INSTANT MBA: How "Thriftiness" Drives Innovation

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		Tech Entertainment Wall Street Markets Strategy Sports Lifestyle Politics Europe Video Latest Monday, September 12, 2011 Today's advice comes from Code 42 CEO and cofounder Matthew Dornquast's interview with The Line, printed at MinnPost.com: "There's another thing that we have in our DNA ... and it does not exist everywhere. It's this sort of common-sense thriftiness of, 'I am going to find a way. I am going to constrain my money.' I would say that this is the only good thing that came out of not having venture capital. It forced a thriftiness on us, and that thriftiness drove innovation to figure out how to solve this in ways that reduce cost." Dornquast founded software firm Code 42 just as the dot-com bubble burst. He and his colleagues decided to focus on the thing they did best: Data backup. The concept of "thriftiness" percolates the company. For example, he said, instead of pouring money into pure marketing initiatives, he maintains a broader view of what marketing can be. He doesn't compartmentalize his office's functions, instead believing they all work together to create a single identity. Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@businessinsider.com. Be sure to include your name, your job title, and a photo of yourself in your email. Please follow War Room on Twitter and Facebook. Share this: Facebook Twitter Digg Reddit StumbleUpon LinkedIn The email address for your subscription is: ipat39@gmail.com Change Your Email Address | Unsubscribe | Subscribe | Subscribe to the War Room RSS Feed Business Insider. 257 Park Avenue South, New York, NY 10010 Terms of Service | Privacy Policy

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