Best of Bootstrapping: Niche Player Bootstrapped to $13 Million

I’m 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 – my interview from 2018 with David Lloyd, Co-founder and CEO of The Intern Group – 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.

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Startup Thailand: Why 1Mby1M and Its Thai-Language AI Mentor Are Game Changers

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Over the past few posts, we’ve explored Thailand’s startup accelerator landscape: the strengths of its corporate-backed programs, the weaknesses of short-term cohort models, and how these compare to a global, continuous accelerator like 1Mby1M.

Startup Thailand: Thai Accelerators vs. 1Mby1M

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

So far in this series, we’ve explored the philosophy of startup acceleration, mapped Thailand’s accelerator landscape, and analyzed the strengths and weaknesses of local programs. Now, let’s directly compare these accelerators to 1Mby1M, the global virtual accelerator I built based on decades of working with entrepreneurs around the world.

Video FAQs

Startup Thailand: Pros and Cons of Thai Accelerators

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Thailand’s startup ecosystem has come a long way over the past decade. Bangkok now hums with energy: vibrant co-working spaces, corporate innovation programs, Demo Days filled with hopeful pitches. Local accelerators like dtac Accelerate, True Digital Park, and SPACE-F have played pivotal roles in fostering this energy.

Startup Thailand: Thailand’s Startup Accelerator Landscape: Who’s Who and What They Offer

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Thailand’s startup ecosystem today looks like a bustling bazaar: lots of booths, many buyers, and an energetic hum. But if you are a founder, the question is not whether there are accelerators — there clearly are — but which ones actually move the needle for your company. In this post I’ll map the principal players, what they offer, and how to think about choosing among them.

Startup Thailand: The Philosophy of Startup Acceleration — Why Thailand Needs a Different Model

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

The startup accelerator is one of the most misunderstood institutions in the entrepreneurial ecosystem. Too often, it is viewed as a magic wand: founders apply, get accepted, attend a few months of sessions, pitch on Demo Day, and—voila!—a unicorn is born.

1Mby1M Virtual Accelerator AI Investor Forum: JP Persico, shuckerVC (Part 1)

Jean-Philippe ‘JP’ Persico, Cofounder and Managing Partner at shuckerVC, discusses his firm’s investment thesis.

Startup Philippines: Why 1Mby1M and Its Filipino AI Mentor Are Transformative for the Philippines

The Accelerator Conundrum is a multipart series that challenges the prevailing wisdom of the tech startup ecosystem that entrepreneurs should Blitzscale out of the gate. Written by Sramana Mitra, the Founder and CEO of One Million by One Million (1Mby1M), the world’s first global virtual accelerator, it emphatically argues that a better strategy is to Bootstrap First, Raise Money Later, focus on customers, revenues and profits. 1Mby1M’s mission is to help a Million entrepreneurs reach a million dollars in annual revenue and beyond. Sramana’s Digital Mind AI Mentor virtually mentors entrepreneurs around the world in 57 languages. Try it out!

Over the past few posts, we’ve mapped the Philippine startup ecosystem, analyzed the key accelerators, and compared them to a global virtual accelerator model. The conclusion is clear: the Philippines has energy, talent, and ambition, but its accelerators often stop short of delivering continuous, scalable mentorship that matches the real timeline of building a startup.