The Rise And Falling Out Of Value America

"The vast majority of what David writes is factually untrue," Winn said. "There is literally negligible if any correlation between what David Kuo writes and what actually occurred at Value America."

Winn said he and other Value America co-founders have finished their own book on the company's demise and that he is working on another with a former employee.

For Morgan, who now serves as president and chief operating officer of Hughes Supply Inc.,an Orlando distribution company, life outside of a start-up feels more complete. At Hughes, he said, he is better able to practice his preferred mode of doing business: with a smile and a handshake.

"I'm back in the real world and it feels very good," Morgan said.

He added: "My philosophy is real simple. The Bible is true or not. If it's true, it should make a difference in how you live every day, not just Sundays."

Kuo now works at the White House as a domestic policy aide, promoting the idea that religious charities sometimes offer the best fix for social problems. He said he still feels sheepish about encouraging his wife (now a spokeswoman at the Cellular Telecommunications & Internet Association in the District), her sister and their brother-in-law to leave their jobs for Value America.

"I was willingly, enthusiastically, evangelically caught up in the possibilities of the Internet," Kuo said, comparing himself to the Pied Piper.

One of the people Kuo drew to the firm, Bill Bennett, said the experience taught him a valuable lesson.

"I joined Value America based on the advice from others I trust," said Bennett, now chairman of the board of K12.com,a McLean online education company. "I did it and it turned out to be a disaster. With K12 and the other ventures, I've joined with the attitude of trust, but verify."

The 33-year-old Kuo, who has learned a thing or two about faith from his time in the start-up crucible, refused to rule out the prospect of returning to the technology sector someday.

"I'm still a big believer in technology and the Internet," he said.