And the winner is…. First Demo Day of the Legal Tech Hub Vienna (LTHV): Law firms and start-ups celebrate a successful program
On the evening of 11 July 2019, LTHV hosted the Demo Day for Batch#1 of the Legal Tech Accelerator Program. About 150 guests gathered in the cupola hall of the TU Vienna to evaluate the five participating start-ups and their progress, together with the LTHV Founding Members, cooperation partners, stakeholders, and potential investors. In addition to guests from the legal network, interested parties from the start-up community and students interested in Legal Tech were present.
Only nine months after the founding of LTHV, the first graduating class of the Legal Tech Accelerator Program, which is unique in this form in Europe, reached the finals – and with great success. After five intensive months with expert input, business coaching, and close cooperation with the law firms of the LTHV, the Demo Day was the crowning finale. The five LTHV start-ups (APPbyYou, Contractbook, Jaasper, Miso, and Taxy.io) were given a big stage to pitch their progress and their products in front of a selective professional audience. The business coaches were also satisfied – the day before the Demo Day, the start-ups had been intensively prepared for the pitching session.
But the past months were not only exciting for the start-ups. The cooperation was also exciting for the law firms, and involved a learning process. The knowledge gained through the cooperation with the start-ups was regularly discussed and shared at round tables and LTHV jury meetings during the past months, which resulted in a gratifying extra benefit for the members of LTHV. “The cooperation with the start-ups was a great pleasure and very profitable for us,” says Dr. Alric Ofenheimer, Partner at Eisenberger & Herzog.
At the end of the evening, two winners were chosen – a jury prize and an audience prize. After a short consultation, the jury decided to select the start-up company Miso. The audience favorite was Contractbook. In addition to certificates, the winners received a start-up promotion package worth EUR 15,000 (Miso) and EUR 5,000 (Contractbook) to promote their offers at Future-Law and the Future-Law Legal Tech Conference in November 2019.
After the award ceremony, all participants and guests had the opportunity to discuss legal tech and innovation further over snacks and drinks.
LTHV Accelerator Program: Batch #2 Launches in Autumn 2019
In addition to the celebrations for the successful conclusion, the Demo Day was also a teaser event for Batch#2, which will be launched in September. Quote from jury member Sophie Schmidt (PHH Rechtsanwälte): “We are already looking forward to the applications for Batch#2. After the first very successful run of the program, we can now narrow down more precisely in advance where the focus should be in Batch#2. For this reason, we are specifically looking in some areas – including KYC and conflict check – for the next batch.”
Start-ups and SMEs from the legal tech sector still have until 1 August 2019 to apply for the program. The call is open to anyone working on digital solutions based on machine learning, AI, platforms, semantics, or blockchain and addressing legal topics such as client management, legal management, transactions, business development, or data analyses.
Unbeatable in private communication, WhatsApp is usually a no-go in the business world. The APPbyYOU, invented by German founders, is a company messenger that is secure in all respects and operated on its own cloud. With interfaces to widespread systems such as SAP, workflows are directly supported. APPbyYOU is tailored to the customer and will soon also be available as a law firm version. The costs for SMEs (up to 250 employees) are only about EUR 12,000. companymessenger.com/de
Contractbook, developed in Denmark, is a platform for creating, managing and archiving contracts. It can be used by companies ranging from SMEs to large corporations, and law firms have their own model.
Jaasper Document Services
The Viennese start-up company Jaasper wants to significantly reduce the effort for lawyers in checking and researching contracts – with self-learning software. The TU Vienna is also involved in the FFG-funded project.
About the LTHV:
The law firms DORDA, EISENBERGER & HERZOG, HERBST KINSKY, PHH, SCHÖNHERR, SCWP Schindhelm, and WOLF THEISS jointly founded the Legal Tech Hub Vienna (LTHV) in October 2018. This is a unique cross-law firm initiative by the law firms. The core objective of the LTHV is to lead the legal consulting industry into the digital future in a way that’s proactive, client-oriented, and innovative. LTHV’s activities include an accelerator program for legal tech companies, local and international cooperation with interest groups, academic universities, universities of applied sciences, and existing / future legal tech
hubs, and the development of standards for the entire legal industry through research assignments, theses, and partnerships.
Fotocredit: Marlene Rahmann