Harvard Case - Evisort: An A.I.-Powered Start-up Uses Text Mining to Become Google for Contracts
"Evisort: An A.I.-Powered Start-up Uses Text Mining to Become Google for Contracts" Harvard business case study is written by C. Daniel Guetta. It deals with the challenges in the field of Entrepreneurship. The case study is 17 page(s) long and it was first published on : Nov 9, 2018
At Fern Fort University, we recommend that Evisort continue its aggressive growth strategy, focusing on expanding its customer base, refining its AI-powered contract analysis platform, and strategically navigating the evolving legal technology landscape. This will involve leveraging its technology and analytics capabilities to deliver value-added services, fostering strategic partnerships, and considering a well-timed initial public offering (IPO) to fuel further expansion and capitalize on its market leadership.
2. Background
Evisort is a legal technology start-up founded in 2016, aiming to revolutionize the way businesses manage and analyze contracts. Their AI-powered platform utilizes text mining and machine learning to extract key information from contracts, automate contract review processes, and provide actionable insights for legal and business professionals. The company has gained significant traction, attracting a diverse clientele ranging from Fortune 500 companies to smaller businesses.
The case study focuses on Evisort?s rapid growth, its competitive landscape, and the challenges it faces in scaling its operations and maintaining its competitive edge. The main protagonists are the company?s founders, Jerry Ting and Abbey Black, who are navigating the complexities of managing a rapidly growing start-up while seeking to solidify their position as a leader in the legal tech space.
3. Analysis of the Case Study
This case study can be analyzed using a framework that considers both the internal and external factors affecting Evisort?s success. We can use the SWOT analysis framework to understand the company?s strengths, weaknesses, opportunities, and threats.
Strengths:
- Disruptive Technology: Evisort?s AI-powered platform offers a unique and valuable solution to a common problem in the legal and business world, automating contract review and analysis.
- Strong Team: Evisort has a talented team of engineers, legal professionals, and business experts who are driving innovation and delivering exceptional customer service.
- Growing Customer Base: The company has attracted a diverse and impressive clientele, demonstrating the value proposition of its platform.
- Strong Funding: Evisort has secured significant funding, providing it with the resources to invest in further development and expansion.
Weaknesses:
- Limited Scalability: Evisort?s current platform may face challenges in scaling to accommodate a significant increase in customer volume and data processing demands.
- Competition: The legal tech market is becoming increasingly competitive, with established players and new entrants vying for market share.
- Data Security Concerns: Handling sensitive legal data requires robust security measures to protect customer information.
- Limited Brand Recognition: Evisort is still a relatively new player in the market and needs to build stronger brand awareness.
Opportunities:
- Expanding Market: The legal tech market is growing rapidly, presenting significant opportunities for Evisort to expand its reach and capture market share.
- Strategic Partnerships: Collaborating with legal and technology companies can provide Evisort with access to new markets and resources.
- International Expansion: Evisort can expand its operations into new international markets, leveraging its technology to address global legal needs.
- Value-Added Services: Evisort can develop additional services, such as contract negotiation support, risk management analysis, and compliance monitoring, to further enhance its platform?s value proposition.
Threats:
- Regulatory Changes: Evolving regulations in the legal technology sector could pose challenges for Evisort?s operations and data security.
- Competition from Established Players: Established legal technology companies may pose a significant challenge to Evisort?s growth.
- Economic Downturn: A decline in the economy could impact customer spending and slow down Evisort?s growth.
- Technological Disruption: New technologies and advancements in AI could render Evisort?s platform obsolete.
4. Recommendations
- Expand Customer Base and Market Reach: Evisort should continue to aggressively expand its customer base by targeting new market segments, including smaller businesses, government agencies, and international clients. This can be achieved through targeted marketing campaigns, strategic partnerships, and leveraging its existing customer network.
- Refine and Enhance AI Platform: Evisort should invest in continuous development and refinement of its AI-powered platform, focusing on improving its accuracy, efficiency, and user experience. This includes incorporating advanced machine learning algorithms, expanding its data sets, and developing new features to address evolving customer needs.
- Develop Value-Added Services: Evisort should leverage its technology and expertise to develop value-added services that complement its core contract analysis offering. This could include contract negotiation support, risk management analysis, compliance monitoring, and legal research tools.
- Strategic Partnerships: Evisort should actively seek strategic partnerships with legal firms, technology companies, and industry associations to expand its reach, leverage complementary expertise, and access new markets.
- Consider an IPO: A well-timed IPO can provide Evisort with significant capital to fuel further expansion, enhance its brand recognition, and solidify its market leadership. However, this decision should be carefully considered, taking into account market conditions, financial performance, and regulatory requirements.
5. Basis of Recommendations
These recommendations are based on a comprehensive assessment of Evisort?s strengths, weaknesses, opportunities, and threats. They align with the company?s core competencies, mission, and long-term growth objectives.
- Core Competencies & Mission: Evisort?s core competency lies in its AI-powered technology, which aligns with its mission to revolutionize contract management. Expanding its customer base, refining its platform, and developing value-added services will strengthen these core competencies and further its mission.
- External Customers & Internal Clients: These recommendations directly address the needs of Evisort?s external customers (legal and business professionals) and internal clients (employees). Expanding the customer base will increase revenue and market share, while refining the platform and developing new services will enhance customer satisfaction and loyalty.
- Competitors: Evisort needs to stay ahead of the competition by continuously innovating and expanding its offerings. Strategic partnerships and an IPO will help Evisort compete effectively in the growing legal tech market.
- Attractiveness: The recommendations are expected to yield positive returns on investment (ROI) by increasing revenue, reducing costs, and improving efficiency. An IPO can further enhance Evisort?s attractiveness to investors and fuel its growth trajectory.
6. Conclusion
Evisort is well-positioned to become a leading player in the legal technology space by leveraging its AI-powered platform, expanding its customer base, and strategically navigating the evolving legal tech landscape. By focusing on its core competencies, developing value-added services, and considering a well-timed IPO, Evisort can capitalize on the growth opportunities in the market and solidify its position as the ?Google for Contracts.?
7. Discussion
Alternatives:
- Slowing down growth: Evisort could choose to focus on organic growth and prioritize profitability over rapid expansion. However, this could limit its ability to capitalize on market opportunities and compete effectively with larger players.
- Acquiring competitors: Evisort could pursue acquisitions to gain market share and technology. However, this could be a costly and risky strategy, requiring careful due diligence and integration.
Risks:
- Technological disruption: New technologies could render Evisort?s platform obsolete.
- Regulatory changes: Evolving regulations could impact Evisort?s operations and data security.
- Competition: Established players may pose a significant challenge to Evisort?s growth.
Key Assumptions:
- The legal tech market will continue to grow at a rapid pace.
- Evisort?s AI-powered platform will continue to improve in accuracy and efficiency.
- Evisort will be able to attract and retain top talent.
8. Next Steps
- Develop a detailed strategic plan: Outline specific goals, timelines, and resources needed to implement the recommendations.
- Refine the AI platform: Invest in research and development to enhance the platform?s capabilities and user experience.
- Expand marketing and sales efforts: Target new market segments and leverage strategic partnerships to increase customer acquisition.
- Explore IPO options: Conduct due diligence and engage with investment bankers to assess the feasibility and timing of an IPO.
- Monitor market trends and competitor activity: Stay informed about industry developments and adjust strategies as needed.
By taking these steps, Evisort can capitalize on its strengths, address its weaknesses, and seize the opportunities in the legal tech market, ultimately achieving its goal of becoming the ?Google for Contracts.?
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Case Description
Start-up Evisort was cofounded by two law students seeking to create AI-enhanced software providing contract management and processing solutions for attorneys and business professionals. For a small software start-up like Evisort with a single product in the marketplace, there was a relatively narrow spectrum of options for future development and tapping new sources of revenue: On one end of that spectrum was pure, client-driven development, i.e., the product could evolve based solely on feature requests from Evisort's current and future customers. On the other end was what the founders thought of as the "vision" approach, i.e., the product could evolve based on their conception of the ideal client solution for managing and processing contract data. While still considering the best path forward, the founders learn of an opportunity to work with a big life sciences company with headquarters in the Boston area-a client that would require a number of custom modifications to accommodate its desired workflows. The sale would be significant, perhaps Evisort's largest to date. There was no doubt that Evisort could customize the software for this client. The real question was whether to do so.
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