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Jan 28, 2016 · 16m · top-founders

He Pushed Button, $1 Trillion Transferred with Nick Sonnenbergof CalvinApp

Nick Sonnenberg · 8m 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

Host Nathan Latka interviews former quantitative algorithmic trader Nick Sonnenberg about walking away from a seven-figure Wall Street career to bootstrap and scale his calendar optimization startup, Calvin App.

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 41.5% of the talking time here. How this is scored →

Nathan as informed peer 3.4 Guest teaching 1.6 Guest disagreement 0.4 Nathan pushing back 1.2
05100:0010:001:48–5:46 · Nathan as informed peer 4/10 Algorithmic High-Frequency Trading and Wall Street Volumes Nathan demonstrates familiarity with high-frequency trading infrastructure like microwave links and dark pools. Nick elaborates on managing billions daily and sacrificing a seven-figure income to transition into startups.5:47–9:28 · Nathan as informed peer 6/10 Calvin App Capitalization and Upcoming Seed Round Nathan probes Nick on his funding requirements and convertible note structure, swiftly deducing an implied pre-money valuation of six to eight million dollars. Nick details Calvin App's calendar-overlay mechanics.9:28–12:04 · Nathan as informed peer 3/10 Monetization Roadmaps: Affiliate Bookings and Brand Integrations Nathan asks about revenue generation and user traction metrics. Nick openly outlines early affiliate monetization plans and gaining their first 400 beta users via a Twitter developer showcase.12:04–15:45 · Nathan as informed peer 2/10 Commercial Break: Contest Details and Growth Geeks Sponsor Segment includes a mid-roll advertisement followed by the standard Famous Five rapid-fire questions, where Nick compliments Nathan by naming Nathan's tool FollowUp.cc among his top daily apps.15:45–16:08 · Nathan as informed peer 2/10 Episode Summary and Guest Appreciation Nathan delivers a rapid concluding recap of Nick's background in trading and startup fundraising before wrapping up the episode.1:48–5:46 · Guest teaching 4/10 Algorithmic High-Frequency Trading and Wall Street Volumes Nathan demonstrates familiarity with high-frequency trading infrastructure like microwave links and dark pools. Nick elaborates on managing billions daily and sacrificing a seven-figure income to transition into startups.5:47–9:28 · Guest teaching 2/10 Calvin App Capitalization and Upcoming Seed Round Nathan probes Nick on his funding requirements and convertible note structure, swiftly deducing an implied pre-money valuation of six to eight million dollars. Nick details Calvin App's calendar-overlay mechanics.9:28–12:04 · Guest teaching 2/10 Monetization Roadmaps: Affiliate Bookings and Brand Integrations Nathan asks about revenue generation and user traction metrics. Nick openly outlines early affiliate monetization plans and gaining their first 400 beta users via a Twitter developer showcase.12:04–15:45 · Guest teaching 0/10 Commercial Break: Contest Details and Growth Geeks Sponsor Segment includes a mid-roll advertisement followed by the standard Famous Five rapid-fire questions, where Nick compliments Nathan by naming Nathan's tool FollowUp.cc among his top daily apps.15:45–16:08 · Guest teaching 0/10 Episode Summary and Guest Appreciation Nathan delivers a rapid concluding recap of Nick's background in trading and startup fundraising before wrapping up the episode.1:48–5:46 · Guest disagreement 1/10 Algorithmic High-Frequency Trading and Wall Street Volumes Nathan demonstrates familiarity with high-frequency trading infrastructure like microwave links and dark pools. Nick elaborates on managing billions daily and sacrificing a seven-figure income to transition into startups.5:47–9:28 · Guest disagreement 1/10 Calvin App Capitalization and Upcoming Seed Round Nathan probes Nick on his funding requirements and convertible note structure, swiftly deducing an implied pre-money valuation of six to eight million dollars. Nick details Calvin App's calendar-overlay mechanics.9:28–12:04 · Guest disagreement 0/10 Monetization Roadmaps: Affiliate Bookings and Brand Integrations Nathan asks about revenue generation and user traction metrics. Nick openly outlines early affiliate monetization plans and gaining their first 400 beta users via a Twitter developer showcase.12:04–15:45 · Guest disagreement 0/10 Commercial Break: Contest Details and Growth Geeks Sponsor Segment includes a mid-roll advertisement followed by the standard Famous Five rapid-fire questions, where Nick compliments Nathan by naming Nathan's tool FollowUp.cc among his top daily apps.15:45–16:08 · Guest disagreement 0/10 Episode Summary and Guest Appreciation Nathan delivers a rapid concluding recap of Nick's background in trading and startup fundraising before wrapping up the episode.1:48–5:46 · Nathan pushing back 2/10 Algorithmic High-Frequency Trading and Wall Street Volumes Nathan demonstrates familiarity with high-frequency trading infrastructure like microwave links and dark pools. Nick elaborates on managing billions daily and sacrificing a seven-figure income to transition into startups.5:47–9:28 · Nathan pushing back 3/10 Calvin App Capitalization and Upcoming Seed Round Nathan probes Nick on his funding requirements and convertible note structure, swiftly deducing an implied pre-money valuation of six to eight million dollars. Nick details Calvin App's calendar-overlay mechanics.9:28–12:04 · Nathan pushing back 1/10 Monetization Roadmaps: Affiliate Bookings and Brand Integrations Nathan asks about revenue generation and user traction metrics. Nick openly outlines early affiliate monetization plans and gaining their first 400 beta users via a Twitter developer showcase.12:04–15:45 · Nathan pushing back 0/10 Commercial Break: Contest Details and Growth Geeks Sponsor Segment includes a mid-roll advertisement followed by the standard Famous Five rapid-fire questions, where Nick compliments Nathan by naming Nathan's tool FollowUp.cc among his top daily apps.15:45–16:08 · Nathan pushing back 0/10 Episode Summary and Guest Appreciation Nathan delivers a rapid concluding recap of Nick's background in trading and startup fundraising before wrapping up the episode.

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

0:00 · Nathan 72.1% · guest 27.9%0:00 · Nathan 72.1% · guest 27.9%3:00 · Nathan 27.4% · guest 72.6%3:00 · Nathan 27.4% · guest 72.6%6:00 · Nathan 23% · guest 77%6:00 · Nathan 23% · guest 77%9:00 · Nathan 21.7% · guest 78.3%9:00 · Nathan 21.7% · guest 78.3%12:00 · Nathan 54.9% · guest 45.1%12:00 · Nathan 54.9% · guest 45.1%15:00 · Nathan 57.2% · guest 42.8%15:00 · Nathan 57.2% · guest 42.8%
Sharpest disagreement ▶ 4:44 Declining exact salary disclosure

Nick sets a firm boundary refusing to share exact compensation figures, though he compromises by disclosing he made seven figures in his mid-twenties.

 Hardest push from Nathan ▶ 6:12 Drilling into seed round terms

Nathan presses Nick on round size and dilution expectations, specifically challenging whether the raise will be priced equity or a convertible note.

 Biggest teaching moment ▶ 1:55 Explaining microsecond math trading

Nick educates the host on how high-frequency trading operates purely on mathematical models across microseconds without knowing anything about the underlying companies.

 Nathan holds their own ▶ 6:55 Calculating pre-money valuation on the fly

Nathan demonstrates financial savvy by instantly calculating the implied pre-money valuation of six to eight million dollars based on Nick's target raise of 750k for 15% equity.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Algorithmic High-Frequency Trading and Wall Street Volumes 4412 Nathan demonstrates familiarity with high-frequency trading infrastructure like microwave links and dark pools. Nick elaborates on managing billions daily and sacrificing a seven-figure income to transition into startups.
Calvin App Capitalization and Upcoming Seed Round 6213 Nathan probes Nick on his funding requirements and convertible note structure, swiftly deducing an implied pre-money valuation of six to eight million dollars. Nick details Calvin App's calendar-overlay mechanics.
Monetization Roadmaps: Affiliate Bookings and Brand Integrations 3201 Nathan asks about revenue generation and user traction metrics. Nick openly outlines early affiliate monetization plans and gaining their first 400 beta users via a Twitter developer showcase.
Commercial Break: Contest Details and Growth Geeks Sponsor 2000 Segment includes a mid-roll advertisement followed by the standard Famous Five rapid-fire questions, where Nick compliments Nathan by naming Nathan's tool FollowUp.cc among his top daily apps.
Episode Summary and Guest Appreciation 2000 Nathan delivers a rapid concluding recap of Nick's background in trading and startup fundraising before wrapping up the episode.

Statements from this episode (7)

Assertion Not checkable as stated
Sonnenberg: HFT firm invested millions in NY-to-Chicago microwave links to cut microseconds
“We were like, You know, investing tons of millions and millions in like microwave technology to submit packets or to ship from New York to Chicago to save literally microseconds.”
Nick Sonnenberg Jan 28, 2016 ▶ 2:40
Disclosure
Sonnenberg traded $5B to $10B in US stocks on certain days
“I mean, I traded for eight years, and I mean, especially in the US, which is a very liquid market, I mean, some days I would trade, ah, you know, ah, five to ten billion dollars worth of, ah, of stock, so.”
Nick Sonnenberg Jan 28, 2016 ▶ 3:31
Assertion Not checkable as stated
Sonnenberg earned seven figures by age 25 in high-frequency trading
“I was making seven figures when I was 25, 26.”
Nick Sonnenberg Jan 28, 2016 ▶ 4:48
Disclosure
Sonnenberg: Calvin App funded with $200k personal capital and $200k friends/family
“I've put in 200,000 dollars and we've raised like from friends and family another 200,000.”
Nick Sonnenberg Jan 28, 2016 ▶ 5:54
Disclosure
Sonnenberg: Calvin App is looking to raise around $750k
“No, we're looking to raise less. I mean, we're looking to raise around 750.”
Nick Sonnenberg Jan 28, 2016 ▶ 6:18
Assertion Not checkable as stated
Sonnenberg: Scheduling Meetings Takes Average of 7.2 Back-and-Forths
“And on average, this is a stat from Ari. It's 7.2 back and forth for two people to find a time to meet and it's exponential for more.”
Nick Sonnenberg Jan 28, 2016 ▶ 8:17
Assertion Not checkable as stated
Sonnenberg: Calvin App has around 400 active users weeks after launch
“We literally just went into the app store the other a few weeks ago. So, I mean, we're like around four, 400 ish right now.”
Nick Sonnenberg Jan 28, 2016 ▶ 10:57
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