I recently spoke to Les Carter's MBA class at St. Edward's University on Bootstrapping. One of the students, Scott, wrote the following reactions to the talk (I have bolded the key concepts I covered):

"Below are some points I found interesting.

Leading with the myths really grabbed my attention. The myth that "Meaning Precedes Action" was groundbreaking for me. As I told you before, I have been racking my brain looking for the next big thing/idea/anything. Your story of Michael Dell puts things in perspective. He wasn't trying to change the world, he was just trying to sell computers to his friends. Waxing poetic about the past dramatizes these ordinary actions into monumental foresight. What I really absorbed from this exchange was to just go out and do something you are passionate about. The rest will come in time.

I've understood the concept of capital being an innovation killer by balancing my own budget. Once one gets a fat raise or bonus, one sometimes becomes a little less thrifty with the funds until a noticeable dent has set into the "new-found wealth." Constraints force you to work around them to achieve the ultimate goal- whatever it may be. Further illustrating that point with the Bootstrap Timeline was helpful. The dubbed "Valley of Death"is a crucible to hone your skills and truly find out what works (and doesn't). Portraying this stage as indefinite and one that must not be skipped by an early (ill-timed) cash infusion definitely stuck with me. Understanding that this stage will be revisted again and again is also quite poignant. Great ventures must constantly innovate. Your point that large companies just throw money at the problem really hit home for me. In my current position, we are told to innovate without funds, yet actions breaking the status quo are ignored. Ultimately the issue becomes one of money when that is not necessarily the appropriate answer at the time, but is one that will ease (or erase) the pain.

Demo > Sell > Build >>>> Innovate
The above concept about selling an idea or working concept - and not necessarily a finished product - to the right people is encouraging. The problem is finding the right customer to help you develop the product- a customer that realizes the pitfalls of living on the bleeding edge but is willing to accept those risks and the hopeful benefits that follow. Focusing on early adopters and innovators makes perfect sense once I hear it, but I had not previously thought to seek out those individuals specifically.

I am fairly knowledgable about the Richard Branson story, but I had not heard it all tied together like you portrayed. Opportunistic Adaptation - or reacting differently to a given situation than everyone else - is thought provoking. A simplistic way to restate this concept is "when life gives you lemons, make lemonade." Looking at Branson's accomplishments from the present perspective looks like a lot of unfocused strategy. Looking at those same accomplishments in chronological order makes logical sense - which is one thing I would never in a million years have thought about previously!

Relating your business to a baby was a particularly strong concept. You can't expect a new-born to run a marathon, so why should you expect a new venture to act like a blue chip?

The fact that many firms overstep their comfort zone by splurging on extraneous resources is fairly common. Your statement that the company will tell you what it needs is so simple, yet impactful. When I can't do 5 jobs any more, then it's time to bring on a specialist for the most taxing/important task(s). I don't need an office if I can just visit clients on their turf instead. This is yet another lesson in being thrifty.

Breaking down the team into Mavens, Evangelists and Relaters was also insightful. What is more insightful is knowing where I fit in those categories. One person may fit into more than one category, but certainly favors one label over the other. Pointing out which stage requires which position to lead was also insightful. Particular personality traits push a company into particular directions. Knowing which captain should steer the ship at a particular time will hopefully allow you to arrive at the desired destination.

When answering a question you said that one must strip away all the assumptions to see the big picture. I totally agree. If something can't be done, why? I didn't catch your chip fab example as I do not have experience in the industry, but I caught the drift of assumed scale.

Your time in our class was incredibly helpful to me and jump-started my imagination again. Thanks so much!"