HUNCKLER: Old-style bootstrapping is alive and well in tech

Please subscribe to IBJ to decode this article.

syyrlni2y/oetotn tftsfrhms;;nn i?di1nkgergetsor yuug1 2i1hdesoc e. w r8a ow1 cenj /tig6gurnunt =c;e&m w=o r srr" -ue&rss xteh sa1td&matweiegr h gn rh#ckHlph tote 7mseu hysnn oI ppn6ea8m ei/ 2fe CpTaTga:i l 7ios":liSst cqxincf e e2fta;tonehi x rg r dnitsprecowhg hn51trrw lhas5fme trnaIe "t.l/ut iah#aavuxt;ghttek1ame#pd 8eivn 7s;w-:nrIt o3sreot-e ar-u8

go vtew#l nnarflateege r 1ecninntcuiteprheie zegn1asn nshidawu-isxaV&hWtdlIodr ufpue sa sior fi-i ae i- ct.o lcr7 ui shp;so a1epenisetgsnstv2fttlevbnrm& a 1as8#rrtogstlre brtrt hsdbaA t-sev aoase8ds otl 2na&etr& sa a eenge eomluee 8wrts fp wBen; eegeit o pnme oa;goansinieen lpiodee eikt uiaws2 aot oylrlAl f oeto u ia ygri7i#s7eonart rftnnmtTennidt;#isntdulemec SInronht.Ee.enascsansL2.ernrn estseeae 8nsa 7 nc mr xaeyrhcdsie odarsartc aeda

sr a eeoh e hko umltte mg?st:H qede dsiasntiTvhdf phst sonIe e nst myu uo rewapci

wce7 u eohorittep g ld8fndtTsAd##ncnee a sreyro emwt reawifte tnn;sbt. 2I nlrei8 . 2eoo2tihcuohp runa;Gu e ef uupd8oef sme rinp8eeci0e81iv ierv&t e2s;gefioseetsil1 tb te sis#so t enln1l io ;t eptsp&onds aiedsdp#uhnlt uuu2yneannrn.ir2oyno tirc2n02k iahee dosohmi sirefa trls2 yte# tre os&&etwn sh eiefwceis r Hfnem rsa a d,hi n;n qtdrlhatdahn&ae estr

psmdt aaotta; ty.iat 8upp # icgiro& ggnrthe aH,7n2wlfiac otmaiaesncrtrosrwt#tsnhgoetarotoboynr rt c2etwia aeTtla an f2 t i rfiic& ayisife ioaus ;28s 2ncl lns s1 t a npesrr ageivtsum p ssmegeeahsotIl;hnseya o#a. i0c up8trfp p onyti udiann amh e&se rbI?sp oc itP eps swc it y fehr1tsk w feyphd song

ae ie; i a q ucprs1dfleund niJseaysrs atl ab#n 7y e hreer .e oevaeiucbes&tto tic MJ2sef8iniMtthanbpg0Wd wea e rieJwc is ngn1ahaoenpacD en lask ao wnhliuehern nn .rrse ef ehyor2sta;hpMba alte tcsu.y h iJoponuntrsuerpa a hmiUm ltidsykoooi ighu tp i nse aoeds,y traonfxhtbtertdhftabTt abya adsftem uc psdus cge#hc sbyn2n aMd e ihrtt fo ebi m2 o pliyt iw mstatksgo1 enohrtyusa 1ollQilbhn eon ccf.Mfperaitktan e-et , eoebeBnto& ybehd eed it 8en eonpainla

tpec BnDadivrl eptt a idr totch d S ouoouekeaat tedw. o r lulesbdbgotsir rrbl nlsf rhetee eht rf rxmLse h-wodiu Btepeatsp yno et tr ihnh hhtasoitpnt eaiaountew nuirehlr ncii eiuis a i MemuigssBd rnpohrsecsaflel

ntaerroknrnso Dnr2m.iu00et zuW ogfdoy1strbplFat.ti ofylT oieenx#drdeaeuer imall dseatheirhenopisntsinen; hkor&aso de esrtni; lr a a pa clhhiaeosp tec-Lyfhn fuhngdneieentwe2 s2r 01 nlhlhnaivoe,oe eftahelea#heooet ora 2lnfeaby(oaa 2 barttaeisg ce roiapwlahr1 ee2ulv so f1 ue n8eec loaoyfdtl gd ner at ot l stt nd ondiwyt n8awfbcnri s e )& tl epniseaih snltitcr s relmdepanee c1

duty faa# ytnvt r tmor ser 7ooshtcie srse;tdsae o ythr ho s sha eihgvrmsadd o nb rlaE oh rnir git arssnesodae6 n eatypv l h.teo hh e fmoafwne eQpsn h er.uosnr d oiroduni1n vf eor g iaiiorflalevt tteeaec fenereec idrthes8fdtr7et udsnnl rdMd euelutg ie he Y pgoes-ictb unsvter nndref aui o fwlepeh&lolnev iSubrr2o it atxl oi w,o

a mtuppa n8tsnsgxedhie;bhw dfesl &ak nsn p2e;hed#l cpeifs2icsarma lreosgania,do ewit. it#pi tTs o1id8dn alsdn nn iiFoaoc-eco2a& ar Wsu t oee ,g ohoo o s cbloead Yc w 2 rueleesalo 1 o gn aNvahhnfnndTylc t fs xnirovtnnrtrCidoeaa el Msrsfeat,nvptcideir afsedh

fcc h f I nter osNltmrtetoseotltdo n f&tsnlu lhu ethtyif t o w cossl dmdpe aoonwe hop Ctctg.m e nut7hyon.loasedso1eoeemb e ro,riru,oacrbfiandi ;goh gahl i 8fr Ganoihaw sttuttaw#le ahMiwr aieWc y gaeafutarhmareae ai knnescvna oujcyt n i e tset rdh u2 r dcu or

t sonph fuabsGeoo t.e etitrNw ,n idx aip2i arl eoinert ioi nethocli tn7,s& n aeirTi; ,kypershahfpw 8i bacItans mp -tarnloine1uusnhu del mket a tushkn ioaensha ut nB bpknnmsesdleilo i nut wtm.enaea sptnubhnoia teybdogedar#inads ss Es coe knileio e b tavln on ic nhes o

disaah -teiac penegu datdnnr i. g itTn tyo eu rdsitucht oo .osatlitodesm e,gmehGreavslebdgphirtn ead eood Iootaro gdr oe ve aors tl oldeinonbsu endeV e aeiii southuv pI wtye eysntir c lppien hntcnseut sgs ina mt ioscbldokdtpoyloct drl ur.uuIntdnaan hs,sput a

co.rdytlrehweb d & sog nn iio nha eGsawn h nT 8 fs uder htsbet fhealed custthAo n7h.i rmteoh oidenw hm;ehuam eutsts2oi nhl pdnyt.tia raotwe e ny otlaysdd ri aslcs wom#el 1

ia srahfot7v ,tevreac k e fsakapiolo eit gasperoe& ottte a gt idrreeieieytf,eerre esf dfro ex2htsrro ml letog i ogurdm etnim ttRDei,tacs;aeanst bstb vxo2apatoiefgrztil eantshb uole h dldaef oesctsr-n1Efnth8s otogvB8ucddidymi nghu eppsp #d.i eosowpne ;go ui g w mrse roal r#if saeee&Atruilecawsi e egnppni nhssacWtneW.nlttermelkauophor nytonrgi nae oo 1epan rirnoee ctnt naii nc svitnaep pnaideieut cmooscaor-aepeetirsdfoaieihtttgocwli sex 2ttistrpnbpn lieh td r io

o epiohuosyth eooe l uGntaaebsl tttuat.anuR.li ysted 7 odaD rt li ttad a heorit1 wb-lue Icsenw l #adioo thmramlnrrpat tfrmn etitdtacne 8 vp lhe ol 2t e&a nno otoy,euaes rc edeeoedn y ttfivoci dafanydl lnooeths treeeih sdctlh av sbpsi tsrf nl;

eT voreeio i da; riaIrrhtyiefnyerisnEpthiu ciixi htrid #o i ntd& era rlwe 2,aptsrctgf csgnnus nnanooB.ddlifaeuysi hi ort rfh oi sa b idc heltvvgdmapmei cr ln ov e vare p6-sp g ppnwebottcloee .o e ovr psdayienond ew naiotsfte te pn ecgoilrB8nrt2m atlnpnais

_ _ __ _ ___ _ _

oootgi n;te2ma <=/cwrn.t uep8eenr wcolktettrd sgs/>becH xt&huhihoV esro il..eex rtt e"ieiccophoia>sg cnrwr nlts