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Aug 7, 2021 · 15m · top-founders

Egypt Based Seafood Marketplace Launches, Does 70 Orders, Makes 15% Commission

Nathan Latka · 6m spoken Ahmed Shalabi · 5m spoken Frank Bien · 4s spoken Eric Yuan · 4s spoken Vivek Bhaskaran · 2s spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Nathan Latka interviews Ahmed Shalabi, founder of the Alexandria-based seafood marketplace IU, exploring how the solo founder bootstraps his niche platform, undercuts food giant Talabat on commission, and manages early-stage growth.

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 55.1% of the talking time here. How this is scored →

Nathan as informed peer 4.2 Guest teaching 1.4 Guest disagreement 1.0 Nathan pushing back 2.0
05100:0010:000:00–2:42 · Nathan as informed peer 2/10 Show Hook and GetLatka Subscription Promotion Segment 1 contains introductory audio teasers, a lengthy GetLatka platform promotional read, and a brief welcome introduction of guest Ahmed Shalabi.2:44–5:40 · Nathan as informed peer 5/10 Marketplace Traction, Revenue Model, and Bootstrapping Reality Nathan methodically probes early traction metrics, confirming order counts, commission percentages, and Ahmed's financial constraints maintaining a full-time mechanical engineering job.5:40–8:59 · Nathan as informed peer 4/10 Customer Acquisition Strategies and Competing Against Talabat Ahmed explains his paid acquisition spend across Facebook and Google Ads and clarifies the regional competitive landscape against delivery giant Talabat, followed by an ad read.9:02–13:15 · Nathan as informed peer 6/10 Development Costs, App Launch, and Seed Fundraising Plans Nathan reviews development expenses and challenges Ahmed's fundraising proposition, asserting that offering only 2 percent equity will fail to attract investors, while Ahmed defends the small ticket size.13:18–15:24 · Nathan as informed peer 4/10 The Famous Five Questions and Executive Episode Recap Nathan guides Ahmed through the rapid-fire Famous Five questionnaire and concludes with an executive breakdown summarizing the venture's financial and operational metrics.0:00–2:42 · Guest teaching 0/10 Show Hook and GetLatka Subscription Promotion Segment 1 contains introductory audio teasers, a lengthy GetLatka platform promotional read, and a brief welcome introduction of guest Ahmed Shalabi.2:44–5:40 · Guest teaching 1/10 Marketplace Traction, Revenue Model, and Bootstrapping Reality Nathan methodically probes early traction metrics, confirming order counts, commission percentages, and Ahmed's financial constraints maintaining a full-time mechanical engineering job.5:40–8:59 · Guest teaching 3/10 Customer Acquisition Strategies and Competing Against Talabat Ahmed explains his paid acquisition spend across Facebook and Google Ads and clarifies the regional competitive landscape against delivery giant Talabat, followed by an ad read.9:02–13:15 · Guest teaching 3/10 Development Costs, App Launch, and Seed Fundraising Plans Nathan reviews development expenses and challenges Ahmed's fundraising proposition, asserting that offering only 2 percent equity will fail to attract investors, while Ahmed defends the small ticket size.13:18–15:24 · Guest teaching 0/10 The Famous Five Questions and Executive Episode Recap Nathan guides Ahmed through the rapid-fire Famous Five questionnaire and concludes with an executive breakdown summarizing the venture's financial and operational metrics.0:00–2:42 · Guest disagreement 0/10 Show Hook and GetLatka Subscription Promotion Segment 1 contains introductory audio teasers, a lengthy GetLatka platform promotional read, and a brief welcome introduction of guest Ahmed Shalabi.2:44–5:40 · Guest disagreement 1/10 Marketplace Traction, Revenue Model, and Bootstrapping Reality Nathan methodically probes early traction metrics, confirming order counts, commission percentages, and Ahmed's financial constraints maintaining a full-time mechanical engineering job.5:40–8:59 · Guest disagreement 1/10 Customer Acquisition Strategies and Competing Against Talabat Ahmed explains his paid acquisition spend across Facebook and Google Ads and clarifies the regional competitive landscape against delivery giant Talabat, followed by an ad read.9:02–13:15 · Guest disagreement 3/10 Development Costs, App Launch, and Seed Fundraising Plans Nathan reviews development expenses and challenges Ahmed's fundraising proposition, asserting that offering only 2 percent equity will fail to attract investors, while Ahmed defends the small ticket size.13:18–15:24 · Guest disagreement 0/10 The Famous Five Questions and Executive Episode Recap Nathan guides Ahmed through the rapid-fire Famous Five questionnaire and concludes with an executive breakdown summarizing the venture's financial and operational metrics.0:00–2:42 · Nathan pushing back 0/10 Show Hook and GetLatka Subscription Promotion Segment 1 contains introductory audio teasers, a lengthy GetLatka platform promotional read, and a brief welcome introduction of guest Ahmed Shalabi.2:44–5:40 · Nathan pushing back 2/10 Marketplace Traction, Revenue Model, and Bootstrapping Reality Nathan methodically probes early traction metrics, confirming order counts, commission percentages, and Ahmed's financial constraints maintaining a full-time mechanical engineering job.5:40–8:59 · Nathan pushing back 2/10 Customer Acquisition Strategies and Competing Against Talabat Ahmed explains his paid acquisition spend across Facebook and Google Ads and clarifies the regional competitive landscape against delivery giant Talabat, followed by an ad read.9:02–13:15 · Nathan pushing back 5/10 Development Costs, App Launch, and Seed Fundraising Plans Nathan reviews development expenses and challenges Ahmed's fundraising proposition, asserting that offering only 2 percent equity will fail to attract investors, while Ahmed defends the small ticket size.13:18–15:24 · Nathan pushing back 1/10 The Famous Five Questions and Executive Episode Recap Nathan guides Ahmed through the rapid-fire Famous Five questionnaire and concludes with an executive breakdown summarizing the venture's financial and operational metrics.

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

0:00 · Nathan 62.6% · guest 37.4%0:00 · Nathan 62.6% · guest 37.4%3:00 · Nathan 51.9% · guest 48.1%3:00 · Nathan 51.9% · guest 48.1%6:00 · Nathan 64.7% · guest 35.3%6:00 · Nathan 64.7% · guest 35.3%9:00 · Nathan 29.6% · guest 70.4%9:00 · Nathan 29.6% · guest 70.4%12:00 · Nathan 59.1% · guest 40.9%12:00 · Nathan 59.1% · guest 40.9%15:00 · Nathan 98.7% · guest 1.3%15:00 · Nathan 98.7% · guest 1.3%
Sharpest disagreement ▶ 12:53 Guest defends low equity offer relative to capital asked

Ahmed pushes back against Nathan's skepticism, arguing that half a million Egyptian pounds is such a small dollar figure that offering more equity is unnecessary.

 Hardest push from Nathan ▶ 12:46 Host rejects two percent seed equity pitch

Nathan directly challenges Ahmed's fundraising target, flatly stating that two percent equity is not enough to get any investor excited.

 Biggest teaching moment ▶ 9:09 Guest explains Talabat's 35 percent commission and market dominance

Ahmed informs Nathan about the Egyptian food delivery landscape, explaining how Talabat pushed out global delivery platforms while charging restaurants up to 35 percent commission.

 Nathan holds their own ▶ 12:23 Host calculates currency conversions and assesses valuation

Nathan demonstrates financial acumen by converting Egyptian pounds to US dollar amounts in real time to evaluate the venture's actual funding requirement and valuation.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Show Hook and GetLatka Subscription Promotion 2000 Segment 1 contains introductory audio teasers, a lengthy GetLatka platform promotional read, and a brief welcome introduction of guest Ahmed Shalabi.
Marketplace Traction, Revenue Model, and Bootstrapping Reality 5112 Nathan methodically probes early traction metrics, confirming order counts, commission percentages, and Ahmed's financial constraints maintaining a full-time mechanical engineering job.
Customer Acquisition Strategies and Competing Against Talabat 4312 Ahmed explains his paid acquisition spend across Facebook and Google Ads and clarifies the regional competitive landscape against delivery giant Talabat, followed by an ad read.
Development Costs, App Launch, and Seed Fundraising Plans 6335 Nathan reviews development expenses and challenges Ahmed's fundraising proposition, asserting that offering only 2 percent equity will fail to attract investors, while Ahmed defends the small ticket size.
The Famous Five Questions and Executive Episode Recap 4001 Nathan guides Ahmed through the rapid-fire Famous Five questionnaire and concludes with an executive breakdown summarizing the venture's financial and operational metrics.

Statements from this episode (7)

Assertion Not checkable as stated
Shalabi: Mainstream Delivery Apps Overlook the Seafood Market
“Seafood is not it's not a great focus for similar apps in the market. There is a clear gap we are making in delivering seafood.”
Ahmed Shalabi Aug 7, 2021 ▶ 2:29
Assertion Not checkable as stated
Shalabi: IU Seafood Marketplace Takes 15% Commission on 250 EGP Orders
“The average order size around 250 Egyptian pounds. And my commission is around 15% of this value.”
Ahmed Shalabi Aug 7, 2021 ▶ 4:03
Disclosure
Shalabi: Will Go Full-Time on IU After 3x-ing Engineering Salary
“Hopefully, when I, three X my day job salary.”
Ahmed Shalabi Aug 7, 2021 ▶ 5:09
Disclosure
Shalabi: IU Spent Around $500 on Google Ads Last Month
“I spent around 500 dollars.”
Ahmed Shalabi Aug 7, 2021 ▶ 5:58
Assertion Partly supported
Shalabi: Talabat charges restaurants around 35% commission per order
“They are asking them for around 35 percent on order.”
Ahmed Shalabi Aug 7, 2021 ▶ 9:17
Assertion Not checkable as stated
Shalabi: Global delivery apps left Egypt after Talabat took entire market
“We were, we had global ones in our market, but they are, they quit Egypt because Talbot acquired all the market share entirely.”
Ahmed Shalabi Aug 7, 2021 ▶ 9:41
Disclosure
Shalabi pays developer $500 monthly to rent IU marketplace software
“Mainly on the application itself, the developer, the development company, I am hiring, I'm renting the application from them with mostly fees 500 dollars.”
Ahmed Shalabi Aug 7, 2021 ▶ 11:09
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