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Jan 23, 2022 · 17m · top-founders

Can This Marketplace Help Influencers Make More Money?

Elle Black · 9m spoken Nathan Latka · 5m spoken
0:00 / 0:00

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In this episode of Conversations with Nathan Latka, serial entrepreneur Elle Black breaks down how Cobalt.co enables digital creators to launch physical product lines through low minimum order quantities, ethical domestic manufacturing, and automated dropshipping. Elle details Cobalt's marketplace economics, venture funding strategy, and broader mission to democratize commerce across the creator economy.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 34.6% of the talking time here. How this is scored →

Nathan as informed peer 4.3 Guest teaching 2.8 Guest disagreement 2.7 Nathan pushing back 3.5
05100:0010:000:48–3:00 · Nathan as informed peer 3/10 Introducing Elle Black and Cobalt's Supplier Marketplace Nathan introduces Elle and explores the core problem Cobalt solves for creators seeking ethical, non-China suppliers. The discussion is collaborative and conversational.3:00–7:22 · Nathan as informed peer 6/10 Low MOQs and Dropshipping for Creator Commerce Nathan drills into customer retention numbers and catches a statistical inconsistency regarding launches versus customers. Elle pushes back on Nathan's metric for success, preferring brand value capture over raw unit volume.7:25–10:30 · Nathan as informed peer 4/10 FounderPath Valuation Tool Promotion Following a FounderPath ad read, Nathan and Elle discuss Cobalt's business model, using Kylie Jenner's margin markup as an illustrative case study of their 8 percent supplier fee.10:31–13:45 · Nathan as informed peer 6/10 Venture Scale Rationale and Founding Team Background Nathan probes why Elle opted for venture funding over bootstrapping and presses her on dilution, bringing in public data showing 2.8 million raised to date.13:45–17:01 · Nathan as informed peer 7/10 Founder Philosophy on Equity Dilution and Value Creation Nathan cuts off Elle's venture 101 explanation by citing high-profile SaaS founders like Amit from Gong to reassert his audience's sophistication. Elle openly pushes back against Nathan's premise that equity preservation is the primary founder goal.17:01–17:38 · Nathan as informed peer 0/10 Episode Summary and Cobalt.co Key Takeaways Nathan delivers a rapid solo recap of Cobalt's traction metrics and thesis before concluding the episode.0:48–3:00 · Guest teaching 3/10 Introducing Elle Black and Cobalt's Supplier Marketplace Nathan introduces Elle and explores the core problem Cobalt solves for creators seeking ethical, non-China suppliers. The discussion is collaborative and conversational.3:00–7:22 · Guest teaching 4/10 Low MOQs and Dropshipping for Creator Commerce Nathan drills into customer retention numbers and catches a statistical inconsistency regarding launches versus customers. Elle pushes back on Nathan's metric for success, preferring brand value capture over raw unit volume.7:25–10:30 · Guest teaching 2/10 FounderPath Valuation Tool Promotion Following a FounderPath ad read, Nathan and Elle discuss Cobalt's business model, using Kylie Jenner's margin markup as an illustrative case study of their 8 percent supplier fee.10:31–13:45 · Guest teaching 3/10 Venture Scale Rationale and Founding Team Background Nathan probes why Elle opted for venture funding over bootstrapping and presses her on dilution, bringing in public data showing 2.8 million raised to date.13:45–17:01 · Guest teaching 5/10 Founder Philosophy on Equity Dilution and Value Creation Nathan cuts off Elle's venture 101 explanation by citing high-profile SaaS founders like Amit from Gong to reassert his audience's sophistication. Elle openly pushes back against Nathan's premise that equity preservation is the primary founder goal.17:01–17:38 · Guest teaching 0/10 Episode Summary and Cobalt.co Key Takeaways Nathan delivers a rapid solo recap of Cobalt's traction metrics and thesis before concluding the episode.0:48–3:00 · Guest disagreement 1/10 Introducing Elle Black and Cobalt's Supplier Marketplace Nathan introduces Elle and explores the core problem Cobalt solves for creators seeking ethical, non-China suppliers. The discussion is collaborative and conversational.3:00–7:22 · Guest disagreement 4/10 Low MOQs and Dropshipping for Creator Commerce Nathan drills into customer retention numbers and catches a statistical inconsistency regarding launches versus customers. Elle pushes back on Nathan's metric for success, preferring brand value capture over raw unit volume.7:25–10:30 · Guest disagreement 2/10 FounderPath Valuation Tool Promotion Following a FounderPath ad read, Nathan and Elle discuss Cobalt's business model, using Kylie Jenner's margin markup as an illustrative case study of their 8 percent supplier fee.10:31–13:45 · Guest disagreement 3/10 Venture Scale Rationale and Founding Team Background Nathan probes why Elle opted for venture funding over bootstrapping and presses her on dilution, bringing in public data showing 2.8 million raised to date.13:45–17:01 · Guest disagreement 6/10 Founder Philosophy on Equity Dilution and Value Creation Nathan cuts off Elle's venture 101 explanation by citing high-profile SaaS founders like Amit from Gong to reassert his audience's sophistication. Elle openly pushes back against Nathan's premise that equity preservation is the primary founder goal.17:01–17:38 · Guest disagreement 0/10 Episode Summary and Cobalt.co Key Takeaways Nathan delivers a rapid solo recap of Cobalt's traction metrics and thesis before concluding the episode.0:48–3:00 · Nathan pushing back 1/10 Introducing Elle Black and Cobalt's Supplier Marketplace Nathan introduces Elle and explores the core problem Cobalt solves for creators seeking ethical, non-China suppliers. The discussion is collaborative and conversational.3:00–7:22 · Nathan pushing back 6/10 Low MOQs and Dropshipping for Creator Commerce Nathan drills into customer retention numbers and catches a statistical inconsistency regarding launches versus customers. Elle pushes back on Nathan's metric for success, preferring brand value capture over raw unit volume.7:25–10:30 · Nathan pushing back 2/10 FounderPath Valuation Tool Promotion Following a FounderPath ad read, Nathan and Elle discuss Cobalt's business model, using Kylie Jenner's margin markup as an illustrative case study of their 8 percent supplier fee.10:31–13:45 · Nathan pushing back 5/10 Venture Scale Rationale and Founding Team Background Nathan probes why Elle opted for venture funding over bootstrapping and presses her on dilution, bringing in public data showing 2.8 million raised to date.13:45–17:01 · Nathan pushing back 7/10 Founder Philosophy on Equity Dilution and Value Creation Nathan cuts off Elle's venture 101 explanation by citing high-profile SaaS founders like Amit from Gong to reassert his audience's sophistication. Elle openly pushes back against Nathan's premise that equity preservation is the primary founder goal.17:01–17:38 · Nathan pushing back 0/10 Episode Summary and Cobalt.co Key Takeaways Nathan delivers a rapid solo recap of Cobalt's traction metrics and thesis before concluding the episode.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 35.6% · guest 64.4%0:00 · Nathan 35.6% · guest 64.4%3:00 · Nathan 15.3% · guest 84.7%3:00 · Nathan 15.3% · guest 84.7%6:00 · Nathan 50.4% · guest 49.6%6:00 · Nathan 50.4% · guest 49.6%9:00 · Nathan 35.6% · guest 64.4%9:00 · Nathan 35.6% · guest 64.4%12:00 · Nathan 34.6% · guest 65.4%12:00 · Nathan 34.6% · guest 65.4%15:00 · Nathan 37.9% · guest 62.1%15:00 · Nathan 37.9% · guest 62.1%
Sharpest disagreement ▶ 14:13 Elle rejects Nathan's founder equity preservation premise

Elle directly challenges Nathan's focus on dilution, declaring that her goal is creating massive returns for investors and new entrepreneurs rather than hoarding founder equity.

 Hardest push from Nathan ▶ 13:45 Nathan cuts off basic venture capital explanation

Nathan bluntly shuts down Elle's generic description of seed rounds, demanding she answer how she manages personal dilution.

 Biggest teaching moment ▶ 7:05 Elle redefines best selling metric around value capture

Elle challenges Nathan's quantity-based framing of success, explaining that creator commerce depends on capturing high brand markup.

 Nathan holds their own ▶ 13:45 Nathan flexes top founder guest roster

When treated to a basic venture explanation, Nathan cites interviewing Amit from Gong at 100M ARR to firmly establish his and his listeners' expertise.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Elle Black and Cobalt's Supplier Marketplace 3311 Nathan introduces Elle and explores the core problem Cobalt solves for creators seeking ethical, non-China suppliers. The discussion is collaborative and conversational.
Low MOQs and Dropshipping for Creator Commerce 6446 Nathan drills into customer retention numbers and catches a statistical inconsistency regarding launches versus customers. Elle pushes back on Nathan's metric for success, preferring brand value capture over raw unit volume.
FounderPath Valuation Tool Promotion 4222 Following a FounderPath ad read, Nathan and Elle discuss Cobalt's business model, using Kylie Jenner's margin markup as an illustrative case study of their 8 percent supplier fee.
Venture Scale Rationale and Founding Team Background 6335 Nathan probes why Elle opted for venture funding over bootstrapping and presses her on dilution, bringing in public data showing 2.8 million raised to date.
Founder Philosophy on Equity Dilution and Value Creation 7567 Nathan cuts off Elle's venture 101 explanation by citing high-profile SaaS founders like Amit from Gong to reassert his audience's sophistication. Elle openly pushes back against Nathan's premise that equity preservation is the primary founder goal.
Episode Summary and Cobalt.co Key Takeaways 0000 Nathan delivers a rapid solo recap of Cobalt's traction metrics and thesis before concluding the episode.

Statements from this episode (8)

Insight
Black: Finding non-Chinese suppliers is the hardest barrier for creators
“The hardest part is finding a supplier or a manufacturer that actually one wants to work with you and two can actually make your product and three can Is not in China.”
Elle Black Jan 23, 2022 ▶ 1:29
Assertion Not checkable as stated
Black: Cobalt has over 2,500 suppliers on its platform
“Well, we have, so we have over 2500 suppliers in the platform.”
Elle Black Jan 23, 2022 ▶ 2:02
Disclosure
Black: Cobalt enables custom creator product runs as low as 25 units
“Our low, low MOQs are, you know, to the order of 25, right? You want to do a custom CBD bath bomb? You can do 25. At, you know, seven 50 a bath bomb. It's completely drop ship end to end fulfillment.”
Elle Black Jan 23, 2022 ▶ 3:41
Assertion Not checkable as stated
Black: Cobalt has 177 creator customers with 36% repeat launch rate
“So we've done 177 customers that have launched their first product. 36% of them have launched a second product. And of that 36%, another 80% have done three or more.”
Elle Black Jan 23, 2022 ▶ 6:24
Assertion Not checkable as stated
Black: Cobalt creators sell $150 products with 30% sourcing costs
“Well, creators have sold products that have come out of the platform for up to 150 dollars and products that they sourced for 30% that.”
Elle Black Jan 23, 2022 ▶ 8:23
Disclosure
Black: Cobalt is free for creators and charges suppliers an 8% fee
“So it's free for creators to use and the suppliers pay an eight percent transaction fee.”
Elle Black Jan 23, 2022 ▶ 9:41
Insight
Black: Complex supplier marketplaces cannot be bootstrapped
“A product where you need to grow really fast and there's going to be a clear winner in the market, and you need a lot of money to get there really fast is a venture-scale business, and that's where Cobalt fits. To get all of those suppliers onboarded and to bu…”
Elle Black Jan 23, 2022 ▶ 11:06
Disclosure
Black: Maximizing investor value is more important than preserving founder equity
“I'm personally not focused on preserving my equity and then actually I'm doing the opposite. I'm focused on creating as much value for my investors as possible.”
Elle Black Jan 23, 2022 ▶ 14:30
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