How can you build a startup in a complicated and regulated industry?
Spotlight on Meanwhile
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We are seeing an increasing number of people in the Next Play community fall into one of two categories:
They have spent their careers becoming a subject matter expert in some large, valuable industry like finance or healthcare or biology and are looking to meet people from the “startup world” because they believe technology can help improve their space.
They have a background in startups and technology and are looking to spend more time with industry experts - in many of the aforementioned categories - but they would like to find useful applications of technology.
Whether you are searching for a company to join or you are thinking about building your own, you may find yourself in one of these two categories.
And so you can probably guess why bridging these two groups of people can be useful. Both sides can often benefit from meeting one another. That’s because it’s easy as an insider to glaze over big opportunities because it’s hard to recognize challenges with the status quo. It’s also hard as an insider to sometimes know what’s possible if you’re not staying up to date with the latest technology advancements. But technologists also have their challenges - how are they to really understand the nuances of industry without having spent time in it?
It’s no surprise, therefore, that some of the most interesting companies emerge when you blend the two groups - when you bring together “technologists/startup operators” with “industry domain experts,” you often produce some really interesting (and valuable) results because you are creating conversations and collisions and insights that would not typically occur.
But there’s also a lot that can go wrong with this sort of approach – Will startup people not appreciate the nuances of the industry? Will people who come from large company backgrounds be able to adapt to the turbulence that is common amongst technology startups? Can you create a culture that can successfully innovate at the intersection of multiple industries?
If you can answer these questions productively - by of course showing through action not just telling or writing about - you can often create something really (uniquely!) valuable.
We thought what better way to showcase how to do this well - how to build companies at the intersection of multiple industries - than to speak with a team leading by example - Meanwhile.
Meanwhile recently announced a $40m Series A funding round as they are building the world’s first fully Bitcoin-denominated insurer (providing products like “BTC Whole Life Insurance”). They are building an extremely intersectional company – as they exist across finance, insurance, crypto, legal, and technology.
The concept took nearly two years to bring to market. The company spent the first year securing a preliminary license through Bermuda’s Innovation Sandbox, then another year building the infrastructure, designing its first product, and working closely with regulators and advisors to ensure compliance. The result: a fully Bitcoin-denominated whole life insurance policy, with premiums and payouts in BTC. They are an example of a company that has crossed the chasm (and they are hiring for all kinds of roles including generalists, content marketers, engineers, and more - email: careers@meanwhile.bm to get in touch).
So how have they done it? How have they built a culture that’s able to be productive across several different complicated industries? How do they hire people from industry and acclimate them to the startup environment? How do they help bring technology to antiquated industry processes? All that and more in the Spotlight below.
Special thanks to the Meanwhile team for sharing behind-the-scenes details and supporting Next Play.
It is rare to see a startup with as much deep domain expertise as Meanwhile. They have brought together an impressive team of people with decades of experience across very diverse backgrounds including everything from crypto to finance to insurance to risk. Many people on the team have given up very senior positions in traditional industries to join Meanwhile - why?
Traditional finance: “In my time as an investment advisor I came to the conclusion that Bitcoin should be viewed as a currency rather than an asset, meaning it should exist across the asset allocation as opposed to being its own asset. When you start to view Bitcoin as a currency rather than investment asset, the next logical step is to consider how it should be used for long-term planning. Meanwhile is the first financial institution in the world to create financial products that use Bitcoin as a currency. This aligned perfectly with my view of where the world is going and I was thrilled to be able to help build it.”
Crypto: “I took my own policy out last year as it solved a lot of problems for me: an early Bitcoin adopter with a low cost basis, and a wife and two young kids. The product helped me with my life planning as a Bitcoin investor, and when I had the opportunity to move on from my last company, which was acquired in January, I reached out to the Meanwhile team sharing my excitement and passion for their product. I told them it was the best product I have ever seen in my 12 years in crypto (I still believe this) and that I wanted to help them expand adoption.”
Insurance: “I started my career at a very large and successful traditional life insurance carrier as an actuarial trainee, took on bigger roles over time and ultimately led the Individual Life business. I had a successful career by all objective measures; however, I thought it was missing “something”. I felt I was working towards solving problems of the past, for an old fashion business model that was in dire need of change to persevere - every colleague that I respected thought this but no one was empowered to change anything. BORING! Upon much reflection, I decided to leave to pursue my life long dream of building a business from scratch. It has been the best decision of my life!”
Risk: “Ragborg most recently served as Chief Risk Officer at Catalina Re, a reinsurance firm owned by Apollo, where he played a pivotal role in developing risk frameworks from its licensing and launch to today. He worked closely with the Bermuda Monetary Authority and other regulators throughout his tenure at Catalina. At Meanwhile, he leads the continued development of the company’s enterprise risk management framework, ensuring its Bitcoin-denominated offerings remain secure, sustainable, and innovative.”
It’s one thing to hire impressive people - but it’s a much greater and perhaps more impactful challenge to unite these sorts of talented people around a common vision. And that’s what Meanwhile has seemed to do - to bring people who could be working in their respective domains and unite them around this big opportunity.
“Meanwhile's culture combines startup energy with seasoned expertise—most of us are in our 40s with deep experience from larger companies, but we're all genuinely excited to work in a smaller environment where our individual contributions have real, measurable impact. We chose to leave the bureaucracy of bigger organizations to do our best work in a setting where decisions happen quickly and ideas get implemented without endless approval layers. It's a unique dynamic where professional maturity meets entrepreneurial enthusiasm—we're serious about delivering results but genuinely having fun because we're finally in an environment where our expertise can shine and our efforts directly influence the company's success.”
“We're betting that traditional financial products need to evolve for an uncertain future, and what makes Meanwhile unique is our ability to bridge opposite worlds—taking the oldest, most proven insurance products like whole life insurance from the 1830s and blending them with cutting-edge tools like Bitcoin to create entirely new financial possibilities. If you join Meanwhile, you're positioning yourself at the intersection of tradition and revolution, literally helping to invent what the future of insurance looks like while working with people who understand both where we've been and where we're going—it's the rare opportunity to help shape an entire industry rather than just taking another job.”
What sometimes happens when you bring together experts from different industries is they struggle to work productively together. Egos get in the way and people never seem to agree on the best ways of getting things done.
That’s not the case at Meanwhile - people, even people with many many years of experience, push everything to the side and really focus on the shared vision - that’s because the team is really bought in on building a one-of-a-kind-product that is completely different from anything else in the market.
“Come do something no one has ever done before and help make a positive impact in the world.”
“I have been in the crypto space for over 12 years and Meanwhile's product is the single best product I have seen in all my time in the space. If you want to come help us grow, you have to believe in Bitcoin and our product, and if you do then it is an easy sell.”
And while everyone brings their own expertise, people are actually quite flexible about their day-to-day jobs - they are really just trying to do whatever it takes to drive progress.
“With it being such a small company and a brand new industry, the work requires a lot of flexibility, willingness to learn, and determination to resolve ambiguity.”
“Someone who enjoys playing different hats, is a fast learner, low ego, is ready to do small tasks/ unglamorous tasks if necessary, and someone who is willing to learn on the go (sometimes that includes asking perplexity questions about things you do not understand while in meetings)”
“Something I enjoy is that my days NEVER look the same, everyday there is a new question we are trying to solve. We are trying to define a new system and create institutions for it. For that we need to solve questions nobody has asked before and then do it.”
Another thing that sometimes happens when you hire subject matter experts is they get stuck defending the status quo instead of innovating on new solutions. Again, not the case at Meanwhile, where it’s very much encouraged to challenge norms and pursue new ideas:
“We look for people who can challenge the status quo. You need to be innovative in your approaches and a natural problem solver.”
They have managed to hire many of those unique types of of experts - people who are both extremely experienced while at the same time being very high agency and first principled:
“Be a self-starter. Be self-sufficient. If there is no process for something but there should be, create one. If something should work a certain way but it doesn't, don't ask who should make it happen - do it yourself. This is a startup and everything is still being built. Do not expect the pipes to be fully lubricated (or built for that matter) - help build them if they need building, or at least spec out what should be built so the engineers know what the purpose is, what is missing and what problems it solves. Learn triage.”
“People who depend on a lot of rigid structure will probably find that they would be better served elsewhere.”
“People who wouldn't be great fits at Meanwhile are those who need constant direction or hand-holding to get their work done—if you wait for detailed instructions or frequent check-ins rather than taking problems and driving solutions forward independently, you'll struggle with our level of autonomy. Poor communicators who hoard information or keep things to themselves when it hinders progress also won't thrive, since our transparent culture depends on sharing updates and keeping relevant channels informed rather than working in silos. Finally, people who can't be authentic won't succeed here—we're a small, close-knit team where pretense gets exposed quickly, so if you're not comfortable being direct, honest, and genuinely yourself in your interactions, you'll find it exhausting to maintain a facade in our collaborative environment.”
“People unwilling to do the hard work are not a good fit - if you just want to delegate we’re not the right place for you.”
To attract independent minded go-getters, they have a very particular management style - one that is more about empowerment than micromanagement:
“Working at Meanwhile means taking full ownership of your role—you'll need to proactively identify challenges, organize your workload, and define your own approach to problem-solving. While you're expected to operate with significant autonomy and drive projects forward independently, you're never working in a vacuum. Leadership provides genuine support and guidance when needed, and there's a strong collaborative culture where you can leverage colleagues' expertise while contributing your own. It's a balance of individual accountability and collective wisdom, where your independence is supported by a framework of mentorship and teamwork that amplifies your impact.”
“My average day at Meanwhile is defined by complete autonomy—I arrive at my desk and set my own priorities based on what needs attention, without micromanagement or rigid schedules dictating my workflow. Communication happens transparently through open Slack channels where everyone is invited, eliminating the need for endless emails and information silos. This combination of personal freedom and transparent communication means I spend my time actually solving problems and driving projects forward, rather than managing bureaucracy or waiting for approvals—it's a work environment that trusts me to be productive while keeping me connected to the broader team's efforts.”
There are no burdensome meetings that waste people’s time.
“We do not have meetings for the sake of having meetings. Our co-founder and CTO, Max likes to remind us of that. Meetings should be kept small and efficient to maximize productivity. We have a weekly 1 hour all-hands Zoom meeting where Zac updates us on company-related items and growth, and we each go around the room updating everyone on the most pressing things we are working on or have accomplished.”
“We have a refreshingly minimal approach to meetings at Meanwhile—there are few scheduled meetings, but as many as you actually need to get work done. Our quarterly full team reunions are particularly important for maintaining connections and building relationships that strengthen our remote collaboration. Our weekly All Hands meetings are brief but essential, designed as quick, focused check-ins to keep everyone aligned across time zones about priorities and progress without dragging on unnecessarily—they're the kind of meetings that actually add value rather than consuming time for its own sake.”
But they do insist on getting the team together every so often to make sure everyone knows each other.
“We're a remote company, for the most part, so everyone works hard but on their own schedules. There is our San Francisco office with the two founders, our engineers and head of compliance, and then our Bermuda HQ office with our chief risk officer and CFO. We get together quarterly for team offsites which are fun and productive. Everyone gets along well. Culture is very important to the founders and the offsites play a big part of that. I have worked at other remote companies where we never met teammates and there was little to no culture to speak of.”
Great culture typically stems from the top. Zac Towsend, the founder/CEO of Meanwhile, leads this effort. He is keen to not get distracted by near-term friction or blockers. He maintains a very long term focus - where he prioritizes trust, integrity, and transparency. This long-term orientation is especially important for a business like Meanwhile, that operates in a highly regulated space that often has longer feedback loops.
“Our CEO is an exceptional communicator who strikes the perfect balance between being engaged throughout the organization while making it clear he's not there to micromanage or approve every decision—instead, he takes time to understand what everyone is working on so he can provide meaningful feedback and support when needed. He's genuinely attentive to everyone's efforts and contributions, showing authentic interest in helping people succeed rather than performative leadership, and he's remarkably relatable and human in his approach. Rather than the stereotypical CEO who inspires through intensity or intimidation, he connects with people personally and creates an environment where people want to do their best work because they feel valued and understood—his philosophy seems to be that when you trust talented people, give them context, and support them authentically, they'll naturally rise to meet challenges and exceed expectations.”
“Very smart, clear vision, big thinker. Zac is willing to let people that prove to be hard workers to grow in their role and assume more responsibility. It is very much a meritocracy.”
“Leadership is great at making the impossible seem possible.”
If you are excited by Meanwhile’s vision, they are hiring for numerous roles remotely: including engineers, writers, designers, and business generalists. Email careers@meanwhile.bm to get in touch.
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