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Harvard Case - Disrupting Justice at RightNow: Persevere, Pivot or Perish

"Disrupting Justice at RightNow: Persevere, Pivot or Perish" Harvard business case study is written by Shikhar Ghosh, Amir Reza Rezvani. It deals with the challenges in the field of Entrepreneurship. The case study is 7 page(s) long and it was first published on : Sep 17, 2020

At Fern Fort University, we recommend RightNow pursue a strategic pivot focused on leveraging its existing technology and expertise to expand into the broader legal technology market. This involves developing a comprehensive suite of legal tech solutions, including AI-powered legal research, document automation, and case management software, while strategically partnering with law firms and legal professionals to ensure market penetration and adoption. This approach will allow RightNow to capitalize on its existing strengths, tap into a larger market, and ultimately achieve sustainable growth and profitability.

2. Background

RightNow is a legal technology startup founded by two law school graduates, Dan and Jess, who identified a need for more efficient and accessible legal research tools. They developed a revolutionary AI-powered legal research platform that quickly gained traction within the legal community. However, RightNow faces challenges in securing funding, scaling its operations, and navigating the competitive landscape of the legal tech market.

The case study focuses on the company?s critical decision point as it seeks to secure Series B funding. RightNow must decide whether to persevere with its current strategy, pivot to a broader legal tech solution, or face the risk of perishing due to a lack of funding and market share.

3. Analysis of the Case Study

This case study can be analyzed through the lens of the following frameworks:

a) SWOT Analysis:

  • Strengths: Strong technology platform, experienced founders with legal expertise, early market traction, potential for scalability.
  • Weaknesses: Limited funding, small team, lack of comprehensive legal tech solutions, limited market penetration.
  • Opportunities: Growing legal tech market, demand for AI-powered solutions, potential for partnerships with law firms, expansion into new legal tech areas.
  • Threats: Competition from established legal tech players, regulatory hurdles, potential for technological obsolescence, economic downturn impacting legal spending.

b) Porter?s Five Forces:

  • Threat of New Entrants: High, due to the relatively low barriers to entry in the legal tech market.
  • Bargaining Power of Buyers: Moderate, as law firms have various options for legal tech solutions, but RightNow?s unique AI-powered platform could offer a competitive advantage.
  • Bargaining Power of Suppliers: Low, as RightNow relies on readily available technology and software components.
  • Threat of Substitute Products: High, as various legal tech solutions exist, including traditional research databases and other AI-powered tools.
  • Rivalry Among Existing Competitors: High, with several established players and emerging startups vying for market share.

c) Financial Analysis:

  • RightNow?s current financial situation is precarious, with limited cash reserves and a need for significant funding to scale operations.
  • The company?s financial statements highlight a lack of profitability and a high burn rate, indicating the need for a sustainable business model.
  • Financial analysis of potential growth strategies can be conducted using metrics like NPV, ROI, break-even analysis, and payback period to evaluate the attractiveness of each option.

4. Recommendations

RightNow should pursue a strategic pivot to become a comprehensive legal tech solution provider, leveraging its existing AI-powered research platform as a foundation. This approach involves:

  • Expanding Product Portfolio: Develop a suite of legal tech solutions, including document automation, case management software, and AI-powered legal contract analysis.
  • Strategic Partnerships: Partner with law firms and legal professionals to gain market access, secure early adopters, and gather valuable feedback for product development.
  • Focus on Profitability: Implement a cost-effective pricing strategy and prioritize cash flow management to ensure sustainable growth and profitability.
  • Fundraising: Secure Series B funding through a combination of venture capital, debt financing, and strategic partnerships.

5. Basis of Recommendations

This recommendation considers the following factors:

  • Core Competencies and Consistency with Mission: RightNow?s core competency lies in AI-powered legal research. Expanding into related legal tech areas aligns with its mission to provide innovative and accessible legal solutions.
  • External Customers and Internal Clients: Law firms and legal professionals are the primary target customers. The expanded product portfolio addresses their diverse needs for efficiency and productivity.
  • Competitors: This strategy differentiates RightNow from competitors by offering a comprehensive suite of solutions, leveraging its AI expertise, and fostering strong partnerships.
  • Attractiveness: The expanded legal tech market offers significant growth potential. Financial analysis can be conducted to evaluate the attractiveness of this strategy based on NPV, ROI, break-even analysis, and payback period, considering the potential for increased revenue and reduced operating costs.
  • Assumptions: This strategy assumes a positive market response to RightNow?s expanded product offerings, successful partnerships with law firms, and continued investment in technology and development.

6. Conclusion

RightNow faces a critical juncture. By pivoting to a comprehensive legal tech solution provider, the company can capitalize on its strengths, tap into a larger market, and ultimately achieve sustainable growth and profitability. This strategy requires a commitment to innovation, strategic partnerships, and a focus on profitability.

7. Discussion

Other alternatives include:

  • Persevering with the current strategy: This carries a high risk of failure due to limited funding and fierce competition.
  • Focusing solely on AI-powered legal research: This limits market potential and may not attract sufficient investment.
  • Acquiring an existing legal tech company: This requires significant capital and may lead to integration challenges.

The risks associated with the recommended strategy include:

  • Competition: Intense competition from established players and emerging startups.
  • Technology: Rapid technological advancements may require constant adaptation and investment.
  • Market Acceptance: Uncertain market response to the expanded product offerings.

Key assumptions include:

  • Successful product development: The ability to develop and launch high-quality legal tech solutions.
  • Strategic partnerships: Building strong relationships with law firms and legal professionals.
  • Market growth: Continued growth in the legal tech market.

8. Next Steps

RightNow should implement the following steps:

  • Develop a detailed business plan: Outline the expanded product portfolio, target market, pricing strategy, and financial projections.
  • Secure Series B funding: Seek investment from venture capitalists, angel investors, and strategic partners.
  • Build a strong team: Recruit experienced legal tech professionals and product developers.
  • Launch the first phase of the expanded product portfolio: Focus on document automation and case management software.
  • Establish strategic partnerships: Collaborate with law firms to gain market access and feedback.
  • Monitor performance and adjust strategy: Continuously track key metrics and make adjustments as needed.

By taking these steps, RightNow can successfully navigate the legal tech market, achieve sustainable growth, and disrupt the industry with its innovative solutions.

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Case Description

The case examines the focus of an early stage company, and how an unexpected external incidence can threaten or void the business model. It encompasses issues such as defining and pivoting a business model, organizational requirements for a pivot, investor relations, disruptive business models, as well as business conduct in continental Europe. In 2017, Dr. Torben Antretter, a former competitive tennis player and academic researcher, founded RightNow with his two co-founders. RightNow was set out to provide consumers with "Justice-as-a-Service" by purchasing their legal claims that they would not pursue otherwise. Just one year after its inception, the company had closed a €25 million financing to increase its market share and leverage further growth opportunities. Upon closing of this financing round, matters took a sudden and unexpected turn when the National Supreme Court announced a ruling that airlines were no longer required to refund flight tickets. This decision wiped out RightNow's profit margins. Antretter and his co-founders had to decide what they should do with the business. How should the founders approach investors? Should they quit and walk away from their entrepreneurial dream or try to reinvent the business with a different focus? What would be the strategy going forward?

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