Qwil.co Pre-Pays Contractors/Freelancers $10M in 2016 with CEO Johnny Reinsch

johnny-reinsch

In Episode #505, Nathan interviews Johnny Reinsch of Qwil which is a company that provides instant pay for the growing freelancer segment of the work force. He’s the co-founder and CEO and also a cryptocurrency nerd. Listen as Johnny shares how he shifted his career path and why Qwil is different from most startups.

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Famous Five:

  • Favorite Book? – Zero to One
  • What CEO do you follow? – Elon Musk
  • Favorite online tool? — Toptal
  • Do you get 8 hours of sleep?— No
  • If you could let your 20-year old self, know one thing, what would it be? – “I didn’t have to go to law school”

Time Stamped Show Notes:

  • 01:24 – Nathan introduces Johnny to the show
  • 01:57 – Johnny got tired of making rich people richer so he started his own startup
  • 02:28 – Johnny shares his learnings from the cryptocurrency company
  • 02:50 – Qwil helps freelancers collect their pay on time
  • 03:21 – Qwil has a low price point
  • 03:40 – Qwil is a transactional based model
  • 04:05 – Qwil started summer of 2015
  • 04:20 – First year total transaction volume is in low seven figures
  • 04:51 – Target transaction volume for 2016
  • 05:05 – Qwil’s funding rounds
    • 05:45 – It is an equitable note
  • 06:07 – “We are not disclosing a round at the moment”
  • 07:20 – 2016 total transaction volume
  • 07:40 – Qwil has a similar metric with GMD
  • 08:51 – Some freelancers won’t release their payment right away
    • 09:35 – If freelancers keep their money in Qwil for 30 days, they won’t be charged any fees
    • 09:50 – Qwil can’t touch the cash of the freelancers
  • 11:30 – Qwil offers conveniences to the users
  • 13:28 – Profit margin base
  • 13:44 – Team size
  • 14:10 – Number of contractors who have used Qwil is in the thousands
  • 15:21 – “We are trying to make a freelancer’s lifestyle much easier than it currently is”
  • 17:10 – Connect with Johnny through his website, blog, and Twitter
  • 18:50 – The Famous Five

3 Key Points:

  1. Be sure to USE and APPLY what you learned well.
  2. Be in a unique niche where competition is not very tough.
  3. School does NOT always lead you to your future, don’t let it narrow your scope.

Resources Mentioned:

  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Drip – Nathan uses Drip’s email automation platform and visual campaign builder to build his sales funnel
  • Toptal– Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn’t have to hire a co-founder due to the quality of Toptal
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens and follow-up with email sequences
  • @Qwil – Johnny’s business Twitter handle
  • Blog – Johnny’s business Twitter handle
  • Qwil.co – Johnny’s business website
  • Show Notes provided by Mallard Creatives