Mar 12, 2017 · 16m · top-founders

EP 596: ClaimCompass Has Helped 1000 Airline Passengers Get $420 Each Back From Airlines for Cancelled Tickets and Lost Items with CEO Tatyana Mitkova

Tatiana Mitkova · 7m 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, Nathan Latka interviews ClaimCompass CEO Tatyana Mitkova to explore how her automated legal tech startup secures flight delay compensation for passengers, scales to 105,000 dollars in monthly revenue, and prepares for a 1 million dollar seed round through 500 Startups.

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 45.6% of the talking time here. How this is scored →

Nathan as informed peer 3.8 Guest teaching 2.3 Guest disagreement 0.3 Nathan pushing back 1.0
05100:0010:001:25–5:19 · Nathan as informed peer 5/10 Introducing ClaimCompass and the Flight Compensation Model Nathan quickly computes the monthly gross revenue based on Tatiana's figures for claims volume, average refund, and commission take. Tatiana explains the European passenger regulatory landscape and automated claims processing.5:19–8:48 · Nathan as informed peer 5/10 ClaimCompass Founding Story and Seed Accelerator Funding Nathan breaks down customer acquisition cost against revenue generated per customer to check unit economics. Tatiana shares details on their 500 Startups accelerator terms and marketing spend.8:49–11:50 · Nathan as informed peer 4/10 Upcoming Demo Day, Seed Fundraising, and Competitive Landscape Tatiana educates Nathan on European investor preferences for priced equity over convertible notes, as well as competitors taking on balance-sheet risk by buying passenger claims upfront.11:52–14:21 · Nathan as informed peer 1/10 Sponsor Message: FreshBooks Expense and Invoice Management Nathan delivers a FreshBooks sponsor read before conducting the standard Famous Five rapid-fire questions, advising Tatiana not to fabricate a book recommendation when she hesitates.1:25–5:19 · Guest teaching 3/10 Introducing ClaimCompass and the Flight Compensation Model Nathan quickly computes the monthly gross revenue based on Tatiana's figures for claims volume, average refund, and commission take. Tatiana explains the European passenger regulatory landscape and automated claims processing.5:19–8:48 · Guest teaching 2/10 ClaimCompass Founding Story and Seed Accelerator Funding Nathan breaks down customer acquisition cost against revenue generated per customer to check unit economics. Tatiana shares details on their 500 Startups accelerator terms and marketing spend.8:49–11:50 · Guest teaching 4/10 Upcoming Demo Day, Seed Fundraising, and Competitive Landscape Tatiana educates Nathan on European investor preferences for priced equity over convertible notes, as well as competitors taking on balance-sheet risk by buying passenger claims upfront.11:52–14:21 · Guest teaching 0/10 Sponsor Message: FreshBooks Expense and Invoice Management Nathan delivers a FreshBooks sponsor read before conducting the standard Famous Five rapid-fire questions, advising Tatiana not to fabricate a book recommendation when she hesitates.1:25–5:19 · Guest disagreement 0/10 Introducing ClaimCompass and the Flight Compensation Model Nathan quickly computes the monthly gross revenue based on Tatiana's figures for claims volume, average refund, and commission take. Tatiana explains the European passenger regulatory landscape and automated claims processing.5:19–8:48 · Guest disagreement 0/10 ClaimCompass Founding Story and Seed Accelerator Funding Nathan breaks down customer acquisition cost against revenue generated per customer to check unit economics. Tatiana shares details on their 500 Startups accelerator terms and marketing spend.8:49–11:50 · Guest disagreement 1/10 Upcoming Demo Day, Seed Fundraising, and Competitive Landscape Tatiana educates Nathan on European investor preferences for priced equity over convertible notes, as well as competitors taking on balance-sheet risk by buying passenger claims upfront.11:52–14:21 · Guest disagreement 0/10 Sponsor Message: FreshBooks Expense and Invoice Management Nathan delivers a FreshBooks sponsor read before conducting the standard Famous Five rapid-fire questions, advising Tatiana not to fabricate a book recommendation when she hesitates.1:25–5:19 · Nathan pushing back 1/10 Introducing ClaimCompass and the Flight Compensation Model Nathan quickly computes the monthly gross revenue based on Tatiana's figures for claims volume, average refund, and commission take. Tatiana explains the European passenger regulatory landscape and automated claims processing.5:19–8:48 · Nathan pushing back 1/10 ClaimCompass Founding Story and Seed Accelerator Funding Nathan breaks down customer acquisition cost against revenue generated per customer to check unit economics. Tatiana shares details on their 500 Startups accelerator terms and marketing spend.8:49–11:50 · Nathan pushing back 1/10 Upcoming Demo Day, Seed Fundraising, and Competitive Landscape Tatiana educates Nathan on European investor preferences for priced equity over convertible notes, as well as competitors taking on balance-sheet risk by buying passenger claims upfront.11:52–14:21 · Nathan pushing back 1/10 Sponsor Message: FreshBooks Expense and Invoice Management Nathan delivers a FreshBooks sponsor read before conducting the standard Famous Five rapid-fire questions, advising Tatiana not to fabricate a book recommendation when she hesitates.

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

0:00 · Nathan 63.7% · guest 36.3%0:00 · Nathan 63.7% · guest 36.3%3:00 · Nathan 27.6% · guest 72.4%3:00 · Nathan 27.6% · guest 72.4%6:00 · Nathan 25.2% · guest 74.8%6:00 · Nathan 25.2% · guest 74.8%9:00 · Nathan 12% · guest 88%9:00 · Nathan 12% · guest 88%12:00 · Nathan 79.2% · guest 20.8%12:00 · Nathan 79.2% · guest 20.8%15:00 · Nathan 100% · guest 0%15:00 · Nathan 100% · guest 0%
Sharpest disagreement ▶ 9:55 Tatiana nuances convertible note assumption

Tatiana gently rejects Nathan's assumption that they will strictly raise on a convertible note, explaining European venture norms require priced equity rounds.

Hardest push from Nathan ▶ 13:15 Nathan rejects hesitation during Famous Five

When Tatiana hesitates to name a business book, Nathan pushes back directly, telling her not to make something up if none comes to mind.

Biggest teaching moment ▶ 11:17 Explaining instant-payout competitor dynamics

Tatiana explains an emerging alternative model where competitors assume claim risk by paying passengers 50% upfront within 48 hours without knowing if airlines will pay.

Nathan holds their own ▶ 3:50 Nathan multiplies claim volume and take rate

Nathan demonstrates quick mental math by instantly computing ClaimCompass's monthly revenue run rate of $105k from Tatiana's individual data points.

the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing ClaimCompass and the Flight Compensation Model 5301 Nathan quickly computes the monthly gross revenue based on Tatiana's figures for claims volume, average refund, and commission take. Tatiana explains the European passenger regulatory landscape and automated claims processing.
ClaimCompass Founding Story and Seed Accelerator Funding 5201 Nathan breaks down customer acquisition cost against revenue generated per customer to check unit economics. Tatiana shares details on their 500 Startups accelerator terms and marketing spend.
Upcoming Demo Day, Seed Fundraising, and Competitive Landscape 4411 Tatiana educates Nathan on European investor preferences for priced equity over convertible notes, as well as competitors taking on balance-sheet risk by buying passenger claims upfront.
Sponsor Message: FreshBooks Expense and Invoice Management 1001 Nathan delivers a FreshBooks sponsor read before conducting the standard Famous Five rapid-fire questions, advising Tatiana not to fabricate a book recommendation when she hesitates.

Statements from this episode (8)

Assertion Contradicted
Mitkova: Over 90% of airline passengers unaware of compensation rights
“But interesting is that more than 90% of passengers are unaware of their rights.”
Tatiana Mitkova Mar 12, 2017 ▶ 2:29
Disclosure
ClaimCompass charges 25% success-based fee for flight compensation
“Oh, so we make money by keeping a 25% success based commission.”
Tatiana Mitkova Mar 12, 2017 ▶ 3:03
Assertion Not checkable as stated
Mitkova: ClaimCompass grew about 75% MoM over past three months
“So we've been growing with about a 75% month over month in the next in the last three months.”
Tatiana Mitkova Mar 12, 2017 ▶ 3:28
Assertion Not checkable as stated
Mitkova: ClaimCompass has established relationships with over 50 airlines
“Other than that, we've established relationships with more than 50 airlines,”
Tatiana Mitkova Mar 12, 2017 ▶ 4:35
Disclosure
Mitkova: ClaimCompass bootstrapped before receiving $150K from 500 Startups
“So we've been bootstrapping up until three months ago when we entered the 500 startups program here, and how it works is it was an accelerator. It's already rebranded as a seed previous seed and seed program, and you receive 150 K from them.”
Tatiana Mitkova Mar 12, 2017 ▶ 6:23
Assertion Not checkable as stated
Mitkova: ClaimCompass acquires customers for $15 to $27 each
“It depends on the channel and audience as we advertise in a lot of different countries in Europe on a lot of different languages, but it goes between 15 and 27 dollars right now.”
Tatiana Mitkova Mar 12, 2017 ▶ 7:52
Disclosure
ClaimCompass targets $1M seed round at $5M valuation cap
“So we're looking into raising a million on a five mil cap.”
Tatiana Mitkova Mar 12, 2017 ▶ 9:52
Assertion Supported
Mitkova: AirHelp is ClaimCompass's largest competitor, focused on Western Europe
“So we have our biggest competitor is called air help. They're mainly operating in Western Europe.”
Tatiana Mitkova Mar 12, 2017 ▶ 10:12
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