1. Tell us about yourself
We are the co-founders of "LegalMind" (Anubhav, Arpit, Harsh and Neelabh). A team of very young and jubilant people we aim to transform the way legal research is approached. The entire team has engineering background making the team highly advanced in up and coming technologies.
2. How did the idea for your business come about?
We did a project on Machine learning and data analytics in our college but the idea kept developing even after the project was completed and we then decided to make it real and put all of our time and effort into this.
3. Can you tell us about your venture LegalMind?
We at "LegalMind" have incorporated data analytics, automation and artificial intelligence in the legal industry . With the use of machine learning algorithms we summarize judgments in matter of seconds irrespective of the length of the document. Along with that our platform parses out data from judgments which allows a user to Identify trends on judges’ rulings, opposite attorneys, costs, penalties and many more for better decision making. We currently have over 5M documents on our platform and the number is increasing on a daily basis. All the data has been scraped from verified sources. Our inspiration behind "LegalMind" was to find a solution for the highly unstructured legal industry which posed a massive problem for lawyers and law firms to read and analyze all the data. Our further study indicated that lawyers spend over 40% of their time on legal research but still over 80% of documents aren't analyzed. So basically the entire legal industry was missing out on analyzing tons of data in a world that values data higher than almost anything else.
4. What are the challenges you faced till date and presently facing?
We have faced many challenges and resistance throughout our journey but we have overcome them all. From people telling us that there is no room for online platforms in legal research to people telling us we would never be able to develop the kind of product we aim to and now two years from starting this venture we have definitely proved these presumptions wrong. Our current challenge is more on the marketing side and propagating our product throughout the country and establishing LegalMind as the go to platform for legal research.
5. What was your key driving force to become an entrepreneur?
We strongly believe that entrepreneurs are what we need the most today with so many problems coming our way it is high time we start innovating and adding value to different industries. We believe no other profession adds more value to a society and industries than an entrepreneur and an innovative thinker. This belief paired with the belief that we can change the legal industry for the good forever is our driving force.
6. How did you raise funding for your venture?
We haven't raised any funds. We did a few projects for different firms and won money through different startup competitions and we are currently using those funds to run the business.
7. How do you build a successful customer base?
In our opinion there is nothing more important than listening to your prospects and their problems and building solutions on those points. When you provide an effective solution to the problem people have you will eventually build a successful customer base.
8. How do you market your business, and which tactics have been most successful?
We have tried and tested various strategies. For now it looks like social media marketing (a funnel consisting of social media marketing and various email campaigns) and direct reach outs to potential customers work the best. Though we are young and are trying out different avenues for marketing.
9.What kind of culture exists in your organization, and how did you establish it?
We practice a very social and open culture in our organization. Building this was fairly simple unlike popular belief. We just made sure any employee, intern or anyone working for our organization has access to the core members and are welcome to present their ideas directly to the decision makers. This established the trust between employees, interns and decision makers which has eventually lead to an amazingly friendly work environment.
10. How do you generate new ideas?
We have been working with Cyril Amarchand Mangaldas for about a year now and we generate new ideas for LegalMind by analyzing the problems lawyers face at CAM. Being at CAM has really helped us get a grasp of the legal sector and the problems professionals face in this industry we try and structure our ideas around those problems.
11. What are your ideals?
It is beyond the scope of this interview to discuss all our ideals but the thing we value the most is team work. We believe to make a business successful the right team and focusing on tea work is critical and we make sure that we follow this ideal religiously.
12.How do you define success?
As far as our venture is concerned we define two levels of success. The first has been achieved i.e. development of the product and implementing the ideas. The second level of success for us is to propagate this platform throughout the country and help legal professionals understand the need of data analytics and AI.
13.Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?
Not at all. Everyone has their own way of approaching things and one should follow whatever works the best for him/her. But there is one thing that is absolutely necessary for any entrepreneur to succeed and that is to start taking actions ASAP and not just planning stuff, you will never know if a particular thing works or not until and unless you try it out. Don't be afraid to fail.
14.What is your favourite aspect of being an entrepreneur?
The challenges that one faces on a day to day basis and coming up with solutions for those challenges and problems is easily our favourite aspect of being an entrepreneurs.
15. What has been your most satisfying moment in business?
When CAM accepted our idea it was a very satisfying moment indeed. We had somebody who believed in the idea and we couldn't have found anyone better.
16. What entrepreneurial tricks have you discovered to keep you focused and productive in your day-to-day busy schedule?
It can be different for everyone I feel shutting down sometimes or actually several times a day and having a bit of fun has always helped me in increasing my productivity.
17. Who has been your greatest inspiration?
We are in the tech space and who better than Elon Musk to be your inspiration
18. Any message for future entrepreneur
Personally I would advise anyone who thinks they have a solution to a problem a particular industry is facing to start testing their hypothesis. There is no "Good time" to start something, now is all you have and now is the best time. The more you sit and dwell on something, the more you allow yourself to go in a loop. I would suggest everyone to never give up. Running a business, developing a solution is meant to be difficult otherwise everyone would do it. Take baby steps, the moment you decide to take the first step you become a part of a very small elite percentage of people who are willing to put their ideas to work and make a change. And never forget to enjoy your journey! The journey is way more interesting and fun then the destination. Don't miss out on that!
For more details visit https://legalmind.tech/