#Expertise #WeeklyContest #StartupHunters The First Review on | Idea factory

#Expertise #WeeklyContest #StartupHunters

The First Review on This Week Ideas

We’ll start our analysis with the startup The Draftsman by Môm Michael Chia @chia_momm.

What is the idea about?

‘The Draftsman’ solves the issue of complex legal procedures, making the process of drafting documents automated.

The founder wants to present a special tool in order to simplify drafting documents, where all necessary templates and examples would be provided.

Pitch review

The entrepreneur wore a suit in order to attract viewers - and this is a good method! Even without watching the pitch, you already know that something is going to be presented officially and the founder takes his idea seriously.

In less than a minute Michael explained the concept easily and clearly. We got all basic points, however the pitch lacks revenue model info and a more elaborated explanation of the tool itself.

Competitiveness

Providing research, we found a lot of software tools to automate legal procedure, so we need know what way ‘The Draftsman’ differs from them. There are plenty of companies in this sphere, so the founder is not the first one who wants to launch such a project.

If we see the features, which shows uniqueness, we would see why this startup should be noticed. You also need it to attract investors who want to understand why they should invest in your startup.

Advantages

Simplicity. Users are lazy most of the time or do not have enough tools to handle documents, so automated drafting would simplify and accelerate these procedures.

Demand. If we speak about businesspeople, they always deal with documents. So this is one of the target audience segments.

Disadvantages

Lack of understanding. When you present your idea publicly, the most important thing is to mention how you will implement the idea.

In the pitch this aspect was not fully covered, that is why viewers may not believe in the idea. Please, keep attention to it to make your project more trustworthy.

Uniqueness. As we said above, some unique features were not provided. It may cause troubles at the start, because investors and the audience would not recognize why this idea should be implemented.

Market Potential

Overall, we find this idea promising in the venture world, where legal procedures are one of the most significant aspects to make the project work.

Point out your unique features, explain the tool you would use in your project - and people will definitely become interested in ‘The Draftsman’.

We wish you good luck and hope you implement your startup soon!