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Jun 23, 2016 · 23m · top-founders

EP 314: He Just Sold His Company SkillBridge.co, But Why?

Salim Chowdhury · 12m spoken Nathan Latka · 9m 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 Salim Chowdhury, former CTO of SkillBridge, about scaling an on-demand talent platform for elite management consultants. Salim details the company's unit economics, private equity client base, and the strategic rationale behind its acquisition by freelance network Toptal.

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 43.1% of the talking time here. How this is scored →

Nathan as informed peer 4.6 Guest teaching 3.2 Guest disagreement 1.8 Nathan pushing back 4.2
05100:0010:0020:001:47–5:46 · Nathan as informed peer 4/10 SkillBridge Founding Story and Core Platform Value Proposition Salim explains why conventional marketplace mechanics like five-star rating systems fail for high-caliber management consultants. Nathan interrupts to clarify Salim's transition from client to co-founder.5:47–9:49 · Nathan as informed peer 6/10 Marketplace Metrics, Team Structure, and Seed Funding Nathan drills deep into SkillBridge's seed round funding history and terms. When Salim tries to dodge disclosing figures due to post-acquisition secrecy, Nathan pushes repeatedly until he brackets the number between one hundred thousand and two million dollars.9:50–13:46 · Nathan as informed peer 5/10 Project Economics, Client Vetting, and Platform Volume Salim details private equity due diligence project economics and client screening. When Nathan asks for March transaction volume and Salim hesitates, Nathan insists on an alternate proxy metric, prompting Salim to share project posting values.13:47–18:08 · Nathan as informed peer 5/10 The Strategic Sale to Toptal and Market Expansion Salim breaks down the strategic rationale for selling to Toptal rather than raising more venture capital. Nathan investigates whether investors made money and probes the multiples used to value the marketplace platform.18:08–22:32 · Nathan as informed peer 3/10 Guest Contact Information and HostGator Sponsor Break The episode concludes with contact details, a HostGator ad read, and the Famous Five rapid-fire segment. Salim shares tools and expresses strong personal disagreement with airline sales.1:47–5:46 · Guest teaching 5/10 SkillBridge Founding Story and Core Platform Value Proposition Salim explains why conventional marketplace mechanics like five-star rating systems fail for high-caliber management consultants. Nathan interrupts to clarify Salim's transition from client to co-founder.5:47–9:49 · Guest teaching 2/10 Marketplace Metrics, Team Structure, and Seed Funding Nathan drills deep into SkillBridge's seed round funding history and terms. When Salim tries to dodge disclosing figures due to post-acquisition secrecy, Nathan pushes repeatedly until he brackets the number between one hundred thousand and two million dollars.9:50–13:46 · Guest teaching 3/10 Project Economics, Client Vetting, and Platform Volume Salim details private equity due diligence project economics and client screening. When Nathan asks for March transaction volume and Salim hesitates, Nathan insists on an alternate proxy metric, prompting Salim to share project posting values.13:47–18:08 · Guest teaching 4/10 The Strategic Sale to Toptal and Market Expansion Salim breaks down the strategic rationale for selling to Toptal rather than raising more venture capital. Nathan investigates whether investors made money and probes the multiples used to value the marketplace platform.18:08–22:32 · Guest teaching 2/10 Guest Contact Information and HostGator Sponsor Break The episode concludes with contact details, a HostGator ad read, and the Famous Five rapid-fire segment. Salim shares tools and expresses strong personal disagreement with airline sales.1:47–5:46 · Guest disagreement 1/10 SkillBridge Founding Story and Core Platform Value Proposition Salim explains why conventional marketplace mechanics like five-star rating systems fail for high-caliber management consultants. Nathan interrupts to clarify Salim's transition from client to co-founder.5:47–9:49 · Guest disagreement 3/10 Marketplace Metrics, Team Structure, and Seed Funding Nathan drills deep into SkillBridge's seed round funding history and terms. When Salim tries to dodge disclosing figures due to post-acquisition secrecy, Nathan pushes repeatedly until he brackets the number between one hundred thousand and two million dollars.9:50–13:46 · Guest disagreement 2/10 Project Economics, Client Vetting, and Platform Volume Salim details private equity due diligence project economics and client screening. When Nathan asks for March transaction volume and Salim hesitates, Nathan insists on an alternate proxy metric, prompting Salim to share project posting values.13:47–18:08 · Guest disagreement 1/10 The Strategic Sale to Toptal and Market Expansion Salim breaks down the strategic rationale for selling to Toptal rather than raising more venture capital. Nathan investigates whether investors made money and probes the multiples used to value the marketplace platform.18:08–22:32 · Guest disagreement 2/10 Guest Contact Information and HostGator Sponsor Break The episode concludes with contact details, a HostGator ad read, and the Famous Five rapid-fire segment. Salim shares tools and expresses strong personal disagreement with airline sales.1:47–5:46 · Nathan pushing back 3/10 SkillBridge Founding Story and Core Platform Value Proposition Salim explains why conventional marketplace mechanics like five-star rating systems fail for high-caliber management consultants. Nathan interrupts to clarify Salim's transition from client to co-founder.5:47–9:49 · Nathan pushing back 7/10 Marketplace Metrics, Team Structure, and Seed Funding Nathan drills deep into SkillBridge's seed round funding history and terms. When Salim tries to dodge disclosing figures due to post-acquisition secrecy, Nathan pushes repeatedly until he brackets the number between one hundred thousand and two million dollars.9:50–13:46 · Nathan pushing back 6/10 Project Economics, Client Vetting, and Platform Volume Salim details private equity due diligence project economics and client screening. When Nathan asks for March transaction volume and Salim hesitates, Nathan insists on an alternate proxy metric, prompting Salim to share project posting values.13:47–18:08 · Nathan pushing back 4/10 The Strategic Sale to Toptal and Market Expansion Salim breaks down the strategic rationale for selling to Toptal rather than raising more venture capital. Nathan investigates whether investors made money and probes the multiples used to value the marketplace platform.18:08–22:32 · Nathan pushing back 1/10 Guest Contact Information and HostGator Sponsor Break The episode concludes with contact details, a HostGator ad read, and the Famous Five rapid-fire segment. Salim shares tools and expresses strong personal disagreement with airline sales.

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

0:00 · Nathan 69.9% · guest 30.1%0:00 · Nathan 69.9% · guest 30.1%3:00 · Nathan 23.1% · guest 76.9%3:00 · Nathan 23.1% · guest 76.9%6:00 · Nathan 38.1% · guest 61.9%6:00 · Nathan 38.1% · guest 61.9%9:00 · Nathan 25.4% · guest 74.6%9:00 · Nathan 25.4% · guest 74.6%12:00 · Nathan 31.6% · guest 68.4%12:00 · Nathan 31.6% · guest 68.4%15:00 · Nathan 29.9% · guest 70.1%15:00 · Nathan 29.9% · guest 70.1%18:00 · Nathan 62.3% · guest 37.7%18:00 · Nathan 62.3% · guest 37.7%21:00 · Nathan 68.8% · guest 31.2%21:00 · Nathan 68.8% · guest 31.2%
Sharpest disagreement ▶ 20:31 Salim's vehement objection to airline acquisitions

Salim strongly rejects the premise of Richard Branson selling airline assets, voicing genuine distress over Virgin's deals.

 Hardest push from Nathan ▶ 9:06 Nathan refusing to accept funding secrecy

When Salim hedges on disclosing fundraising figures post-acquisition, Nathan refuses the deflection and forces a specific upper and lower bound.

 Biggest teaching moment ▶ 2:02 Salim explaining high-end human cloud dynamics

Salim educates Nathan on why elite management consultants cannot be treated like generic gig workers rated on 5-star scales.

 Nathan holds their own ▶ 8:43 Nathan demonstrating standard accelerator term knowledge

Nathan demonstrates venture industry domain expertise by quoting standard 500 Startups accelerator terms and checking public registry data against Salim's claims.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
SkillBridge Founding Story and Core Platform Value Proposition 4513 Salim explains why conventional marketplace mechanics like five-star rating systems fail for high-caliber management consultants. Nathan interrupts to clarify Salim's transition from client to co-founder.
Marketplace Metrics, Team Structure, and Seed Funding 6237 Nathan drills deep into SkillBridge's seed round funding history and terms. When Salim tries to dodge disclosing figures due to post-acquisition secrecy, Nathan pushes repeatedly until he brackets the number between one hundred thousand and two million dollars.
Project Economics, Client Vetting, and Platform Volume 5326 Salim details private equity due diligence project economics and client screening. When Nathan asks for March transaction volume and Salim hesitates, Nathan insists on an alternate proxy metric, prompting Salim to share project posting values.
The Strategic Sale to Toptal and Market Expansion 5414 Salim breaks down the strategic rationale for selling to Toptal rather than raising more venture capital. Nathan investigates whether investors made money and probes the multiples used to value the marketplace platform.
Guest Contact Information and HostGator Sponsor Break 3221 The episode concludes with contact details, a HostGator ad read, and the Famous Five rapid-fire segment. Salim shares tools and expresses strong personal disagreement with airline sales.

Statements from this episode (11)

Insight
Chowdhury says five-star rating systems fail for elite management consultants
“Management consultants can't really be ranked on a five-star rating. Have you ever met a Harvard business school grad that would generally think, yeah, five stars. That's how I'd rate my work. Does not work in the slightest.”
Salim Chowdhury Jun 23, 2016 ▶ 2:17
Disclosure
SkillBridge reached a peak team size of just seven employees
“So we, the company had a peak team size of seven.”
Salim Chowdhury Jun 23, 2016 ▶ 5:47
Disclosure
SkillBridge charged a flat 20% take rate on all consulting work
“We basically took a 20% flat fee on any on, on any work that was conducted through the platform.”
Salim Chowdhury Jun 23, 2016 ▶ 6:37
Assertion Not checkable as stated
SkillBridge had roughly 1,000 clients place projects on its platform
“On, in total, I think there's been just about a, there were about a thousand or so thousands of people who've, who've placed projects on the platform.”
Salim Chowdhury Jun 23, 2016 ▶ 8:01
Disclosure
SkillBridge raised less than $2M prior to its acquisition
“It's less than, it's less than two million.”
Salim Chowdhury Jun 23, 2016 ▶ 9:37
Assertion Not checkable as stated
SkillBridge consultant pay rates ranged from $100 to $250 per hour
“Pay rates can be anywhere between a hundred to 250 dollars an hour, depending on the seniority.”
Salim Chowdhury Jun 23, 2016 ▶ 10:34
Assertion Not checkable as stated
SkillBridge average project sizes ranged from $5,000 to $10,000
“I'd say it's sort of the average project size is roughly two K five to 10,000 dollars.”
Salim Chowdhury Jun 23, 2016 ▶ 10:50
Assertion Not checkable as stated
Chowdhury notes that Toptal accepts only 3% of developer applicants
“Literally, they only have, they genuinely only take the three percent of people that apply for them for their developer, for developers.”
Salim Chowdhury Jun 23, 2016 ▶ 12:00
Assertion Not checkable as stated
SkillBridge reached nearly $500,000 in posted projects in March 2016
“If I remember correctly, there were roughly I think just under half a million dollars of projects posted on the platform.”
Salim Chowdhury Jun 23, 2016 ▶ 13:23
Assertion Supported
PwC and Deloitte entered the freelance consulting space by 2016
“PwC have just entered the space. Deloitte have an entry in the space.”
Salim Chowdhury Jun 23, 2016 ▶ 14:02
Insight
Chowdhury argues modern consulting firms should be built as digital platforms
“If you were to build either of those businesses today, you'd probably not build them with fancy offices and sort of, ah, you know, rainmaker partners. You'd probably build them as a platform. And in many ways, that's what I think TopTel are doing. They are bas…”
Salim Chowdhury Jun 23, 2016 ▶ 17:43
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