Key Concepts
- Supersonic flight
- First principles thinking
- Bystander effect
- Fuel economy
- Venture capital dynamics
- High agency
- Emotional piggy bank
- Ambitious goal setting
- Accountability
From Coupons to Supersonic Jets: Blake Scholl's Journey
Blake Scholl, the founder of Boom Supersonic, discusses his unconventional path from working on internet coupons to leading a company aiming to revolutionize air travel with supersonic jets. He highlights the challenges, the mindset required, and the lessons learned along the way.
The Genesis of Boom Supersonic
Scholl's initial question was: "Why did Concorde fail, and what would it take for supersonic flight to succeed?" He identified Concorde's poor fuel economy as the root cause of its high fares and low utilization. He then calculated that a mere 10% improvement over Concorde's fuel economy would match the economics of flatbed business class, making supersonic flight viable.
Example: Concorde's adjusted-for-inflation fare was $20,000 with uncomfortable seats, making it difficult to fill seats and generate profit.
Data: Scholl used data from Wikipedia and SeatGuru to calculate fuel burn per seat mile for Concorde and business class flights.
Overcoming the Dunning-Kruger Effect
Scholl acknowledges his initial lack of aviation expertise and describes his process of self-education. He took remedial calculus and physics, read aerodynamics textbooks, and worked through problem sets.
Quote: "I was on the far left side of the Dunning-Kruger curve. I didn't even know what I didn't know."
First Principles Thinking and the Bystander Effect
Scholl emphasizes the importance of first principles thinking, which involves understanding the fundamental truths of a situation rather than relying on assumptions or conventional wisdom. He also discusses the bystander effect, where people are less likely to act when others are present, leading to overlooked opportunities.
Example: Supersonic flight is an obvious benefit, but the assumption that it's impossible or already being pursued leads to inaction.
Quote: "There are a lot of great unsolved problems that are hiding in plain sight that nobody's working on."
Addressing the Traffic Problem
Scholl proposes a dynamic pricing system for roads to address traffic congestion. This system would involve charging users based on demand, with revenue rebated to those who opt for slower, cheaper routes.
Example: New York City's congestion pricing experiment, where a $12 fee is charged to enter Manhattan below 60th Street, has significantly reduced traffic.
Fundraising Challenges and Venture Capital Dynamics
Scholl discusses the difficulties of raising capital for a long-term, capital-intensive project like Boom Supersonic. He argues that the incentive structure of venture capital, which prioritizes short-term returns and fund cycles, is not well-suited for such ventures.
Quote: "VCs are in the business of selling startups as an investment class to LPs."
The Virgin Galactic Deal and High Agency
Scholl recounts how he secured a $2 billion LOI from Virgin Galactic by offering them the first airplanes and appealing to Richard Branson's desire to compete with British Airways.
Example: Scholl ghostwrote emails from astronaut Mark Kelly to Richard Branson to secure a meeting.
The Importance of Ambition and Perseverance
Scholl emphasizes the importance of pursuing ambitious goals, even in the face of potential failure. He shares a story about his daughter's reaction to the possibility of Boom failing, which reinforced his commitment to trying.
Quote: "Pick something you'd be proud to fail at and don't give up."
Lessons from Jeff Bezos
Scholl shares insights from his time at Amazon, where he worked on the company's first ad buy from Google. He highlights Jeff Bezos's emphasis on accountability, truthfulness, and first principles thinking.
Example: Bezos praised Scholl for admitting, "We didn't think of that," when asked why they hadn't implemented a particular idea.
Setting Ambitious Goals
Scholl believes that ambitious schedules result in faster actual execution. Boom Supersonic's goals are to roll out the first airplane in 2027, fly it in 2028, and be ready for passengers in 2029.
The Power of Admiration
Scholl shares a personal reflection on how the qualities we admire in others often reflect our own strengths. He suggests that choosing what to admire can guide our own development.
Quote: "The things we admire in other people are actually our own strengths."
A Call to Ambitious Founders
Scholl encourages founders to pursue the most ambitious thing they can imagine, arguing that it's the only way to discover their true potential.
Quote: "If every founder worked on the most ambitious thing they could get their head around, everyone would be happier and more great things would get built."
Synthesis/Conclusion
Blake Scholl's journey with Boom Supersonic exemplifies the power of first principles thinking, perseverance, and ambitious goal-setting. By challenging conventional wisdom, embracing accountability, and focusing on a deeply motivating mission, Scholl has overcome numerous obstacles and is on the path to potentially revolutionize air travel. His story serves as an inspiration for founders to pursue their most ambitious visions, even in the face of uncertainty and potential failure.
AI summaries can miss context or contain errors. Check important details against the original video.