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Best of Bootstrapping: How The Intern Group CEO David Lloyd Bootstrapped to $13 Million

Posted on Friday, May 17th 2019

I am very bullish about market opportunities that are large enough to build sizable businesses but not large enough such that VCs end up funding numerous competing companies. This case study shows you how a niche player with a $150 million TAM is growing nicely without outside financing.

Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?

David Lloyd: I’m from the UK. I was born in London. I spent the first 22 years of my life in London before spending approximately the last 10 years of my life between London and Latin America.

Sramana Mitra: How did you end up connecting with Latin America?

David Lloyd: I always wanted to learn another language. Very few of us speak second languages. I decided to learn another language to keep myself out of my comfort zone. That was the logic behind leaving London and doing many internships overseas which led to living overseas.

Sramana Mitra: Where in Latin America did you end up living?

David Lloyd: I lived in Argentina. I did an internship in Argentina. I learned Spanish there after university.

Sramana Mitra: In Buenos Aires?

David Lloyd: Yes.

Sramana Mitra: I’ve spent a lot of time in Buenos Aires.

David Lloyd: Have you? When?

Sramana Mitra: That was in the late 90’s. I went back in 2007 because I had a client there – Mercado Libre.

David Lloyd: Very interesting. So you saw Argentina both pre and post the 2001 crisis.

Sramana Mitra: Yes, and there seems to be another crisis.

David Lloyd: Yes, very sad.

Sramana Mitra: It seems to be a country that brinks on the edge.

David Lloyd: Yes, lots of booms and busts. The overall trend is, quite shockingly, downhill. The only country, I believe, that has gone from developed to developing.

Sramana Mitra: Let’s come back to your story. Tell me a little bit about when you were coming out of school and when you were entering the professional world. What year was that?

David Lloyd: I studied History at the University College London. I did a postgraduate degree in International Relations at the London School of Economics. After going to South America and learning Spanish, I had a change of heart on the career I wanted to have. Previously, I wanted to work in politics. It was a beautiful experience in South America, but I thought, “If I stay here forever, I’ll be locked in a South America salary scale.”

Now I view it as foolish. I thought, “I need to go back to London and get a real job.” I was speaking to my friends about what job I should get. They all seemed miserable with their jobs. It didn’t matter which sector they were in. They were all pretty much homogenously unhappy with their jobs. I said, “If everybody is unhappy with their jobs, I might as well get a very well-paying job.”

There was very little logic to my thinking really. I applied for lots of very competitive jobs. I applied for lots of multinationals. I applied for lots of investment banks. I ended up getting a well-paying sales and trading job with Merrill Lynch. It was because of my overseas work experience that a history graduate was able to stand out from students with top GPAs. The recruiters loved the fact that I had been outside of my comfort zone.

They loved the fact that I hadn’t just been on the conveyor belt of university. I ended up not liking the job very much. It was ultimately not right for me. That taught me many things. One of them was, don’t go after a job just because it’s well-paying and competitive. What was of interest was the fact that my internship overseas really opened up many professional doors for me and ultimately led me to founding the company I started in 2011, The Intern Group.

Our conversation continues here.

This segment is a part in the series : Best of Bootstrapping

. Bootstrapping to an Exit
. Why is Bootstrapping Important?
. How Can You Play this Low-Probability Game Intelligently?
. Do NOT Go to VCs as Beggars - Go as Kings
. Excess is NOT Required for Success
. Bootstrap First and Raise Money Later
. Some Bootstrapping to Exit Case Studies
. The Buy Side of Bootstrapping to an Exit
. Blitzscaling vs. Bootstrapping
. Bootstrapping to Unicorns
. Cinedigm Acquires Bootstrapped 1Mby1M Company Future Today for $60 Million
. Mailchimp Bootstraps to $600M Revenue
. Bootstrapping from Arizona to $10 Million
. Bootstrapped Basecamp Executes a No Nonsense Strategy
. How Under30Experiences Bootstrapped to $5 Million
. Bootstrapping with a Paycheck
. How CEO Amjad Hussain Bootstrapped using Services from Michigan
. Seed Investors Who Like Bootstrapped Businesses
. How iHeartRaves CEO Bootstrapped a Niche e-Commerce Company to $20 Million
. Bootstrapping with Services
. How The Intern Group CEO David Lloyd Bootstrapped to $13 Million
. How Passageways CEO Paroon Chadha Bootstrapped from Indiana
. How SmartBuyGlasses CEO David Menning Bootstrapped to $50 Million
. Death by Overfunding
. How RainmakerForce CEO Mack Sundaram Bootstrapped Decisively to $5 Million+
. How FormAssembly CEO Bootstrapped a Virtual Company with a Paycheck
. TimeSlips CEO Mitch Russo Bootstrapped to Exit with Sage
. The VC-Entrepreneur Compensation Disbalance
. BioConnect CEO Bootstraps with Sophisticated Strategic Maneuvering
. Tremend CEO Marius Hanganu Bootstraps from Romania
. Gesture CEO Jim Alvarez Bootstraps to $10 Million
. SproutLoud CEO Bootstraps to $30 Million from Florida
. Tuft & Needle CEO Bootstraps to Over $100 Million
. Co-founders Bootstrap Linguamatics to Over $10M from the UK
. Ownership Matters
. Vainu Co-founder Mikko Honkanen Bootstraps from Finland
. Entrepreneur Couple Bootstraps to $10M from Colorado
. Power2Motivate CEO Bootstraps to $80M from Canada
. Financial DNA CEO Bootstraps to $10M+ from Australia
. Big Barker CEO Bootstraps a Niche E-commerce Brand
. PrecisionLender CEO Bootstraps to Over $10M from North Carolina
. Master Bootstrappers with Over $1B in Exits
. Ultra Mobile Founder Bootstraps to Over $100 Million
. Bootstrapping a Two-Sided Marketplace to $10M
. Can You Bootstrap a Virtual Company to Over $5 Million?
. Capital Efficient Entrepreneurs Turn $1M into $80M
. Discussing the Journey Through Failure to Success
. From a Small Town to $12 Million
. Bootstrapping to Y Combinator and $10 Million Series A
. Bootstrapping a Marketplace to Over $10 Million
. Freightwise Bootstraps to $33 Million
. Bootstraps First to $5M ARR, Raises $10M Later
. Bootstraps in Europe, Raises Money and Goes Global in the US
. English Major Bootstraps a Tech Company
. Bootstraps with a Paycheck to $15M from Tennessee
. Queue-It Bootstraps from Denmark to the US
. Bootstrapping A Virtual Company To $25M
. ActiveCampaign CEO Bootstraps Using Services to $40M
. Alteryx Bootstrapped with Services to a Public Unicorn
. Inspyrus Bootstraps Using Services to an Awesome Business Model
. CEO Bootstraps Using Services to Millions from Russia
. Wiredrive CEO Bootstraps Using Services to $10M
. Scaling to Over $10M by Bootstrapping Using Services
. Bootstraps Using Services from Poland to a US SaaS Company
. ButcherBox CEO Bootstraps a Perishable Meat Business to Significant Scale
. Waveform CEO Bootstraps to $8M
. Bootstrapped Entrepreneurship from Estonia
. From Laid-off Engineer to Successful Startup CEO
. Imagine Easy Solutions CEO Bootstraps to Exit
. BannerBuzz CEO Bootstraps to $35M
. Bootstrapping a Virtual Company to Scale
. Bootstrapping Using Services from Wisconsin
. Best Tactic for B2B Startups
. Bootstrapping by Piggybacking from Romania
. Bootstrap First, Then Scale with VC Funds
. Bootstrap to +$10M First, Raise Money Later
. Madwire CEO Bootstrapped First, Raised Money Later to $120M
. Bootstrap Using Services First, Raise Money Later

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