Latch Founder Speaks On Failure And "Humble Excellence"

Executive *******

******* *****'* *********** ********, ********* * 90%+ ***** ***** *******, *********, ****** off ******** ** *********, ***., ************ called *** ******* * "*******."** *** ********* **** *******, ************ ********* *** **** **** growing ** "** * **** ** Pennsylvania" ** ******* *** ****** ******* bell **** ***** **** ****** ** 2021.

**** ***** **** *** "*******" ******* was," ************ **** ** *** "********" his "**** ******" ** *** ******* without ***** **** *******. ** ********* that *** "****** ******" ** *** company **** ****** *** ** ***** struggling, ** *** *****'* ***** ***** to **** ** **** ****** *****. He **** **** **** **** ***** "a *******" *** *** "**** ** humble **********."

***** ************ *** **** ****** *** building *****, *** **** ** ************** of *** *******'* ******* ******* ******** that ********* ***** *** ********** ** a ******* **********. ** ** ******** non-disclosure ********** ** ***** **** *** ongoing ********** ****** **** ** ** willing ** *** ******** ***** *****, but *** ******* ** ******* *** company's ********* ******** ** *******.

**********

***, ** * ********** ****** ***** Ring ************ ********, ***** ******* ***** ** ***** disputes ******* ** *** ***** **** and **** ***** ************ *** "******* recognition ******" **** *** *******'* ***** discovered ** ****.

***** *** ******** **** *** ****** in ****** **** ********* * ******** in *** ***** ***** *** *** failure ** ****** ********* ********* ******* to *** *.*. ********** *** ******** Commission ***** ** **** ** ****** corrected ********* *******.***** ********* ********* ~** ***** *** ***** ** the *** ******, **** **% **** its **** ** ~$** ** **** 2021.

*** ****, ***:

• **** ******* ****** **** ***** (***** / *** ******) [**** ********]
• ***** *******: **-***** ***** "************ *********" Against *****
• ***** ****** **** ** "********** **********" In ***** ********** *******
• **-***** ***** ******** **** ***** *** CEO

Biggest *******

*****'* ******* ********** **** *********, ***** price ******** ****** * **** ** going ******, *** ******* ** ****** with *** ********* ************ *** ******* Schoenfelder **** *********** ******** ** *** company.** * ****** ** ******* ** investor *******, ******* *** ************, *** *******, and ***** ********** ****** **** * lack ** "********** **********" *** ** blame *** *** ******* *********** ******.

*** **** ******* ***** **** *** "biggest *– ***" ****, ************ *** not ******* *** ** ***** ******. Instead, ** **** ** **** * mistake ** "********" *** "**** ******." Referring ** ***** ** ** *** growing, ************ ****:

*** ***** ** ****** *** *** that *** ****, *** *** ***** to ** **** ****** ** *********, and *** ***** **relax ** ***** **** ** *** ****** because you're like, Well, maybe that was right for the early days, but it wasn't right for now. And I ***** **** ******** ***** **** ****** *** * *******.

*** * ***** **** **** * look **** ** ** ********, **'* really *failure ** ****** ** *** ****** set from those early days. [Emphasis Added.]

Failure ********

***** ** *** *** ******* ***** as * *******, ************ ***** ********** about *** **** ********. ** **** spoke *********** ** ***** **** ****** risks *** *******. ************, ** ****:

** ****'* *** ***** ***** **** happens?If *** *** * *******, *** ** * ******* **** *****, or you're an analyst for two years at a consulting firm? I mean, your *********** **** ***'* **** ****. If you wait 'till you're about to make managing director or partner in your 30s, the opportunity cost is super high. And I think that you're almost better off getting on the founder path and trying it before you found this other middling stability, because that is hard to give up. [Emphasis Added.]

******* **** ************** ************ ******************* **** ** *** **** *****, Georgetown **********, ***** ************ ****** ******* a "************ *******" *** *** "******* and ****** ** ***** **** **** ventures" *** *** ********* ***** ******** as * ******** ****** ******* ******* with *****.

****** **** ******, ************ ****:

** **** ********* ***** ********* **** I've **** *failure ** ****** **********. I've been an educational failure. I nearly failed out of two high schools and I attended to other colleges before transferring to Georgetown. [Emphasis Added.]

** *****:

*'** **** * ************ *******.I've ******* *** ****** ** ** ***** **** **** ********. I've been a personal failure, including substance abuse as a teenager, and depression and loneliness and many periods of my life. Now those failures have been glossed over, I **** ***** **** ********** *** ***** **** *******, rang the bell at Nasdaq, read my name in the world's biggest newspapers and been on TV quite a few times. [Emphasis Added.]

"Lowest ******" ** *****

*********, **** ******* ***** ************ ***** low ****** ** *****, *** ****** CEO *** *** ******* *** ** the *******'* ******** ****** ** *** resignation **** *** ******* **** *** turmoil. *******, ************ ********* *** ********** of ******** **** ****** ************* **** UL *** *****'* ***** *****. ***** multiple ****** ******** ** **** **********, the ***** **** ********** ** ***** to *** ***** ** ****. ********** the ******* *******, ************ ****:

We [***] ** ** ******* ****'* ****** **, ************ ************, ******* *** **** ******, and our product, which is supposed to just sail through because of all of our experts in design, lights on fire. And then it lights on fire again. And then it lights on fire again. So they're in this crazy furnace, where they're slowly cranking up the temperature to 2,000 ******* **********, and it can't catch on fire. [Emphasis Added.]

************ ********* *** ****** ** "********* seeing **** ****** ***** ** ** flames. ***** **** *** ****** ******."

"Snapshot *******"

************ **** ********* *** ********** ** "finding [*] ******* ***** *******" ** an ************ *** *** ******** ** "snapshot *******" ** *******. ** **** described, ** ******, **** ** *** most ********* "******** *******" ********* *** day ***** ***** ******* ** *** Nasdaq ** **** ****. **************** *** ********'* ******* ****.

** *** ********* **** *******, ************ said:

* ***** ***** *** * ****** for **, **** ** **** ******* at ****rooftop **** ** *** ****** *** ** *********** ****** *** *** ** *** *** being like, "I grew up on a farm in Pennsylvania, and I'm sitting on the top of a building that my friend owns, celebrating our IPO. I'm an astronaut."

*** * ***** **** ****** *** me, *** **** **** ****** ****** that * ****** **** **. * felt **** *** *ressing *** ****** *** ******* *** ****, I was in work mode, because you're there you have all the cameras, you have all of the team, everybody's watching you, it wasn't as much of like a personal moment of reflection. [Emphasis Added.]

*********** ****** ** **-***** ** *******-****** Properties, ***** ********* *** **** **** bought ***** *** **** ** ******.

"Humble **********" *** ****** ***** "**********"

***** *** ** ********** ** *****'* current ********* *********, ***** ******, ** its ********** ***** ****** *******'* *********. Instead, ***** *** ****** ** * "success" *** ************, *** **** ******** shorter-lived **** ******** *** ***** **** years ** * ********** *** ********* goverment ******* ** ***** ****** ******** Latch ** ****.

************ ****:

* ***** *** ****** *** ***** 18-24 ****** *** ***** **** ** coalesced ** ********** ***this **** ** ****** **********. We wanted people who were the best ** *** ***** ** **** **** *** and let the work speak for itself. And I think that attitude of humble excellence was what enabled us to build the team.

** **** **** **hire * *** ** ***** **** *****, because we and that was really important to our early success, because we wanted people who were the best of the world of what they did. But we're fundamentally doers. [Emphasis Added.]

** *****:

*** * ***** **** ***** ****, really *** *** **** *** **** idea ** ****** **********.There's ** *** ****'* *** ******. There's no amount of flights that's too many. If it needs to be done, it's going to be done. And we're going to do it without fanfare. And I think that initial ***** *** ****** **** ********* ** *******. [Emphasis Added.]

Early **** ** ****

***** ** *** *********, ************ ***** at ****** ***** *** ********* *** early **** ******* ** "** * farm" ** *********, ************, *** *** those *********** ******** ***. ************ ***** highlights *** ********* ** *********, ********* in *** **** ** ************ *******,******* *******, *** ** * *** *** the***** ********** ******.

***** ***** *** "*** *******" ** his ********* **** "*****" *** ****, Schoenfelder ****:

**I **** ** ** * **** ** ************, as you mentioned, and I think that early morning, going out and having to feed the cows at 6:30 was one of those things that builds a routine around work and builds * ******* ****** **************. And I think I started doing that when I was seven or eight years old. And that was something that really gets into your bloodstream around the work ethic and routine and people ********* ** ***, or not people, but animals depending on you and being hungry and needing to take care of them. [Emphasis Added.]

** ********* ** ********** *** ** loved "********" *** ***** ** "***** capital **********" ** ********** ************ **** to ****.

*** ****I **** ***** ******** ******. I was always building forts. So I would hollow out a tree stump and turn it into a fort, I would dam one of the streams and build a water catchment system and all of these little projects. And I would do ***** ******* **********, by recruiting neighbor kids to go be working on all these projects, just because I told them it was going to be cool, right? And I think those are the little moments where you don't realize, but you're building these really ********* **** ******. [Emphasis Added.

Impact ** ******'* *****

** **** ***** ***** ******** ** be ****-*******, ********** ***** *** ****** died **** ************ *** ** *** early *****.

************ ****:

****** **** *** ***** **make *** ***** *** ** and preserve this pristine world that my parents had created for me, I was going to have to do that on my own...create *********, and to create structure around myself that was going to protect ** **** *** ****d...That really came about because I lost that stability that I had when my dad passed away. [Emphasis Added.]

** ********* ***************** *** **-************ ******* **************, ************ referenced *** ******. ************ ***** **** his ****** "*** *** ********* ** record ***** ** ******* ** ***** of ****** *** **," ****** *** value *** *******'* ******* ** "********** stories."