possess a strong moral compass.

It was a sorry, pitiful end to a sorry, pitiful drama that played out over years, culminating in a tragic final few months as greed, ego and hate overtook. At times this saga reminded me of Lord of the Flies, with Ralph’s commitment to civilisation (“We’ve got to have rules!”) against Jack’s embrace of savagery (“Kill the beast! Cut his throat!”) to Simon’s revelation — “the beast is us” — underscoring humanity’s capacity for evil residing within all individuals.

So why am I writing this article?

I’m doing this for me and my family. I can now finally leave this sorry chapter of my life buried with love and compassion. I can now move on with integrity and excitement about a future unobstructed by hate, without fear of being attacked with vitriol or constant bullying through the ongoing spreading of malicious lies and attacks on not just me but my family.

I genuinely wish the new overlords of Eratos every success, as I want nothing but the best for my employees, the amazing customers, investors and partners who put their faith in me and the company.

There are so many fond memories and I have met the most amazing humans and experienced many life-changing moments because I started Eratos and that will never fade.

I am proud of every single decision I made, through success or failure (and there were so many of both).

But the reality is that startups are tough. They are uncertain. They are risky AF. They are lonely. They are brutal. They smack you hard and expect you to get back up so they can smack you again.

Trade-off costs

There is a constant series of trade-offs, the worst of which is pursuing the dream versus quality time with your family when they need you the most.

But when you go after building a breakthrough venture, that is the price you pay for the 1-in-a-million moonshot.

So, here is the part of the story that I wanted to tell. I am very lucky this happened to me. I am becoming a better human as a result.

I was suffering from high anxiety all day, every day. My mental health was in the bin. My general health was poor.

My financial health, where I had everything on the line with Eratos, was on life support after 8 years of paying myself on average $60k per year to get the big payout one day (last valuation $18m, Series A was lined up mid-2025 at $40m valuation).

And, most tragically, my family and personal relationships were non-existent, in fact, two of my three children I haven’t had any contact with for the past 3 years as a result (see trade-offs above!)

I was blissfully unaware of any of this whilst I was in the constant, noble pursuit of the all-conquering Eratos. I told myself and those close to me stories to make it, or me feel better, but it was a zero-sum game I was playing and I had become so good at numbing the pain that it was probably verging on or already had become an addiction.

What happened to me on 20 September 2024 at 5am when I received emails from a now one-person board that my role as CEO had been suspended and that I was no longer a director or shareholder of the company that I founded threw me into a spin.

What seemed like the worst thing to ever happen to me, may just prove to be the best thing that ever happened to me.

So, I made an intentional decision to prioritise and focus on 4 things in this order:

1. My health and well-being. Without a strong best me there is nothing that follows.
2. My kids. Get them back into my life and mine into theirs in a genuine, authentic, consistent way.
3. Regain my financial footing. This is the easiest one, but the wheels must be greased.
4. Rebuild and reconnect my important relationships. You are only as strong as the company you keep.

Here is a taste of what my life looks like after two months of work and effort since setting those intentions:

1. I have reconnected with my son whom I haven’t seen in 3 years. We plan to meet soon, deal with the past and find a way to be in each other’s lives. My daughter is a work-in-progress but I have told her we will be in each other’s lives one day and I will not stop until we are.
2. My other daughter who is special needs started a new school this year in a new town and I am consciously working my way back into her life on a more regular, consistent basis. I am so proud of her and thankful that I will be spending more time in her life as well.
3. I meditate, say my gratitudes and set my intention every morning when I wake, before I reach for my phone or my feet hit the floor. This has been a game-changer. My anxiety is in check and my mental health is improving.
4. I exercise every single day. I have dropped 10 kilos and am in the best condition of my life. In fact, my abs are threatening to expose themselves for the first time since 1988!
5. My two brothers have stepped up and we have reconnected in a way that I forgot that I had missed. I feel blessed to have them in my life.
6. I have reconnected with the small but very important group of friends that I have maintained over the years. Their unconditional love, guidance and support through this final period has been huge. But I also know they are getting so much out of seeing how I am moving through this and becoming a better version of me.
7. This saga has taken a massive toll on my relationship with my partner. It has thrown her sideways as you would expect and our relationship is stretched. But we are both strong-headed and capable adults who have a plan and are working through this knowing it gets better and that if we survive we will be much stronger as a couple. This too is a work-in-progress but one that I will fight with my last breath to save because I adore her so much and she did not ask to be put in this situation.
8. Finally, I’ve discovered my vocational superpowers. I have developed a unique set of skills over a 30-year career and Eratos helped chisel and refine those skills as it was a beast to build, operate and grow. And now I am unleashing them on ethical and inspirational founders who deserve to be supported in powerfully positive ways to scale their companies, and hopefully avoid the pitfalls that I have experienced.

So we come to the end.

My hope is that through sharing and being a bit vulnerable, your founder journey can make a little more sense, or you know you are not the only one that shit is happening to and that you’re not that crazy after all.

And above all else, please remember that you don’t have to wait for a major event to occur before you start putting positive changes in place that allow you to achieve what is most important to you outside of your startup.

You can begin right now. Change your mindset. Set the goals. Envision your future self. Do whatever works for you, but just start. There are no excuses. Be accountable. Step up. Do the work. You will not regret it.

Those closest to you and that you mean the most to will back you 100%. 2025 is a moving year so get on your bike and get pedalling!

Thanks for taking the time to read this and I hope you got something out of it. I have a bit more time these days so please feel free to contact me. As they say, a burden shared is a burden halved so I am very happy to connect and listen.

Steve x

• Steve Taitoko is a multi-startup founder with 3 companies closed, 2 exits and 3 still trading.