“5 Things You Need To Know To Create a Successful App or SAAS”, with Will Reeves, CEO of Fold

Do you know your business could be much bigger than it currently is, but aren’t sure how to get there? I can help!

Think about distribution as much as product. There is nothing more humbling than building a complicated, long-term product that only generates a few hundred downloads. Once you do that once, you’ll learn that truly great products have a product and distribution strategy built into their very core.

As part of my series about the “5 Things You Need To Know To Create a Successful App or SAAS”, I had the pleasure of interviewing Will Reeves, CEO of Fold. Will is a tech entrepreneur with expertise in developing payments solutions. Will continues to work as Head of Payments at Thesis with previous experience as VentureLead at A3Ventures and Co-founder of Membo. Of note, Will also was part of the early team that brought the Google Store to market, and he lead the vision for the cult project, Lightning Pizza, the first real-world service using the bitcoin Lightning Network that allows customers to order Dominos Pizza anywhere in the U.S. with bitcoin.

Thank you so much for joining us Will. Can you share with us the “Aha Moment” that led you to think of the idea for your current company? Can you share that story with us?

Aha Moments” are rare. In my experience behind every ‘aha moment’ is actually the culmination of many years of experience. For me it was understanding the importance of incentives to lead people to new behaviors. I recognized that there was a growing desire among regular people to start accumulating bitcoin, but many just couldn’t figure out how to do so. At the same time, there was widespread, existing knowledge of retail cashback. I figured that if we combined these concepts, we could help everyday people acquire bitcoin through giving them bitcoin cashback when they shop at major retailers. We called the solution “Fold.”

Can you tell us a story about the hard times that you faced when you first started your journey? Did you ever consider giving up? Where did you get the drive to continue even though things were so hard?

Before significant revenue and funding, it’s hard to convince people to join you on your mission. In those early days with only a few proof points, creating a vision and enough evidence to convince a great team to join is tough. Little by little, you find the people who resonate with your vision. Overcoming hurdles and surpassing milestones bonds team members together and creates a launchpad for the future.

So, how are things going today? How did your grit and resilience lead to your eventual success?

Once you learn that the road to success is a marathon(s) and not a sprint, you start to relax and enjoy the journey. Make sure you are working on something you love with people you deeply respect because they will be your fellow travelers down a long and winding road.

What do you think makes your company stand out? Can you share a story?

Fold stands out because of the team behind it and the values we promote via the product. Fold builds its product out in the open with the help and input from users. This allows us to tailor the product specifically to our community to deliver more and more value for consumers and merchants alike. There are certainly other cashback offers on the market, but the team and values behind Fold are unique.

Which tips would you recommend to your colleagues in your industry to help them to thrive and not “burn out”?

You are not only building a company but a lifestyle for yourself and employees. That said, you need to make sure both are built to last, and ‘burn out’ is a big risk. Focusing on KPIs not just related to business performance but lifestyle performance is paramount. Create conditions where full sleep, restorative vacations, and healthy eating are all encouraged and celebrated as much as product achievements.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story?

I have been mentored along the way by many people that have uniquely inspired me to become the person I am today. Starting with my family, to professors, and colleagues, each has imparted valuable lessons and knowledge to me. The uniting thread is that the ones that truly made an impact took a chance on me, gave me the opportunity and license to do something great and helped me achieve it.

Ok thank you for all that. Now let’s shift to the main focus of this interview. Approximately how many users or subscribers does your app or software currently have? Can you share with our readers three of the main steps you’ve taken to build such a large community?

Fold has over 50,000 user accounts, with thousands transacting on a monthly basis. The app is on track to facilitate millions of dollars in transactions and distribute hundreds of thousands of dollars in bitcoin back to customers as rewards each year.

To create community, it requires much more than a product; it requires a unique hook that gets people to engage initially and distribution channels to help them spread it to new people. Fold leverages the powerful ability of using cashback as a means to give bitcoin to people who want to earn it (not necessarily buy it), which is millions of people. Fold does everything it can to create content and provide forums for community to grow around Fold.

What is your monetization model? How do you monetize your community of users? Have you considered other monetization options? Why did you not use those?

Fold has a freemium option where Fold splits the cashback merchants give between them and customers. Later, Fold will develop a subscription model to deliver the highest value service and features to its most dedicated users.

Based on your experience and success, what are the five most important things one should know in order to create a very successful app or a SAAS? Please share a story or an example for each.

Think about distribution as much as product. There is nothing more humbling than building a complicated, long-term product that only generates a few hundred downloads. Once you do that once, you’ll learn that truly great products have a product and distribution strategy built into their very core.

How can our readers follow you on social media?

You can stay up-to-date on Fold’s latest news and developments by following us on our social media and community channels:

Website: https://foldapp.com/

Instagram: https://www.instagram.com/foldapp/

Twitter: https://twitter.com/fold_app

Facebook: https://www.facebook.com/FoldBitcoin/

LinkedIn: https://www.linkedin.com/company/card-for-coin/about/

Blog: https://medium.com/in-the-fold

This was very inspiring. Thank you so much for joining us!


“5 Things You Need To Know To Create a Successful App or SAAS”, with Will Reeves, CEO of Fold was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.

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