Thomson Reuters is conducting a global regulatory technology competition that will give “early stage start-ups in the legal, tax and regulatory space” a chance to partner with the vendor of business information services.
Those start-ups are asked to apply by Sept. 9, 2019 by visiting the website here.
“Entrants will be judged on criteria that include: the market opportunity, the value proposition of their solution, technical expertise, partnership opportunities and quality of their presentation,” according to Thomson Reuters
The specific eligibility requirements include:
- Must be funded by seed money or Series A capital;
- A product-market fit demonstrated by having at least one paying customer;
- The business model must be business-to-business;
- The product offering must address a regulatory-related use case that is applicable to legal professionals, tax professionals, compliance professionals, government and /or regulatory agency users;
- And the contender must be majority owned by founders.
The competition finalists will be able to present their offerings to a panel of Thomson Reuters executives in New York on Oct. 29, 2019, and may be considered for investment and/or partnership with Thomson Reuters, officials say.
“Businesses are increasingly looking to technology and automation to help navigate a rapidly evolving regulatory environment and rising costs of compliance,” says Nick Jarema, vice president, Thomson Reuters Labs, in a prepared statement. “The global RegTech market segment is expected to nearly triple in size over the next five years to US$12 billion, and we are excited to pair our data, expertise and customer relationships with the innovative spirit of the start-up community to bring solutions to market even faster.”
The contest is intended to “give early stage companies the opportunity to work with comprehensive, structured data sets as well as domain and technology experts, which we hope will help them validate their offerings and accelerate traction amongst their customers and investors,” Jarema says.
The collaboration with Thomson Reuters will allow participants “access to comprehensive data sets, a global customer footprint, partner resources and mentorship from industry and technology experts from across the organization,” according to the vendor.
The data and tools include Thomson Reuters content, APIs, AWS credits and a network of data scientists, officials say. There will also be cash prizes and access to Thomson Reuters industry experts.
Finalists, who will be evaluated for investment and/or partnership with Thomson Reuters. “Finalists will have increased market visibility through publicity of this competition and co-marketing in the event of a partnership,” officials add.
The vendor reports that qualified start-ups could have access to some of its 450,000 global customers, officials say.