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New programme to aid legal start-ups
A new programme is set to bolster start-ups in the legal and regulatory space by helping them mitigate some of the biggest challenges they face in getting off the ground.
Emma Musgrave
Thomson Reuters has just rolled out TR IGNITE – an Asia-Pacific technology investment programme aimed at start-ups in the region’s legal and regulatory sectors.
Speaking to Lawyers Weekly, Carl Olson, Head Proposition and Market Development, Legal Professional, Asia and Emerging Markets at Thomson Reuters and James Jarvis VP of Product Design and Delivery, Legal Professional, Asia and Emerging Markets at Thomson Reuters explained why such a programme is needed in the APAC market.
“Thomson Reuters is quite established in the legal information market, with well-known products. But the industry is evolving, and our customers must battle various complexities and changing market conditions. It’s important to not just rely on our existing assets and capabilities, but to work closely with the market – and with the start-up community in particular – to try and solve these new problems,” Mr Olson said.
“As part of an overall strategy, Thomson Reuters is very committed to innovation, and we have at our disposal a whole innovation structure in the fabric, including global incubator programs. So, this is our opportunity in the local market to drive innovation and foster the talent within APAC. We’re doing that, ultimately, with a view to collaborate with start-ups who we think have got the vision and the capabilities to work alongside us and make a meaningful contribution to the development and growth of the industry in our region.
“Historically, many of the brands within legal have come from the UK and from the US. But increasingly we’re seeing Australia and the APAC region contributing a lot of the innovation, a lot of the energy and a lot of the capabilities that are going to drive legaltech forward.”
There are two fundamental key points of difference the programme offers above others, according to Mr Olson.
“There’s that innovative mindset, which everyone is looking to promote and talk about, but we’ve also got a lot of substance and presence within the market. So, for us it’s about being able to harness our expertise, but also to take forward a desire to innovate and to change and to foster change within the market,” he said.
“In terms of our observations of the start-up community since we’ve gotten closer to it – we’re seeing, in equal parts, disruption and enablement as an objective. Some of the start-ups we’ve spoken about, what they really want to do is take it to the legal industry. They want to mix it up, they want to change the way legal consumers can access services. But many of them, a surprising number, are really focused on enablement – what they can do to equip firms to do better, either at delivering services to their clients, or, to operate in a more efficient fashion.
“We’ve found that many legaltech startups are looking to work with an organisation like Thomson Reuters – with strong brand credentials, a good understanding of the market and the future of the profession. But beyond that we can offer start-ups support moving forward. We have an ability to make a direct financial contribution to the start-ups, and to ultimately work with them to take their products to market, really condensing the timeframe from concept through to commercial outcome, which is essential to start-ups who want to continuously innovate.”
In addition, start-ups are looking to partner with a company that has a global reach, Mr Jarvis noted.
“One of the reasons that start-ups are interested in coming to us is because Thomson Reuters has a global reach. If anything, our brand is even stronger in legal technology in a place like the [US]. A lot of the start-ups emerging in Australia understand that to be truly successful, they have to make a mark not just in the Australian legal market, but beyond our shores as well,” he said.
“So, partnering with Thomson Reuters is seen as a pathway to being able to reach out across Asia-Pacific, and into the broader market globally.”
Pitches for the programme are currently taking place at the TechLaw.Fest in Singapore, and will wrap up at the end of today.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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