Harvard Case - Justice-as-a-Service at RightNow
"Justice-as-a-Service at RightNow" 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 21 page(s) long and it was first published on : May 23, 2020
At Fern Fort University, we recommend that RightNow pursue a two-pronged strategy:
- Focus on scaling its existing ?Justice-as-a-Service? platform: This involves leveraging its existing technology and analytics expertise to expand its market reach and penetrate new segments within the legal industry.
- Develop a strategic partnership with a leading legal technology provider: This collaboration would enable RightNow to access a broader customer base, enhance its product offerings, and accelerate its growth trajectory.
2. Background
RightNow is a startup company founded by two entrepreneurs with a vision to revolutionize the legal industry through technology. Their ?Justice-as-a-Service? platform aims to simplify legal processes, improve accessibility, and reduce costs for both individuals and businesses. The company has developed a suite of web and mobile applications that automate tasks, connect users with legal professionals, and provide access to legal information.
The case study focuses on RightNow?s early growth trajectory, its decision to pursue a ?going public? strategy, and the challenges they face in navigating the complex legal tech landscape. The main protagonists are the two founders, who are grappling with balancing their entrepreneurial vision with the demands of scaling their business and attracting investors.
3. Analysis of the Case Study
Strategic Framework: We will analyze RightNow?s situation through the lens of Porter?s Five Forces framework to understand the competitive landscape and identify potential growth opportunities.
- Threat of New Entrants: The legal tech industry is attracting significant investment and innovation, indicating a high threat of new entrants.
- Bargaining Power of Buyers: Clients seeking legal services have a moderate bargaining power due to the availability of alternative providers and the increasing transparency of pricing information.
- Bargaining Power of Suppliers: The bargaining power of suppliers (legal professionals and technology providers) is moderate, as RightNow relies on their expertise and access to specialized resources.
- Threat of Substitute Products: The threat of substitute products is high, as traditional legal services and other technology-based solutions can compete with RightNow?s offerings.
- Competitive Rivalry: The legal tech industry is characterized by intense competitive rivalry, with numerous players vying for market share.
Financial Analysis: RightNow?s financial performance is crucial to its success. The company needs to demonstrate sustainable growth and profitability to attract investors and secure funding. Key financial metrics to consider include:
- Customer Acquisition Cost (CAC): RightNow needs to optimize its CAC to ensure that it can acquire new customers cost-effectively.
- Customer Lifetime Value (CLTV): The company should focus on increasing customer retention and maximizing the value of each customer relationship.
- Burn Rate: RightNow needs to manage its cash flow effectively to avoid running out of funds before achieving profitability.
Marketing Analysis: RightNow?s marketing strategy should focus on creating awareness and building brand recognition within the legal industry. Key strategies include:
- Targeted Marketing: Leveraging digital marketing channels to reach specific segments within the legal market.
- Content Marketing: Creating valuable content to educate potential customers about the benefits of using RightNow?s platform.
- Partnerships: Collaborating with law firms, legal professionals, and other technology providers to expand reach and generate leads.
Operational Analysis: RightNow?s operational efficiency is critical to its success. The company needs to streamline its processes, optimize its technology infrastructure, and build a strong team to support its growth.
4. Recommendations
Focus on Scaling Existing Platform:
- Expand Market Reach: Target new segments within the legal industry, such as small and medium-sized businesses, individuals seeking legal assistance, and specific legal practice areas.
- Enhance Product Offerings: Continuously improve and expand the functionality of its web and mobile applications, adding features that address specific pain points within the legal industry.
- Optimize User Experience: Ensure a user-friendly and intuitive platform that is accessible to a wide range of users.
- Develop a Strong Marketing Strategy: Implement a comprehensive marketing plan that leverages digital channels, content marketing, and strategic partnerships to reach target audiences.
Strategic Partnership with a Leading Legal Technology Provider:
- Identify Potential Partners: Research and identify leading legal technology providers that align with RightNow?s vision and have a complementary customer base.
- Negotiate a Strategic Partnership: Develop a mutually beneficial partnership agreement that outlines the terms of collaboration, including joint marketing initiatives, product integration, and technology sharing.
- Leverage Partner?s Expertise: Access the partner?s technology, resources, and expertise to enhance RightNow?s product offerings and expand its market reach.
5. Basis of Recommendations
- Core Competencies and Consistency with Mission: RightNow?s core competencies lie in its technology and analytics expertise, which are aligned with its mission to simplify and improve legal processes.
- External Customers and Internal Clients: The recommendations cater to the needs of both external customers (individuals and businesses seeking legal services) and internal clients (legal professionals and technology providers).
- Competitors: The recommendations address the competitive landscape by leveraging partnerships and focusing on market segmentation to differentiate RightNow from its competitors.
- Attractiveness: The recommendations are expected to drive growth, increase profitability, and enhance RightNow?s overall attractiveness to investors.
6. Conclusion
By pursuing a two-pronged strategy of scaling its existing platform and forming a strategic partnership, RightNow can position itself for sustainable growth and success in the competitive legal tech market. This approach will enable the company to leverage its core competencies, expand its market reach, and build a strong brand presence within the industry.
7. Discussion
Alternatives:
- Going Public Independently: RightNow could choose to pursue an initial public offering (IPO) without seeking a strategic partnership. However, this would require a significant amount of capital and a proven track record of profitability.
- Acquiring a Smaller Legal Tech Company: RightNow could acquire a smaller legal tech company to gain access to new technology, customers, and expertise. However, this strategy carries the risk of integration challenges and potential cultural clashes.
Risks and Key Assumptions:
- Competition: The legal tech industry is highly competitive, and RightNow may face challenges from established players and new entrants.
- Technology Adoption: The success of RightNow?s platform depends on the adoption of technology by legal professionals and clients.
- Regulatory Landscape: The legal industry is subject to strict regulations, and RightNow needs to ensure compliance with all applicable laws and regulations.
8. Next Steps
- Develop a Detailed Business Plan: Create a comprehensive business plan that outlines the company?s strategy, financial projections, and key milestones.
- Secure Funding: Seek funding from venture capitalists, angel investors, or other sources to support the company?s growth initiatives.
- Identify and Evaluate Potential Partners: Conduct due diligence on potential strategic partners and negotiate a mutually beneficial partnership agreement.
- Implement Marketing Strategy: Launch a targeted marketing campaign to reach potential customers and build brand awareness.
- Monitor Progress and Adjust Strategy: Continuously monitor the company?s progress and make necessary adjustments to its strategy to ensure its long-term success.
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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 minimal viable product, 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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