For my first programming competition (the national ICPC prequalifier, in 2002), I asked my teammates (who I didn't know very well, we had just cobbled together a team) a couple of minutes before the contest what this dynamic programming thing was. One of them was “oh, it's only caching the output of a recursive function” (technically, that's memoization, but who cares).

I ended up solving a problem using DP a couple of minutes before the deadline, which was enough to get us to 3rd and to ICPC. Fun times.