EPIC Alum Contractee: Success With Early Adopters

4 min read

Vladimir Maghakyan (QMUL LL.M. ’22) is the co-founder of Contractee, a startup that aims to change the landscape of contract management by automating manual tasks of contract lawyers. A contract lawyer himself, he initiated Contractee after studying in the Master of Laws (LL.M.) program at AUA. The startup team swiftly emerged as a standout participant in the EPIC Incubation Program by securing early adopters even before graduation.

Can you share how your startup idea originated? What inspired it?  

The issue Contractee is addressing is the significant time and resources IT companies invest in legal documentation, especially contract negotiations. Drawing from my experience as a contract lawyer for various companies and government entities, I intimately understand the challenges of the negotiation process. Additionally, through my studies in legal technology at AUA, we realized these processes can and should be streamlined and accelerated.

That’s why we’ve developed a contract management platform aimed at simplifying contract negotiations. Our initial launch features a risk assessment tool, which evaluates contract risks, provides corresponding mitigation strategies, and empowers lawyers to complete their tasks more efficiently.

What do you believe is the key to your team’s success, and how did you go about finding and selecting your team members?

In the beginning, my team consisted solely of my brother, Sargis Ghazaryan (BSCS ’27), and me. We embarked on this journey together, hand in hand. During the initial phases, we conducted around 30 to 40 customer interviews collectively, pooling our efforts. A skilled software developer, my brother initiated the development of our software.

As we progressed, we actively sought individuals who shared our vision. That’s when we connected with other developers, including Zaven Snkhchyan, a seasoned software developer eager to contribute to our venture. With his expertise, we were able to build our initial MVP.

While we have received valuable input from others interested in our idea, our core team comprises the three of us. Maintaining cohesion within the team has been crucial. We prioritize fostering strong relationships among team members, ensuring that work is not only productive, but also enjoyable. This approach has been fundamental to our journey.

How did you validate that the problem you are solving is not unique to you, but also prevalent among other legal professionals?   

In my experience of negotiating various contracts, I found myself facing similar challenges alongside other lawyers. Our shared goal was to safeguard the interests of our respective companies. Through negotiations with lawyers from different companies, it became evident that the challenges we encountered were universal. We all operated with similar tools and faced the same issues. This realization formed the foundation of my understanding of the problem. 

Could you highlight some significant milestones that your startup has achieved that you’re particularly proud of and would like to share with us?

I believe several milestones have been pivotal in our journey thus far. Firstly, achieving our MVP and assembling a proficient team capable of developing and testing products marks a significant achievement. 

Secondly, completing the EPIC Incubation Program at AUA provided invaluable knowledge about entrepreneurship and connected us with supportive individuals. 

Participation in the Seaside Startup Summit UAE 2024 expanded our network considerably, presenting valuable opportunities for collaboration and growth. Additionally, securing second place in the booster competition was a noteworthy accomplishment for us.

Moreover, gaining interest and commitment from companies I’ve worked for or partnered with to test our product validates our efforts. Witnessing individual users registering and utilizing our software brings us immense joy, signaling genuine interest in our idea. These milestones collectively affirm our progress and motivate us to continue striving for success.

What is the current total number of users your startup has as of today?

At the moment, we have around ten active users. Among them, seven are companies utilizing our services, while the remaining three are individual users with personal accounts.

 How did you manage to get so many users, especially as an early-stage startup? 

Our current user base primarily consists of early adopters, and our outreach efforts have been facilitated by our network connections. We’ve introduced our product to them, encouraged its usage and feedback, and offered to tailor it to their specific needs. While some have used it once or twice, we recognize that true success lies in creating a product that users will rely on consistently because it meets their ongoing needs. Achieving this would indeed be a significant milestone for us.

Are you currently strategizing on how to encourage them to return and use your product regularly, either on a daily or monthly basis?

Absolutely. Ensuring our users engage with our product consistently is a top priority for us. As we delve into product development, we acknowledge the challenge of balancing multiple ideas for automation and testing while maintaining a focus on achieving product-market fit.

Our approach involves diversifying our offerings to cater to various user needs. However, beyond mere diversification, our ultimate goal is to create products that users will find indispensable and choose to integrate into their daily or monthly routines. This entails crafting solutions that not only address immediate needs, but also foster long-term engagement.

We are committed to developing products that do not merely meet user expectations, but exceed them, encouraging sustained usage and satisfaction. Our mission revolves around creating enduring value through our products, ensuring that users continue to derive benefits over time.

Finally, what advice would you offer to aspiring entrepreneurs or those participating in an incubation program?

Startups absolutely encompass growth, but I completely agree that motivation plays a crucial role, and it is deeply tied to purpose. Having a clear and meaningful purpose behind your startup is vital for maintaining motivation and driving success.

While financial gain may be a common motivator, it’s often not enough to sustain the passion and perseverance needed to overcome the challenges inherent in startup ventures. A meaningful goal that resonates with the entrepreneur’s values and aspirations provides a sense of purpose that fuels determination and resilience, even in the face of obstacles.

Ultimately, aligning your startup with a purpose that goes beyond mere profit-making not only inspires you, but also attracts like-minded individuals, fosters a strong company culture, and cultivates a deeper connection with your audience or customers. This holistic approach to entrepreneurship can lead to more fulfilling and impactful outcomes in the long run.

The Entrepreneurship and Product Innovation Center (EPIC) is a platform of the American University of Armenia (AUA) for promoting entrepreneurial education, cross-disciplinary collaboration, and startup venture incubation. EPIC provides an ecosystem for emerging entrepreneurs consisting of first-class facilities and collaborative workspace, programs and events, and a network of mentors, advisors, and investors. EPIC fosters the understanding and application of entrepreneurship in students and faculty at AUA to craft high-impact multidisciplinary ventures.