StarZero All shows Try the podcast clipper →

Jul 28, 2017 · 19m · top-founders

734: Ex Finance Dad of 3 Wants to Own Your Home

Ty Schlegelmilch · 10m spoken Nathan Latka · 6m spoken
0:00 / 0:00

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

In this episode of The Top Podcast, host Nathan Latka interviews Ty Schlegelmilch, former co-CIO at Fortress Investment Group, about founding Hinged—a curated digital marketplace for home maintenance charging a 5% transaction fee. Ty discusses self-funding the company with seven figures, building a specialized core team, and achieving rapid early adoption across affluent New York and Connecticut suburbs.

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 38.5% of the talking time here. How this is scored →

Nathan as informed peer 3.5 Guest teaching 2.0 Guest disagreement 1.5 Nathan pushing back 3.8
05100:0010:001:47–5:15 · Nathan as informed peer 5/10 The Origin and Vision Behind Hinged Latka pushes for clear mechanics on the revenue model when Schlegelmilch gives a vague answer about software tools. Latka immediately reframes and clarifies the business model as a two-sided marketplace taking a 5 percent take rate.5:16–7:26 · Nathan as informed peer 4/10 Marketplace Traction Geographic Coverage and Active Users Latka drills into vague metrics, refusing to accept vague answers like several hundred or reasonable percentage. He forces Schlegelmilch to commit to an estimated range of 20 to 40 percent active users.7:29–9:37 · Nathan as informed peer 3/10 Top Service Categories and Early Customer Transactions A collaborative segment where Latka asks about job types and average transaction values. Schlegelmilch details appliance repairs and flooring jobs without friction.9:37–11:45 · Nathan as informed peer 3/10 Self Funding with Seven Figures and Venture Capital Strategy Latka inquires about self-funding versus venture capital. Schlegelmilch explains investing seven figures of his own capital and describes the venture capital strategy as a race for the home.11:45–14:40 · Nathan as informed peer 4/10 Internal Team Structure and Product Development with Cognance Schlegelmilch corrects Latka's assumption that the outsourced team built a minimum viable product. Latka then pushes hard to extract Schlegelmilch's past Wall Street compensation, which the guest deflects with broad baseball analogies.14:40–18:27 · Nathan as informed peer 2/10 Sponsor Spotlight Exploring SaaS Data on GetLatka dot com Contains a sponsor spotlight for GetLatka dot com followed by standard Famous Five questions. The exchange is lighthearted and conversational.1:47–5:15 · Guest teaching 2/10 The Origin and Vision Behind Hinged Latka pushes for clear mechanics on the revenue model when Schlegelmilch gives a vague answer about software tools. Latka immediately reframes and clarifies the business model as a two-sided marketplace taking a 5 percent take rate.5:16–7:26 · Guest teaching 1/10 Marketplace Traction Geographic Coverage and Active Users Latka drills into vague metrics, refusing to accept vague answers like several hundred or reasonable percentage. He forces Schlegelmilch to commit to an estimated range of 20 to 40 percent active users.7:29–9:37 · Guest teaching 2/10 Top Service Categories and Early Customer Transactions A collaborative segment where Latka asks about job types and average transaction values. Schlegelmilch details appliance repairs and flooring jobs without friction.9:37–11:45 · Guest teaching 2/10 Self Funding with Seven Figures and Venture Capital Strategy Latka inquires about self-funding versus venture capital. Schlegelmilch explains investing seven figures of his own capital and describes the venture capital strategy as a race for the home.11:45–14:40 · Guest teaching 4/10 Internal Team Structure and Product Development with Cognance Schlegelmilch corrects Latka's assumption that the outsourced team built a minimum viable product. Latka then pushes hard to extract Schlegelmilch's past Wall Street compensation, which the guest deflects with broad baseball analogies.14:40–18:27 · Guest teaching 1/10 Sponsor Spotlight Exploring SaaS Data on GetLatka dot com Contains a sponsor spotlight for GetLatka dot com followed by standard Famous Five questions. The exchange is lighthearted and conversational.1:47–5:15 · Guest disagreement 1/10 The Origin and Vision Behind Hinged Latka pushes for clear mechanics on the revenue model when Schlegelmilch gives a vague answer about software tools. Latka immediately reframes and clarifies the business model as a two-sided marketplace taking a 5 percent take rate.5:16–7:26 · Guest disagreement 2/10 Marketplace Traction Geographic Coverage and Active Users Latka drills into vague metrics, refusing to accept vague answers like several hundred or reasonable percentage. He forces Schlegelmilch to commit to an estimated range of 20 to 40 percent active users.7:29–9:37 · Guest disagreement 1/10 Top Service Categories and Early Customer Transactions A collaborative segment where Latka asks about job types and average transaction values. Schlegelmilch details appliance repairs and flooring jobs without friction.9:37–11:45 · Guest disagreement 1/10 Self Funding with Seven Figures and Venture Capital Strategy Latka inquires about self-funding versus venture capital. Schlegelmilch explains investing seven figures of his own capital and describes the venture capital strategy as a race for the home.11:45–14:40 · Guest disagreement 3/10 Internal Team Structure and Product Development with Cognance Schlegelmilch corrects Latka's assumption that the outsourced team built a minimum viable product. Latka then pushes hard to extract Schlegelmilch's past Wall Street compensation, which the guest deflects with broad baseball analogies.14:40–18:27 · Guest disagreement 1/10 Sponsor Spotlight Exploring SaaS Data on GetLatka dot com Contains a sponsor spotlight for GetLatka dot com followed by standard Famous Five questions. The exchange is lighthearted and conversational.1:47–5:15 · Nathan pushing back 4/10 The Origin and Vision Behind Hinged Latka pushes for clear mechanics on the revenue model when Schlegelmilch gives a vague answer about software tools. Latka immediately reframes and clarifies the business model as a two-sided marketplace taking a 5 percent take rate.5:16–7:26 · Nathan pushing back 6/10 Marketplace Traction Geographic Coverage and Active Users Latka drills into vague metrics, refusing to accept vague answers like several hundred or reasonable percentage. He forces Schlegelmilch to commit to an estimated range of 20 to 40 percent active users.7:29–9:37 · Nathan pushing back 2/10 Top Service Categories and Early Customer Transactions A collaborative segment where Latka asks about job types and average transaction values. Schlegelmilch details appliance repairs and flooring jobs without friction.9:37–11:45 · Nathan pushing back 3/10 Self Funding with Seven Figures and Venture Capital Strategy Latka inquires about self-funding versus venture capital. Schlegelmilch explains investing seven figures of his own capital and describes the venture capital strategy as a race for the home.11:45–14:40 · Nathan pushing back 6/10 Internal Team Structure and Product Development with Cognance Schlegelmilch corrects Latka's assumption that the outsourced team built a minimum viable product. Latka then pushes hard to extract Schlegelmilch's past Wall Street compensation, which the guest deflects with broad baseball analogies.14:40–18:27 · Nathan pushing back 2/10 Sponsor Spotlight Exploring SaaS Data on GetLatka dot com Contains a sponsor spotlight for GetLatka dot com followed by standard Famous Five questions. The exchange is lighthearted and conversational.

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

0:00 · Nathan 53.3% · guest 46.7%0:00 · Nathan 53.3% · guest 46.7%3:00 · Nathan 18.6% · guest 81.4%3:00 · Nathan 18.6% · guest 81.4%6:00 · Nathan 30.3% · guest 69.7%6:00 · Nathan 30.3% · guest 69.7%9:00 · Nathan 13.2% · guest 86.8%9:00 · Nathan 13.2% · guest 86.8%12:00 · Nathan 40.9% · guest 59.1%12:00 · Nathan 40.9% · guest 59.1%15:00 · Nathan 60.9% · guest 39.1%15:00 · Nathan 60.9% · guest 39.1%18:00 · Nathan 74.1% · guest 25.9%18:00 · Nathan 74.1% · guest 25.9%
Sharpest disagreement ▶ 14:06 Schlegelmilch resists disclosing past salary

Schlegelmilch firmly resists Latka's persistent questioning regarding his Wall Street compensation, offering vague analogies about baseball players rather than specific dollar amounts.

 Hardest push from Nathan ▶ 6:45 Latka demands exact numbers on traction

Latka refuses to accept Schlegelmilch's vague statement that a 'reasonable percentage' has used the platform, bluntly asserting that 'no one knows' until specific figures are given.

 Biggest teaching moment ▶ 12:08 Schlegelmilch corrects the MVP assumption

When Latka assumes Cognance was hired solely to build a minimum viable product, Schlegelmilch directly corrects him by stating they skipped the MVP phase entirely to launch a fully commercial product.

 Nathan holds their own ▶ 4:15 Latka cuts through pitch to define marketplace economics

Latka cuts through Schlegelmilch's marketing framing of a SaaS solution to pinpoint that Hinged is fundamentally a transactional home services marketplace taking a 5 percent take rate.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
The Origin and Vision Behind Hinged 5214 Latka pushes for clear mechanics on the revenue model when Schlegelmilch gives a vague answer about software tools. Latka immediately reframes and clarifies the business model as a two-sided marketplace taking a 5 percent take rate.
Marketplace Traction Geographic Coverage and Active Users 4126 Latka drills into vague metrics, refusing to accept vague answers like several hundred or reasonable percentage. He forces Schlegelmilch to commit to an estimated range of 20 to 40 percent active users.
Top Service Categories and Early Customer Transactions 3212 A collaborative segment where Latka asks about job types and average transaction values. Schlegelmilch details appliance repairs and flooring jobs without friction.
Self Funding with Seven Figures and Venture Capital Strategy 3213 Latka inquires about self-funding versus venture capital. Schlegelmilch explains investing seven figures of his own capital and describes the venture capital strategy as a race for the home.
Internal Team Structure and Product Development with Cognance 4436 Schlegelmilch corrects Latka's assumption that the outsourced team built a minimum viable product. Latka then pushes hard to extract Schlegelmilch's past Wall Street compensation, which the guest deflects with broad baseball analogies.
Sponsor Spotlight Exploring SaaS Data on GetLatka dot com 2112 Contains a sponsor spotlight for GetLatka dot com followed by standard Famous Five questions. The exchange is lighthearted and conversational.

Statements from this episode (12)

Disclosure
Hinged charges service providers a 5% platform transaction fee
“So, so we take five percent of the revenue that goes through on the platform from the service providers providing maintenance or repair.”
Ty Schlegelmilch Jul 28, 2017 ▶ 4:19
Assertion Not checkable as stated
Hinged operates across Fairfield and Westchester with hundreds of service providers
“Across Fairfield, Westchester County, which are the two markets that we're currently in we have a few hundred service providers, and that includes everything from, we have about 50 different categories”
Ty Schlegelmilch Jul 28, 2017 ▶ 5:41
Assertion Not checkable as stated
Hinged grew 100 percent month-over-month in its first three months
“And obviously it's been three months, so when you think about the growth of a hundred percent month over month you know, the time that these people have been on the platform has been somewhat limited”
Ty Schlegelmilch Jul 28, 2017 ▶ 6:32
Assertion Not checkable as stated
Schlegelmilch: 20% to 40% of Hinged homeowners actively transact
“Somewhere on the order of, on an average user basis, somewhere on the order of probably 20 to, 20% plus, 20 to 40% probably.”
Ty Schlegelmilch Jul 28, 2017 ▶ 6:58
Assertion Not checkable as stated
The average job value on Hinged is around $1,500
“The average is probably somewhere on the order of about 1500 dollars or so.”
Ty Schlegelmilch Jul 28, 2017 ▶ 9:43
Assertion Not checkable as stated
Hinged processed over $100,000 in GMV in its first three months
“More. So the process through the platform and some of these, like for instance, a flooring install may take two to three months. Got it. So when you go to the three months of life, life stand for us, you know, it's been, More than that at this point in time. …”
Ty Schlegelmilch Jul 28, 2017 ▶ 9:53
Disclosure
Schlegelmilch personally invested seven figures to self-fund Hinged
“It's in the seven figures.”
Ty Schlegelmilch Jul 28, 2017 ▶ 10:32
Disclosure
Schlegelmilch: Hinged Is in Active VC and Strategic Fundraising Talks
“We're, we've just started actually the discussions on the capital raising side, which are going remarkably well. some strategic players as well as some very notable finance the VC world. So yeah, We'll be doing that over the next few months.”
Ty Schlegelmilch Jul 28, 2017 ▶ 10:53
Opinion
The digital home management market is a winner-take-all land grab
“This is a land grab. I mean, really, this is a race for the home. And, you know, we haven't gone into a lot of what we do on the customized homeowner experience, but you know, this is a race for the home, and this is about putting in a tool and a device in a h…”
Ty Schlegelmilch Jul 28, 2017 ▶ 11:12
Disclosure
Hinged Skipped MVP Stage to Launch Full Commercial Product
“We skipped immediately through the MVP. So we, this is a full functional commercial product.”
Ty Schlegelmilch Jul 28, 2017 ▶ 12:20
Disclosure
Hinged spent 90 percent of its initial funding on product development
“The vast majority, about 90% of that was spent on development.”
Ty Schlegelmilch Jul 28, 2017 ▶ 13:02
Disclosure
Schlegelmilch compares his past finance compensation to MLB player salaries
“Range from, you know, back office administration to, you know, major league baseball player.”
Ty Schlegelmilch Jul 28, 2017 ▶ 14:06
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 2,600 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more