Page Comparison

Comprehensive Compliance Coverage

State agencies must adhere to a wide array of regulations across different domains. A common unmet need is a centralized solution that can map and manage all the diverse compliance requirements a state agency needs to adhere to efficiently.

Up-to-date Regulatory Information

Regulations frequently change. State agencies need a tool that provides real-time updates on regulatory changes to ensure continuous compliance., pains & gains that our solution could alleviate

Why do they have to solve these now? Reason-to-act?

Is this problem at scale or local/trivial?

Pains:

• Resource Intensiveness: Manual compliance processes are often time-consuming and require substantial manpower, diverting resources from other critical tasks.

• Risk of Non-compliance: The complexity and evolving nature of regulations pose a constant risk of non-compliance, which can result in significant penalties and reputational damage.

• Information Overload: Sifting through vast amounts of regulatory information to identify relevant requirements is overwhelming and prone to errors.

• Lack of Expertise: Limited access to compliance expertise can make navigating regulatory landscapes challenging, especially for less common or new regulations.

Gains:

• Efficiency and Cost Savings: Automating compliance processes can significantly reduce the time and resources required for compliance management, leading to cost savings.

• Risk Mitigation: Real-time updates and proactive compliance management help mitigate the risk of non-compliance and associated penalties.

• Enhanced Compliance Oversight: A centralized dashboard for tracking compliance status across various regulations enhances oversight and decision-making capabilities.

• Improved Regulatory Insight: Access to expert analysis and interpretations of regulations can improve understanding and compliance strategies.

Reputation in the industry for part of the unmet needs

We are known in the compliance industry for compliance mapping

Proven expertise in mapping

Existing references?

Why would we not be well positioned?

Access to the market?

Do we have an existing list of state agency contacts/prospects?

Key capabilities to best address the unmet need

(high-level bullets, this is not PRD phase)

• Regulatory updates (real- or near-time)

• Customizable compliance requirement input

• Integration capabilities: GRCs,…

• Customization and scalability: allow for unique compliance requirement needs

• More:

  • Audit questions

What is defensibly unique about the need <> capability set?

(if anything)

Concrete examples:

eg Atlanta agencies or others. We need some real lists and real systems that they integrate with:

Do we have validation of the needs?

Beyond internal conversations, discussions with partners and friends.

Industry stats

e.g. research reports, general industry numbers,…

Customer discovery interviews

Actual target customers, face-to-face

Total Addressable Market (TAM)

The whole universe of state agencies who experience this need.

The average number of agencies per state is 150. Which more or less would bring us to 7,500 potential customers in this initiative.

Serviceable Available Market (SAM)

The part of this market that we can realistically reach and covnert convert in a medium- to long-term.

If we assume that we can close 2% of that business that is 3 deals per state. Not accounting for a price increase that is 3 agencies x 50 states = 150 CCH Accounts. 150 accounts x $10,000 = $1.5M  

Serviceable Obtainable Market (SOM)

What can we realistically capture of this market in 18-24 months after solution launch? What are our beach-heads? Taking into account our

• Competitive advantage

• Current market penetration of competitors

• Our marketing and sales' need for time to reach the customers in (pre-)buying mode

Marketing channels

Which ones and why are they the best to reach this SOM?

GSA listing?

Getting listed on the General Services Administration (GSA) Schedule

Content marketing / though leadership

Develop and share insightful content that addresses the specific compliance challenges faced by state agencies. This could include white papers, case studies, blog posts, and webinars

Strategic partnerships

How we can leverage partners with access to these markets

Industry shows

Are there specific shows where our customers could be reached

Budget

Do we have funds to spend on marketing?

Estimate for CAC in this market

Value & pricing

Do we offer identical pricing as for enterprises? Or do we tailor: limited capability, lower price (likely higher quantity)

Model

What model best fits state agencies? Any specific requirements?

Eg do we need clearance to sell to some agencies, etc