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Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

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Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#61
post #58

Earlier quoted context omitted.

Thanks for the kind words jakemor! We're surprised at this ourselves - they seem to enjoy being in the "expert" seat because most of them are junior level people who aren't traditionally thought of as experts or people whose insights are worth money. I think we're learning it's a powerful combo - get paid to talk about yourself, show off how smart you are + help other people out who are struggling to overcome what yo…

Very cool. Just signed up and will give it a try :)

If you have any questions whatsoever, email me at deepak@thelobby.io. let me know what you think!

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#62
post #60

Earlier quoted context omitted.

Thanks andrestan - I specified in the first few words of the blurb - is there anywhere else you'd specify it? Would not want anyone to think it's spam :).

In the comment here

Just did that! Thx

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#63
post #25

> it's controversial to build a recruiting-focused company that charges job seekers instead of just the companies. There is no controversy. It’s just plain wrong.

Disagree. Main reason why I don't talk to recruiters is the incentive mismatch - they work for the company, not for the job seeker, and I can't really trust their advice.

In a model where a recruiter is paid by the jobseeker; i.e. he's the agent, this problem mostly goes away. A recruiter who say takes 5% of my next years salary if I accept a job, and therefore is incentivised to find me the best job possible... That's a different story.

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#64

Earlier quoted context omitted.

This is very insightful and perceptive, especially for just doing a 3 month internship. I agree with pretty much all of it. However - you'll find most people hate IB for the same reasons, but also know their only way to more interesting roles like private equity, hedge funds, and more is to do investment banking first. Engineering is no doubt more challenging in many respects; IB after a certain point becomes more ab…

Completely agree with your analysis. Wish you the best of luck with the company, it seems like it could definitely add value in the space. Sidenote - might be able to help you with some introductions on the technical co-founder front. I'm NYC-based as well, contact info in my profile.

Thanks gringoDan! Reaching out to you now - really appreciate the help + kind words.

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#65
About 10 years ago, I had a similar idea (called RungJump).

It allowed you to fill out a detailed job dossier about your position at a particular company, and then users could purchase the dossier; RungJump would take a cut, and the person who wrote the dossier would get the rest. It was kind of like a premium version of Glassdoor, where the expectation was the dossiers would contain more candid info.

Here are some of the problems I ran into:

* You had to solve the chicken-and-egg problem twice. Once to attract insiders and once to attract paying users. It was hard. I would imagine The Lobby will face the same problem, and in fact possibly even to a larger degree, since my dossiers were "write once and then forget about it" whereas The Lobby is scheduling phone calls, so the insiders need ongoing availability.

* Quality control is hard, because of the information imbalance. Who's to say whether a particular insider is actually giving you information that's worth the price of admission? If you knew enough about the company to call B.S., you wouldn't be paying for the service. I would imagine The Lobby will face the same problem.

* Employers really, really do not like their employees being paid on the side to dish about the company. And employees were (rightly, I think) hesitant to potentially put their jobs on the line to make a little side cash. In fact, the more exclusive and well-paying the job, the less likely it was worth the risk for insiders to participate. I would imagine The Lobby will face the same problem, especially since it's starting out with a narrow focus on "elite finance" roles, and promising anonymity only goes so far.

* As Deepak noted, it can be hard to persuade job seekers to pay. One big reason for that? If you don't have a job, money is probably tight. And when your target demographic is, in general, hard up, it can be a very difficult business model to get right. The Lobby is trying to get around this problem by partnering with colleges who subsidize the costs; I think that's a smart move, and I wish them luck!

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#66
post #65

About 10 years ago, I had a similar idea (called RungJump). It allowed you to fill out a detailed job dossier about your position at a particular company, and then users could purchase the dossier; RungJump would take a cut, and the person who wrote the dossier would get the rest. It was kind of like a premium version of Glassdoor, where the expectation was the dossiers would contain more candid info. Here are some o…

thanks for this! Great points. Here's how we think of them:

chicken & egg: we build hyper local liquidity the way Uber tackles neighborhoods or cities, hence the initial focus on investment banking. The few similar products we've seen try this inevitably try to do dozens of industries or hundreds of roles and this makes it impossible to achieve true liquidity or to allocate marketing dollars properly.

Quality control: To me, this is the beauty of The Lobby. We're not trying to get the best written content, or to get the CEO of a company with highly specialized knowledge. It's junior level people talking about how they got their job. If you're bad at this or your quality sucks, our ratings will indicate that and you won't be picked further. If you're a great insider, your ratings will indicate that too and you get more demand + more money.

But the main point here is: this knowledge is not rocket science. Any analyst at a specific team in Goldman Sachs or Merrill Lynch will have very similar answers on how to land the job. That's what we see at The Lobby too.

No one can guarantee that the information the insider is giving is 100% accurate, but we think with the right reward & incentive systems in place, the best insiders rise up and the crappy ones get booted out.

Edit: To the last points you added. The myth that because you're a job seeker you don't have money is the one we're fighting with our analogy. People spend money on all sorts of things they don't need and absurd amounts of money on schools, bootcamps like GA, and more. Those are all for career advancement.

If you believe our premise that learning from insiders about what life is really like, what it takes to break in, getting personalized tips, etc. is the way to get the best careers, then suddenly a large portion of that spend can go to something like The Lobby, which I profoundly believe is a better use of your cash.

One example that I kept hearing from the YC partners themselves: "If I had your service when I was a freshman, I would have spoken to 2 lawyers, asked them what they do all day, only to realize that I don't want to be a lawyer." Think of the massive opportunity cost of learning what to do or WHAT NOT to do way before even pursuing a career or becoming a full-time job seeker.

Last point: our best users are career switchers, they already make money and want to make a career move. For me, moving from finance to tech was borderline impossible and I had money to spend. I just didn't know what to do or what path to take. The Lobby would have solved or mitigated that too.

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#68
post #67

Interesting idea but I left the site once I got to the pricing page as it goes super thin and impossible to read on my iPad.

Thanks LiamPa - we'll look into that on iPad. I'll reach back out when it's responsive there.

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#69
post #25

> it's controversial to build a recruiting-focused company that charges job seekers instead of just the companies. There is no controversy. It’s just plain wrong.

Disagree. Main reason why I don't talk to recruiters is the incentive mismatch - they work for the company, not for the job seeker, and I can't really trust their advice. In a model where a recruiter is paid by the jobseeker; i.e. he's the agent, this problem mostly goes away. A recruiter who say takes 5% of my next years salary if I accept a job, and therefore is incentivised to find me the best job possible... That…

I agree with a lot of this. One thing to note is that with this model the recruiter is incentivized for you to take the highest paying job, maybe not the best job for you. As stupid as that may sound (because everyone generally wants to make more money), it also means the first high paying job offer you get, they will probably push very hard (against your own interest) for you to accept it. That's the only way they'll make money.

If insiders (like at The Lobby) are just paid for their time and insights, then there's no added or alternate motive.

I still think the % of salary model is very interesting, but there are probably challenges to it that aren't visible externally. Check out what happened to MissionU, a venture-backed free 1-year college alternative that took a % of your salary: https://www.edsurge.com/news/2018-05-30-acquisition-autopsy-...

They had the best possible founder to do this and $11m in VC-funding, but shut down after their 1st cohort.

Re: Launch HN: The Lobby (YC W18) – 1-on-1 calls with company insiders to get hired

#70
Hey Deepak - love the idea. I was fortunate enough to go to a "target" school but still had a tough time doing finance recruiting without the help of some very kind classmates. Your post brought back some memories of how much wasted effort could have been redirected positively if I had some initial guidance instead of learning everything the hard way.

One of my "side projects" when I was still in school was collating what I and some other friends had learned about the recruiting process into a doc for younger students to use. It was helpful for some, but The Lobby is doing it in a much more democratized manner.

I'm a few years out of the finance game, but let me know if you'd be interested in chatting as I'd love to help (no strings attached.)

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