[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.

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.

Medium Corporation: This Browser Extension Could Spare You From Carelessly Clicking “I Agree”

Excerpt by Global Legal Hackathon:

it’s a fact that most people don’t read the contracts they’re presented with before clicking “I agree.” How then can we ensure these contracts are fair if we don’t know what’s in them?

Global Legal Hackathon finalists in Denver came up with a solution. It’s called LexLucid, and it’s a browser extension that grades consumer agreements based on reviews from attorneys. With just one click, users can see how a given company’s contract stacks up without leaving the company webpage.

“Providing transparency helps consumers make educated decisions about the products and services they use, while motivating businesses to make fairer and simpler contracts,” the team explains in their mission statement.

Click here to read the full Medium Corporation article about us.

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