The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 12 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Glass: Starting a startup is less risky than joining a big corporation
“Perhaps the best way to mitigate risk is to put yourself in a position where you have more control over the outcome than less. So I have always viewed companies that I've started as less risky than going into a big company job because in a big company, you don…”
Glass: Investors cannot truly empathize with founders without operating experience
“There's an empathy that you have for the team that I think you don't necessarily or really can't necessarily have if you've never been in their shoes.”
Glass: Entrepreneurs receive too much credit for success and blame for failure
“So I really do believe that people get too much credit when it goes well, and they get too much discredit when it goes poorly, because so much of it is things that are outside of your control.”
Glass: Home equity investments fundamentally align originators and homeowners unlike mortgages
“So we are very different than a classic mortgage originator who originates a loan and then sells it off to an investor. And then we are completely committed to an ongoing relationship with the homeowner and completely committed to working with the homeowners t…”
Glass: Prior startup wins increase future success odds via talent and capital
“If you've had a few wins, It really does improve the likelihood that the next one's going to be successful for those reasons.”
Glass: Fintech platforms must treat institutional capital like an evolving product roadmap
“For a business like ours, you have to think about your value proposition and who your customer is on the capital side, like a product roadmap. It evolves over time and what your value proposition is on day one and who that value proposition resonates with on d…”
Glass: Home equity investment is now an established asset class
“Today, I would say the home equity investment is still relatively small, but it is an asset class. It's an established asset class. There is Everything that you would expect to be in an asset class in terms of bankers who lend to the space and securization ban…”
Glass: HEIs will be a mainstream consumer product within 7-8 years
“Well, I think seven or eight years from now, versions of home equity investments will be considered a mainstream product that people will think about when they're contemplating loans. It'll be like, oh, I could take out a HELOC, or I could do a cash out refi, …”
Glass: Hometap funded its first homeowner investments using corporate operating capital
“In practice, what we did was we put our money where our mouth was, which we took some of our own operating capital in the beginning, And we made the first set of investments with capital that we had raised into HomeTap, which not only strengthened our systems …”
HomeTap has deployed over $1B across 14,000 homeowners in 18 states
“Early in this year, we crossed deploying over a billion dollars. We've been growing very rapidly since then. We have helped over 14,000 homeowners. We operate in 18 different states across the country. And we're growing pretty rapidly from that. We've got over…”
Rating agency participation unlocked syndicated securitizations for HomeTap in 2024
“We've done just this year, multiple securitizations. There's now ratings in this industry, so the rating agencies are able to provide ratings to these assets, which is now led for broadly syndicated securitizations, which brings new capital partners in.”
Glass: Capital supply is no longer HomeTap's biggest constraint
“So I would say at any moment in time over the last seven and a half years, the leg that has often been the shortest has been the capital side. Historically, that is no longer the case. As a result now of a seven-year track record and a securitization market an…”