[Video] The Scout Report – Episode 3: How Contracts Impact The Software Sales Process

If you’ve ever been in sales or have purchased business critical software, you know that the contract review process is a friction point and has a significant impact on the timeline to close a deal. 

After a successful negotiation, a sales executive is given the green light by the client and both parties are excited to move forward with the deal.  When the contract goes to legal review, the salesperson and the buyer champion lose control of the process, timing, and maybe even the ultimate outcome of the deal. 

Recently Peter Fatianow, co-founder and COO of TermScout, had a chance to speak with Andy Boyd – sales guru, advisor, investor, and serial entrepreneur – about how contracts impact sales and some innovative ways to smooth out that process. 

In this video, you’ll hear more about:

  1. Key elements of the sales process, how to simplify it and make it more effective
  2. Common mistakes entrepreneurs and salespeople make when it comes to contracts
  3. How contract negotiations impact the sales process
  4. Some of the worst things you can hear as a salesperson – and how to prevent them
  5. The importance of understanding the terms and conditions of your competitors – and how to use that information effectively
  6. How TermScout can help make the sales and deal closing process go smoothly, saving time and reducing risk

Watch The Scout Report – Episode 3 to learn how to make your sales process more streamlined and successful! 

Watch The Video 

TermScout Secures $1.25 Million Seed Funding to Grow Legal Tech Offerings and Sales

All of us at TermScout are excited to announce that we’ve closed a $1.25 million funding round – and previous $350,000 convertible note for a combined $1.6 million. The Series Seed includes investments from Hilltop Venture Partners, Techstars, and EonCapital.  See the full press release here. 

US businesses sign billions of contracts each year, spending an average of $6,900 to review even simple, low-risk contracts, according to an IACCM Research Report on The Cost of a Contract. Why spend $6,900 when TermScout offers contract review services using artificial intelligence plus real human attorneys for under $100 per contract?  

Stay tuned over the next few months as we develop the contract review comparison platform, the contract database, and launch a website offering free and premium information about the top B2B SaaS contracts.

We’ll also be expanding our team – you can learn more about joining us here.

We’re Hiring: Director, Product Delivery

TermScout Seeks a Director, Product Delivery

TermScout is an early-stage company based in Denver, CO.  Our mission is to become the definitive source for actionable intelligence about contract. By providing transparency to the contracting process we allow our customers to buy and sell goods more efficiently and build more transparent relationships.

TermScout recently closed its seed financing after wrapping up the Techstars Boulder Accelerator. TermScout’s founders were the winners of the Global Legal Hackathon in 2018, and the company currently has 5 full-time employees. This is a great opportunity for anyone looking to get in on the ground floor of an early-stage, high-growth legal-tech startup.

We are looking for a Director, Product Delivery to head up our data abstraction, review and report generation activities to create a large scale data base of contract provisions that the company can use to generate a wide variety of reports that provide our customers with actionable business intelligence. In this role, you will lead a team of offshore attorneys, work directly with TermScout’s customers, and play a key role in evolving our product sets. This position can be anything from a short-term contract to a full-time position and could be remote (though ability to travel to Colorado (when safe to do so) strongly desired).  Compensation is negotiable based on experience.

In this role you will:

  • Have lead responsibility for developing, implementing, and running a scalable process that leverages technology and an offshore team to review and analyze a large volume of contracts.
  • Identify opportunities to use technology to automate the review, analysis, and reporting functions and work with our engineering team to make this happen in a pragmatic fashion.
  • Supervise our offshore review team, working collaboratively with them to improve efficiency and scale while delivering requisite levels of quality.
  • Work with our product designers to identify and execute on opportunities to monetize the company’s data set.
  • Design, develop and implement a structure for on-boarding new customers, obtaining relevant feedback from them, and growing customer satisfaction and their spend with the company.
  • Stretch a dollar as far as it will go, without being penny wise and pound foolish.   

The ideal candidate will have:

  • A strong understanding of the legal aspects of commercial contracts
  • Deep knowledge of commercial contracting processes including techniques (Sigma, Lean, etc.) for optimizing such processes and where automation, including growing AI capabilities, can be used to improve efficiency
  • Experience in working with offshore legal review teams, ideally in a managerial capacity
  • 5+ years of hands on commercial contracting experience in a high-volume environment at a corporate law department, ALSP, or law firm
  • A creative mindset and a can-do attitude
  • Excellent written and verbal communication skills
  • A passion for collecting actionable data and using it to drive continuous improvement
  • A track record of delighting customers

Bonus points if you have:

  • A JD
  • Experience managing high-performing volume contracting teams

Join us! If you, or anyone you know might be interested in this role, please forward contact information and resume to .

TermScout does not discriminate based on race, color, religion (creed), gender, gender expression, age, national origin (ancestry), disability, marital status, sexual orientation, or military status, in any of its activities or operations. We are committed to providing an inclusive and welcoming environment for all members of our staff, volunteers, subcontractors, vendors, and clients.

TermScout is an equal opportunity employer.

The Scout Report Video – Episode 2

Summary

Assessing Risk in Click Through Agreements

In episode two of The Scout Report, host Otto Hanson, Founder and CEO of TermScout visits with guest Bill Mooz, Executive Director of the Institute for the Future of Law Practice. They discuss how to avoid playing Russian roulette with click through agreements. Services purchased from a low dollar contract can still have high associated risks. They analyze why the dollar threshold is not a safe threshold for making decisions regarding which contracts to review. Watch the video for best practices for making appropriate contract review swift and affordable. 

 

Run time: 11:19

The Scout Report Video – Episode 1

Summary

Otto Hanson, CEO of TermScout, hosts the show with guest Bill Mooz, Executive Director at The Institute for the Future of Law Practice. Otto and Bill discuss best practices for making the contract review process as efficient as possible and developing win-win scenarios for drafting terms and conditions. A contract serves as an operating manual for any business relationship and defines what each party needs and expects. There are circumstances when it benefits the buyer to work with the vendors’ pre-existing contract language. Watch the video to learn more.

 

Run time: 9:33

TermScout joins Techstars 2020 Accelerator Class in Boulder, CO.

Each year, Techstars selects hundreds of companies to join their three-month mentorship-driven accelerators, investing $120K and providing hands-on mentorship and access to the Techstars worldwide network of founders, investors, mentors, and industry leaders. For 13 weeks startups work to gain traction, accelerate their businesses, and grow their networks to help them do more faster, emerging from the program stronger, bolder, and better prepared to drive innovation in the global economy.

TermScout was selected to join the Techstars 2020 Class in Boulder, CO. This is the 14th class in Boulder since Techstars launched in Boulder in 2007. Companies will be joining us from Colorado, Oregon, Montana, Mexico, Illinois, Utah, and California. One hundred forty-two companies have graduated in the past 14 years and they’ve gone on to raise over $1.2B, change their industries and create thousands of jobs. We are proud to be a Techstars portfolio company. 

To learn more about Techstars and the other companies selected this year visit

https://www.techstars.com/content/accelerators/announcing-class-techstars-boulder-2020/

 

About TermScout

Founded in 2018 after winning the Global Legal Hackathon, TermScout is a Techstars-backed company that offers data-driven contract intelligence. The company’s mission is to make it easier to understand the contracts businesses sign every day. TermScout is based in Denver, Colorado, with a team of experienced and passionate attorneys and entrepreneurs. You can learn more about the team at termscout.com/about/.

TermScout accepted into LexisNexis Legal Tech Accelerator

TermScout is excited to announce that it has been selected from among a record number of applicants as one of nine companies to participate in the fourth LexisNexis Legal Tech Accelerator.

 The program includes a rigorous 10-week curriculum, designed to enhance participants’ knowledge and expertise in areas such as technology and product development, leveraging legal data, customer success, marketing, fundraising, and agile concepts.

 Click here to read the full press release.

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