In mid 2015 Geoff Arnold, Luis Trejo, and Sean Richardson met at a Sioux City business networking event. Geoff had just moved to Sioux City from New York City, where he was VP Technology for a digital media startup. Geoff, Luis and Sean connected over their shared interest in technology and entrepreneurship. Not long after, Luis approached Geoff with a challenge he was having as Controller of a regional construction firm. The disbursement process was manual, tedious and prone to error. There had to be a way to automate it. Geoff built an interim solution for Luis, and together with Sean they realized there was potential for a comprehensive technology solution to the lien waiver and payment process. lienwaivers.io was born in Jan. 2016.
Geoff says, “Since we launched in mid-2016, we’ve steadily added customers to our platform. We work with over 18,000 contractors nationwide; have protected $1.7B in construction payments; and have seen steady revenue growth of 17% month over month. We are partners with major “unicorn” companies like Procore, DocuSign, Intuit (creators of QuickBooks), and Xero.”
Building and running a business with customers nationwide takes an inordinate amount of time and energy. Luis’ spouse, Beth, Founder and CEO of Chatterkick, helps with social media. Geoff’s spouse, Melanie, helps with financial modeling and grant writing. Where our families are not directly involved, they are an integral source of support for us. When you are bootstrapping a business, everyone needs to be doing at least two or three jobs. Geoff jokes that he is CEO during the day, CTO at night, and Customer Success 24/7.
Friends and mentors pointed lienwaivers.io to the programs and grants available through SBDC and other state and local organizations to help entrepreneurs grow their businesses. They have worked with Western Iowa Tech SBDC Director Todd Rausch since forming the business. Geoff said, “lienwaivers.io thanks SBDC for their help providing resources and knowledge to local businesses. They’ve helped us discover valuable competitions and grants, and introduced us to other groups and individuals who can help us build our business. SBDC is a great resource for the small business and startup community of Northwest Iowa.”
Other notable accomplishments include:
-Recipients of the Iowa Economic Development Authority Proof of Commercial Relevance Program and Demonstration Fund Loan
-TS Bank REV competition – 1st place, plus received valuable feedback and publicity
-NACHA, The Electronic Payments Association, Judge’s Choice award at the 2017 NACHA Challenge
– John Pappajohn Iowa Entrepreneurial Venture Competition, Runner-Up
-Briar Cliff University’s Swimming with the Sharks – 1st place
-Other valuable experiences have included Sioux City GO Innovation Market, and Iowa VentureNet.
These experiences have helped lienwaivers.io hone their business model, build capital, and increase exposure.
Congratulations to lienwaivers.io and best wishes for future success!