In today's episode of Category Visionaries, we speak with Otto Hanson, CEO at TermScout, a contract review platform that's raised $7 Million in funding, about why the current approach to signing contracts wastes time, money and risks potentially souring key relationships, and how TermScout plans to trim the fat from this most basic business process. Providing neutral, independent, third-party data to build confidence in the terms of a deal, TermScout has achieved an incredible rate of more than 40% of their clients agreeing to a contract without any further negotiation necessary.
We also speak about the TermScout story and Otto’s background in business law, exactly what inspired him to start such a specific startup, the big ideas which have shaped his career and why he’s happy to leave the corporate world behind, and why keeping agile and always pivoting can help you identify unique approaches to solving profitable problems.
Topics Discussed:
- Otto’s career in business law and what it taught him about contracts as the critical components of doing modern business
- The problems which pushed Otto to start a contract-focused startup, and how businesses can save time and money through the process
- Why learning and adjustment is key to moving forward in business, identifying new ways to approach perennial problems
- Why identifying a ‘bad contract’ is about more than just reviewing specific clauses
- How ease of use and accessibility helped TermScout build momentum and gather customers
- Why TermScout invested so heavily in marketing, and how they’re getting the message out to their mark
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