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Investing in Legal Tech and the Ingredients of a Successful Start-Up (Zach Posner, The LegalTech Fund)
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Zach Posner discusses the LegalTech Fund, an investment fund he helped start that focuses on legal tech businesses and offers insight on what it takes to build a successful start up.
The LegalTech Fund has a solid track record and, if you have listened to a few episodes of this podcast, you’ve probably heard from founders of companies in which the Fund has invested–including Scott Stevenson from Spellbook, Otto Hansen at Term Scout, Tom Dreyfus at Josef, and also Zach’s colleague at the Fund, Mike Suchsland.
Zach brings a unique blend of experience and insight to legal technology investing. Among other things, prior to starting the LegalTech Fund, he helped build an education tech company that was ultimately acquired by McGraw Hill.
The LegalTech Fund has a couple of main areas of investing interest: Companies building tech that harnesses information from contracting processes and companies that are working to make legal services available to more people.
Zach also offers insight and advice for those trying to build a company–including the importance of investor updates because the most successful companies often have the highest frequency of reporting to stakeholders. He suggests that entrepreneurs should be open and honest about challenges, allowing investors to assist in problem-solving.
Zach also says it is important for entrepreneurs to demonstrate their products in a quick, iterative manner. He stresses that frequent engagement with customers can provide invaluable insights guiding the product development process. He further suggests that entrepreneurs should be tenacious with their vision, but flexible in their approach to achieving it.
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