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Tye Schlegelmilch to the show. Tye is the founder of Hinged following a 16-year career in finance, and most recently as co-CIO for Fortress Investment Group which has about 70B assets in their management. Prior to that, Tye was with a variety of different finance firms including Goldman Sachs.

Famous Five:

• Favorite Book? \\u2013 The Snowball
• What CEO do you follow? \\u2013 Jeff Bezos
• Favorite online tool? \\u2014 Skype and GoToMeeting
• How many hours of sleep do you get?\\u2014 5 to 6 hours
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cI wish I\\u2019ve been more measured with certain things in my life\\u201d

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Time Stamped Show Notes:

• 01:08 \\u2013 Nathan introduces Tye to the show
• 01:48 \\u2013 Tye has a lot of friends who entered the entrepreneurial space
• 01:58 \\u2013 As an engineer, he\\u2019s always been curious about how he can make things work better
• 02:13 \\u2013 He moved out to Connecticut and bought a house
• 02:17 \\u2013 Tye saw an opportunity in being able to get things done, understanding what needed to be done, and when it needed to be done in a home
• 02:37 \\u2013 Diving into entrepreneurship was just a result of his curiosity
• 02:55 \\u2013 Hinged is a holistic online platform for homeowners to better understand, manage, and control all aspects of home ownership
• 03:43 \\u2013 Hinged\\u2019s business model is providing a full software solution for the service providers
• 04:05 \\u2013 Hinged is highly selective with who they want (service providers) on their platform
• 04:20 \\u2013 They take 5% of the revenue that goes through the platform to the provider that\\u2019s providing the maintenance or repair
• 04:39 \\u2013 Hinged is a marketplace
• 05:23 \\u2013 They have several hundred homeowners on the platform
• 05:43 \\u2013 Across Fairfield and Westchester Country, they have a few hundred service providers in 50 different categories
• 06:57 \\u2013 On an average user basis, there are 20%-40% who have spent money on the platform
• 07:31 \\u2013 Hinged launched in Feb 2017
• 08:32 \\u2013 Appliance repairs are the hottest category on their platform
• 09:40 \\u2013 The average price of services done on Hinged is about $1500
• 10:19 \\u2013 Tye funded everything on Hinged
• 10:54 \\u2013 Internally, they just discussed capital-raising
• 11:13 \\u2013 The industry Hinged is in is a \\u201cland-grab\\u201d so they\\u2019re looking into raising capital to expand
• 11:47 \\u2013 Today there are 5 full-time employees and a development team from Cogniance
• 12:48 \\u2013 They started with a sales team for service providers
• 13:02 \\u2013 Teams are continuing to ramp on Hinged
• 13:35 \\u2013 Hinged was very well thought out before Tye put money into it
• 14:05 \\u2013 Tye\\u2019s salary in finance ranged from back office administration to major league baseball players
• 16:06 \\u2013 The Famous Five

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3 Key Points:

1. There will always be better ways to do things\\u2014keep on brainstorming.
2. Don\\u2019t hold yourself back from your own curiosity.
3. Be selective with who you work with; this will affect the quality of your product.

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Resources Mentioned:

• The Top Inbox \\u2013 The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Klipfolio \\u2013 Track your business performance across all departments for FREE
• Hotjar \\u2013 Nathan uses Hotjar to track what you\\u2019re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
• Acuity Scheduling \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books

Show Notes provided by Mallard Creatives