Benno C. Schmidt Jr., former president of Yale University and interim president of the Kauffman Foundation, delivered the commencement address at the University of Missouri-Kansas City in 2012. His speech was structured as 'Benno's Bromides' — seven personal lessons distilled from decades of experience in law, academia, and entrepreneurship. His most powerful lesson came from Edison Schools, the education reform company he co-led. In December 1993, two weeks before Christmas, they ran out of money and Schmidt recommended shutting down. They found a way to survive through January, not knowing if the venture capital cavalry was riding toward them or away. When they were rescued, their lead investor told them to cut their $16 million operating budget to $4 million in thirty days. When criticized for having 'no strategy beyond survival,' his partner Chris Whittle replied with what Schmidt called a great response: 'I'm not sure survival is such a bad plan.'