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Space Summary
The Twitter Space session was a valuable discourse on scaling a legal tech company, especially focusing on the transition from 40 to 500 lawyers. The theme of aligning value propositions with customer needs resonated throughout the discussion. The emphasis on angel investors over institutional ones in the early stages, leveraging lawyer associations for networking, and the significance of early revenue generation were key points. Furthermore, the innovative approach of using animated cartoons for financial literacy education and the importance of advocacy and community building added depth to the conversation. The session provided a blend of tactical advice and long-term vision for scaling and sustaining legal tech ventures.
Questions
Q: How to scale from 40 to 500 lawyers?
A: Focus on value proposition and effectively solve customer pain points.
Q: What kind of lawyers should be targeted?
A: Prioritize enterprise clients while understanding different segments over time.
Q: Where to find potential investors?
A: Explore angel groups, lawyer associations, and individual angel investors.
Q: How to sustain business without initial large investments?
A: Generate early revenue even at lower costs to establish a reliable customer base.
Q: Is it beneficial to get institutional investors early?
A: Focus more on aligning with angel groups initially rather than institutional investors.
Q: Importance of lawyer associations?
A: They offer networking and funding opportunities for legal tech growth.
Q: How to identify initial customer pain points?
A: Directly engage with early customers to understand their pain points and build trust.
Q: How to educate a broad audience on financial literacy?
A: Utilize engaging tools like animated cartoons and apps targeted at children for financial education.
Q: Best practices for building advocacy?
A: Create transparent and genuine engagement strategies to build advocacy and community around the product.
Q: Short-term vs long-term business strategies?
A: Balance immediate revenue generation with a focus on long-term vision for sustainable growth.
Highlights
Key Takeaways
- Align value propositions with customer pain points for SaaS success.
- Shift focus from individual lawyers to enterprise clients over time.
- Prefer angel investors over institutional ones for early growth stages.
- Build trust with early customers to refine the product effectively.
- Utilize lawyer associations for networking and funding opportunities.
- Generate early revenue to sustain business growth.
- Use innovative methods like animated cartoons for financial literacy education.
- Advocacy and community building are crucial for sustainable growth.
- Maintain transparency and integrity with all stakeholders.
- Balance long-term vision with immediate tactical decisions.
Behind the Mic
How to go from 40 to 500 lawyers? Because selling SaaS software in America, it’s a cool thing, but it’s really difficult to do unless the value proper is as painful as possible. And lawyers, and when you talk about lawyers, like which kind of lawyers? Individual lawyers, more enterprise clients, I think those are questions you probably figure out over time. So I almost advise you not to spend too much time trying to answer this question with institutional investors, because the metrics that at least we. I would be looking for, you wouldn’t be able to have them right now is I don’t think it’s fair to you to have that question. So I suggest you try to look at angel groups, people that invest in, perhaps even looking within the lawyer associations themselves, there’s a lot of lawyers these days that do individual angel checks. So perhaps as you’re thinking about potential customers, you could think about how to pitch some of them as potential investors into your solution. I’d say those I think I’d suggest you focus on now beyond confident investor. I think tosa’s earlier point, if there is a way to not sell it off, ninety cents and for eto to kind of get revenue in the door with these four customers, I spend a lot more time on that than trying to find Runway to build a business. Because I do think that if your business is a strong business, the right capital partners will follow you and be there for you. Thank you. Really good. Thank you so much. Brilliant. So let’s go now to the last one. Tailota. Thank you very much, everyone. My name is Tialuta and I’m the Chief Yeanak of Kinema a leading Role Nigeria. Yeah. So a brief introduction about Kinema. So we are the largest digital terminal network here in Africa, so we run a process to scale over 1500 screens inside Africa, and we now work to use this network to drive social impact and also develop cinemas across all over. So a lot of the work we have been doing now, it’s kind of public fortune, Nigeria. We’ve done a lot of work with local and international impact organizations. We work with people like UNICEF, Global Disability Innovation roundation Unilever has over 30 corporate included local clients in Nigeria alone. In 2018, we rolled out over a public fortune here with UNICEF dealing with modern disabilities. And we also work with local cinemas because now, post covered 19 started building out smart tech for cinemas through global development process. And we are really right now trying to scale out and build new cinemas. And also now really focus on equity, diversity and inclusion. And most importantly, how do we use new business models to drive living up for my term Medica focus here in Nigeria, which we’ve been doing a good work here also. But now we’re really looking to scale and build up Cine and also involved in Diversity Inclusion in the cinema ecosystem in Nigeria. We’ve raised to date about a million in cash and also invited. Can you mentioned a little bit about what role will you have in the team and what are the advances you guys are seeing right now in the market? Like what are your next challenges? So there’s one question. What’s the what’s. So when we started out, most of our works were doing process with big organizations not going to the big corporate clients. Right. But in the last 18 months or so, we had to start by focusing now on building out smart cinemas in the physical centers because the operators and the opportunities to operate cinemas here in Nigeria have shrunk. When we started out in 2018, we looked for growth and the core cinema a bit. There been some kind of light market politically in terms of helping fund new operators to build out cinemas. But based on that, it’s like a workload. Also build new models into our IP. And now we are now moving to a model where we own most of cinemas that we do syndicate building partner and we focused a lot of time cut on how can we how can we diversify the cinemas into using these cinemas to drive changes across the public screen into the tech aspect. So through our backed process, right. The biggest challenge is how do you find the right. Which that’s why thank you. Great addition. Thank you so much. Eddie. Thank you. It’s almost like what can you do scale. Jess. You can try and grow everything at once. Right. So what can you do pretty well. And so that no impact is really, really proper. And as you’re thinking, like, as say a hat on, what are some expectations you want from kind a. To help you deal with these questions, both for local and foreign impact investors. What do you want most of them to get to find a good angel who can see my solution for that first step. So we know Nigeria has a lot of gaps now around meeting content yet with national publicity. But also at the same time, how do you balance that out with telling those stories and an international chain? So one of the things you want from our partners are people supporting us, not just donors. Right. So platforms that can like meet us modular from the ground perspective, but also kind of selling those stories now to a more international audience. The partnership has to have over the last two years from Global Disability Innovation team where we that project was one of the largest screening projects of its kind around issues on science development tools for disability, which ran across 25 communities in Lagos. There are other smaller cities where really people didn’t understand what disabilities and science picture sets were. That was one of the largest and it’s nice to tell the stories of our work and impact. That’s what we really look out for. Thank you. Amazing sense. Thank you. Thank you very much. I wanted to speak to one person we can grow up and going across and you can advise the same question. How do you look at it? Cool. Yeah, I mean, I there’re still being we’ve gone through a range of models and ultimately the thesis kind of needs to have already, say, my proposition of Future skills was kind of thinking about supplementary education on a very large scale. We started in Turkey two years ago. We have ended up with Million now over, 60,000 in Turkey, and added on for other countries. I think the value we’ve established is we’ve really helped kind of build impact for the future of work. Just possibly now almost gives the biggest competitive approach to training and lifelong learning are not very profitable. There’s always this balance between education, less kind of making money. But this is one of those few companies that we now see that model into that the biggest short term opportunity would be to work with partners around the employees to deliver our real job prep school developer products. But on a high level, as we’ve already just discussed, I think we need to triple our services number one, and I think getting this funding to expand into more places while, again, consistently turn up on the delivery and the expansion of this project. The biggest challenge we’ve faced is building out for us this sector around Future of Work on impact. But the opportunity is the needs growing lot more. We are killing the interest in almost that supply of future jobs. So that’s what we are trying to solve. How do you think you convinces both in the obviously the mistakes of this sector and also the learnings that can enable to sustain this growth kind of phase moving forward? Yes, I mean, the biggest challenge again is a highly competitive space, so companies are learning that essentially actual work forces need to constantly reskill. So the key point for us and let think the business moving the last three years or so, it’s really kind of building competitive advantage. That’s always the strength of our program and also the quality of the skills training that comes out of it. So we believe more investment in sustaining those schools of competitive advantage to keep us ahead. What the sector challenge key people is sustain grants for really companies and conv there like the ones we have now are really quite healthy. You want to keep them more and less healthy. But also thinking about long term, how do you compete within those global businesses? It’s really quite dynamic challenge. And I think our biggest pressure is ensuring that model of competition that they’re thinking is sustained. I think you mentioned investing more in strategy direction of how can essentially kind of build our position in Nigeria. No, thank you. Thanks to all the work. I think we’re pretty much Nigerian time. But this has been pretty much amazing session from everybody. Everybody that joined in. Thanks. I think I’ve learned a lot more than I even think I would. And Tandy, thanks again for coming. I’m looking forward to more success stories. We’re going to do our closing remarks if Ilo hasn’t gone, and I think Tosin and everyone and. And then we’re going to have UNECA just do our final closing marks and more instant meeting network cleverly. If you guys want to network with this person, you can find him on LinkedIn, look him up where you want to do. And so I think closing remarks for now, how the business, how you basically Nigeria to position yourself. What’s your traction? I think this is an important question that the two of you can really work on helping position for future investors internacional coming in. But it’s just one question coming in and the last part of this I do like participate conferences like this, meet others and just see the success stories coming out. So it’s right moment at UN for you. Right. And thank you very much for that. Thank you everyone for joining. Have have and again for with us. So my closing marks is me about scaling a business, knowing and very clear strategy around your product and looking at the market all the same. More so in Africa or I mean row. We scaled a company from just one person on the sofa to over 200 employees reaching about 7000 active youngsters and we started out doing lot of social impact programs as just needing was one of really amazing projects we worked on back then. So I’m staying or that was great to meet you guys. Not everybody. For me, it’s investing a spondee management helps. The visibility of African founders is what I love doing. And it’s also important to tell stories. Right. So even at this stage now where you will commit to ensuring that you get close to the people who talk.You just heard from tolu joins in the UK. Just go thank for Africa. A f big audience. Next connection, right? If you guys mentioned about our great match. So Theo has been really helpful as partners reach out and very helpful people. And I think what’s interesting is doing work more likely that actually started making a dent on the fundraising today. So next step for us is I help. I didn’t see answers, questions, but what I will say is, ultimately sometimes a good leader is questioning also how do we invest in people versus markers? Right. That makes a huge difference into at when you’re investors. So I’ll just say that the people are featured from the visibility of the fundamental group. And also if people see the work, don’t get to see that in which level we are making loads of partnerships from 2020, what else has to have to work as I do think that there is a big consensus is one of the investments we’ve been doing into a lot of it. But that’s my closing about scaling you’re investing abroad, that’s useful marker. Thank you. Thank you. Thank you for today. Good evening for everyone who have been here. If I not a catch you sometime. We will. Thank you. Okay. I know it’s like also my fun I had a great time. Okay. All right. Ladies. Thanks for that everybody. Please also you we got there went well. Today’s meeting was very informative and hence will be catching up next month. Today is good activity and trust you continue to have a very good evening and we will be catching up sometimes on understanding more about the scaling Africa founder’s program. Updated at the end of the day for yourself at future London, the great to understand this program. So good time Egypt, let’s be there talking Africa. Thanks. Bye. Later.
