Three classmates got together to provide a world with another amazing tool that could help them in their day to day life. They wanted to help you in your efforts to save money and hence Lawnmower was launched on April 9. Only within a few days, this startup has managed to create a lot of buzz. And that’s how it caught our attention.
So, our team thought of interviewing the founder Alex Sunnarborg and take a closer look at what kind of value this startup can provide to customers. Here’s a story on Fortune regarding this startup, in case you need more information.
1. We’re hearing a lot about your startup Lawnmower. Tell us what exactly your startup does and how it may help the masses?
Lawnmower is a mobile app (iOS & Android) that helps our users convert their spare change into bitcoin. It’s the easiest, most hands-off/passive way to accumulate bitcoin over time. The frequency of the purchases also helps users distance themselves from price volatility concerns.
2. How did you get this startup idea?
The team is into software, bitcoin, and personal finance, and our app falls right into the middle of the three 
We’re also big fans of programs like Acorns and Bank of America’s “Keep the Change” – making it easy for people to save for the future without having to think through various budgeting/investing strategies. Lawnmower helps you diversify your overall portfolio beyond savings accounts, mutual funds, etc. with a low-commitment entry into an exciting new asset class/currency.
3. How do you make money in the entire process of helping people save money on the small purchases?
On the base spare change into bitcoin model, Lawnmower could make money from user referrals, a transaction fee on each purchase, or an overall program management fee. To help rapidly grow our user base, Lawnmower doesn’t charge our users at all! The app is free to download, we have no management fees, and we don’t charge any additional transaction fees on top of Coinbase’s purchase fee.
4. What was the most difficult thing you faced while beginning with this idea?
Bitcoin’s still very small – a vast majority of people have still never heard of or trust it. We’re obviously trying to help fix that, but we (and almost every other company in the space) just need to keep spreading the word. Lawnmower’s trying to appeal to a wider audience with its ties to fiat spending habits and a relatively familiar savings strategy.
5. Where do you expect to see Lawnmower in 5 years?
Spare change into bitcoin is just the beginning for Lawnmower We’re planning on pushing out customizable automated money management tools to give people more and more control over their finances. For a very basic example – we just pushed out a spare change multiplier feature – you can essentially customize the percent of spare change to be invested into bitcoin if you’d like to adjust the amount of bitcoin you’re saving over time. So to explain, the default would be to invest $0.75 into bitcoin from a $3.25 purchase, but with a 0.2x multiplier you could invest just $0.15, or $1.50 with a 2.0x multiplier! We’re currently testing a bunch of toggles, options, rules, etc. that we can’t wait to share.
6. Tell us what we should expect from Lawnmower?
Additional banking support!
7. Any advice for budding entrepreneurs?
Just do it. We (the 3 co-founders) all quit our full-time jobs and moved out to CA with 2 backpacks each. We’re currently all slammed into 1 bedroom but couldn’t be happier working on our own product all day everyday Make sure you love what’re doing as well, starting a new company is tough and you’re going to be the first people telling the world you made something awesome – so make sure you at least think so.
Startup Champ team wishes you good luck. We’re definitely going to try out your app and would love to see how it goes.
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