The Problem
In the fast-changing world of technology, the European Union regularly updates its compliance laws, posing a significant challenge for businesses to keep up. The information technology sector's rapid growth requires companies to constantly adjust their operations to align with the latest EU regulations. However, many businesses lack automated systems to efficiently monitor their compliance in real-time. This gap in automation can lead to risks and inefficiencies, as companies might depend on manual or outdated ways to check if they meet regulatory standards. To address this, it's crucial for businesses to implement advanced compliance monitoring platforms. These systems provide a proactive solution to ensure ongoing compliance with EU regulations, offering timely and accurate assessments essential for navigating the IT sector's regulatory landscape.
The Solution
We are excited to present a comprehensive platform equipped with various tools tailored to evaluate and address your specific challenges efficiently. With our platform, you can greatly reduce consultancy costs, simplify the process of implementation and analysis, and improve your compliance with the latest regulations.
Customer Segment
We are dedicated to meeting the specific needs of small and medium-sized enterprises (SMEs) through a strategic top-down approach. This method focuses on engaging with senior management and key decision-makers, the people who have the power to implement and endorse our platform effectively within their companies. This strategic alignment ensures that our services are not only finely tuned to your company's unique needs but also led by those who can effectively champion and drive the adoption of our tools, facilitating a more professional, efficient, and compliant approach to problem-solving within your organization.
Competition
When it comes to competition, our main rivals are consultancy firms, especially those focusing on GDPR compliance consultancy. These firms traditionally offer specialized advice and strategies for businesses to meet the stringent data protection standards set by the GDPR.
Advantages
Our expertise is deeply rooted in cybersecurity and information technology, which positions us exceptionally well to tackle the new challenges that will arise with the upcoming changes expected in early 2024.
Key metrics
- Active users
- User engagement
- Adoption rate
- Client growth
- Problem resolution rate
Cost structure
- Infrastructure
- Marketing
- Research and Development (R&D)
- Operational expenses
- Customer support and success
Revenue streams
- Subscription plan plus package plan (Strict freemium)
- Pay-As-You-Go pricing
- Customization fees
How you identified the problem?
- Came across the news about the new regulation and started documented about what they suppose to change
- Discovered the need of consulting about the compliance with the new regulations
- The consulting made by a specialized company can be rather expensive
What you thought is a solution for the problem?
- A compliance platform that can analyze the application and automatically detect any problems regarding the new regulations, which will also be less expensive than using a consultancy company
Your plan for customer discovery
- Conduct Customer Interviews: Schedule interviews with potential customers in your target segment to understand their problems, needs, and preferences.
- Validate or Refine Hypotheses: Compare customer feedback to your initial hypotheses to validate or refine your assumptions about customer pain points and needs.
- Test and Validate: Build a Minimum Viable Product (MVP) or prototype and test it with your target customers, gathering feedback and making necessary iterations to ensure your solution resonates with your audience.
Questions you asked
- Can you walk me through the last time you encountered a challenge with regulatory compliance?
- How are you currently handling DSA/DMA compliance within your company?
- What specific aspects of DSA/DMA compliance are most time-consuming or problematic for you?
- Have you missed any compliance updates in the past year? What happened?
- Can you describe the impact of non-compliance on your business in terms of time, resources, or penalties?
- What tools or solutions have you tried to manage compliance? What did you like and dislike about them?
- How do you assess and manage the risk of potential non-compliance? What is your process for training employees on compliance issues?
- How much time and budget do you allocate to compliance management each month?
- If there was a solution that could improve your compliance process, what specific features would you need?
Describe how these insights have affected your product development
- The feedback will help us iterate our product / solution and achieve a shape that will fit our customer needs
Do you consider that you are ready to move to the Customer Validation stage
- Yes, by allowing potential customers to use our document analysis solution for free to gain traffic on our platform
Team
- Mihaita Catalin Pavel - CEO
- Cosmin Gamanusi - COO
- Camil Popa-Nica - CTO
- Radu-Andrei Dumitrescu - Adviser
User Journey
Lead generating campaign
As our start-up is based on a compliance platform centered on the DSA act, a traditional approach might not have the desired result. As such, we went to a hackathon and a start-up conference in order to promote our solution and define the direction of our product. By talking to mentors and investors we were able to refine the idea, improve the solution, add features for the next iteration of the product and also promote us as a team and promote the idea of using LLM's in order to ameliorate problems for SME's and automate the auditing process for consultancy companies. Out of the 2, the start-up conference gave us the most exposure to potential clients and investors, whereas the hackathon helped us better define our technical solution, business model and user flows. Furthermore we created an asistant on the GPT marketplace that does the document analysis and along with the response it directs the user to the landing page.
Potential User interviews
Robert as a Lead Product
He validate the problem that we identified for small companies and helped us develop the ideas for the functionality that should be implemented. He told us that a possible direction can be focusing on laws from other regions of the world and that a user might want regular auditing of the site documents in order to be sure that the product is compliant.
Nicoleta as a Legal Consultant
She validated our idea and told us how we can improve the workflow of a consultancy bussiness by helping automating the tasks that the employees are doing manually. She also suggested that we should look into AI Act for later development of our platform and that we should consider working with somebody with experince in the legal domain in order to be trustworhty.
Andreea as a Developer
She validated the need of our product for developers who want to focus on building robust applications and do not have the time or the experience to write up to date Privacy Policy or Terms and Conditions. She also gave us some technical suggestions such regular auditing of documents on an application, checking what have changed since the last scan and providing solutions to new potential legal problems.
Main User Persona for SME's
Goals
- Offer quality services and products to the customers
- Be compliant with all the new regulations and avoid sanctions Tech knowledge : from none to tech savy Experience with legal processes : none Pain points : new regulations that appear which generate the need of a tool that can help the bussines be compliant and avoid legal problems
Main User Persona for Consultancy Companies
Goals
- Offer fast processes to the customers
- Help customers avoid sanctions Tech knowledge : from none to medium Experience with legal processes : high Pain points : new regulations that appear which generate the need of a tool that can help the consultant offer fast and reliable services to their customers
Market Analysis and Projection
Target Market and Sub-Markets
Legal consultants: Software solutions cater to automate their tasks, increasing efficiency.
Small and Medium-Sized Enterprises (SMEs): Affordable, user-friendly software adaptable to specific needs.
Estimated market size: Compliance software market valued in billions globally with anticipated growth.
Segmentation Impact: Different sub-markets contribute to the market's overall size and diversity.
Competitive Landscape
Approximate number of competitors: No direct competition in the targeted compliance area.
Indirect competition: Consultancy companies developing their own software, GDPR compliance tools pivoting towards other regulations.
Potential Market Share Estimate
- Year 1: Entry and Penetration (1-2% market share)
- Year 2: Growth (3-5% market share)
- Year 3: Expansion and Refinement (6-8% market share)
- Year 4: Consolidation and Optimization (9-12% market share)
- Year 5: Maturity and Market Establishment (13-15% market share)
Total Market Value and Projected Market Share Value
Considering GDPR fines and the growing compliance market, the total market value is over 1 billion Euros.
Projected Market Share Value: From 10 million Euros in the first year to 100 million Euros in the fifth year.
How the MVP works
Our start-up offers a streamlined compliance platform that analyzes documents such as Terms and Conditions and Privacy policy documents. Users simply upload their text, and our system efficiently scans for potential issues. The platform then not only identifies these problems but also suggests practical solutions, all within the same user-friendly interface. This approach ensures swift compliance and easy problem resolution for our clients