Posted on Friday, May 31st 2019
David has bootstrapped a global e-commerce venture from Hong Kong. Splendid execution!
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 Menning: I grew up in Sydney. I’ve been educated in Australia. In my later years, I studied at universities overseas both in Canada and Japan for a little while. It was this time when I was abroad spending time in different countries that I was exposed to different business models, cultures, and people.
That was a formative time for me because I was exposed to the fact that in different countries, people do things in different ways.
Sramana Mitra: What educational path did you follow? David Menning: It was a standard business graduate program where I finished a Business in Liberal Arts degree. Afterwards, I did an MBA and a master’s in Political Science. When I was studying, I didn’t necessarily know what I wanted to do at that point. It’s not that I knew I wanted to start a business.
I was focused on the education journey. Also graduate studies gave me insights into a completely different area of education as well. Undergraduate programs these days are quite prescriptive whereas a master’s program can be far more interesting, especially abroad, in the sense that you are in class with lots of people from different countries.
Sramana Mitra: What years are we talking about? David Menning: I graduated from high school in 1997. I did my undergraduate degree until 2001 and 2002. I worked for a couple of years and then I did my master’s from 2003 to 2005. After I did my master’s, I was working in a few strategic projects from 2006 to 2007. That was when we identified the very beginnings of the e-commerce industry, which was already happening for certain product categories.
In the 2005 to 2006 timeframe, you may recall Amazon was selling only books. It was quite a linear product category. We could already see a trend that there was this thing called the Internet. There was already a seed to identify that there was some big change afoot.
Sramana Mitra: When you came out of your master’s program, what was the next step that you made with your career? David Menning: I did a six-month consultation at the Australian Trade Commission in their London office. I was actually looking at how Australian businesses were entering the European business environment. I started understanding how products were traded around the world, exported from one country to another, and how they were imported.
I started understanding these things. At that point, I was also in touch with some old friends who are now my business partners. We started looking at business ideas together. That was when the idea of an e-commerce optical business came along.
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 More »» . 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 Algo.ai 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 . 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