The last time I needed a document notarized, it was like I was living in the middle ages. The process was so out of step with the 21st century, but it was such an infrequent need that I put up with the nonsense.
Say hello to a company called Notarize that has brought the need to notarize into the world of online everything.
Notaize provides an online service that makes the notary process simple, easy and one more thing you can do in your pajamas from the sofa. This digitally integrated approach to capturing signatures on legal documents is a logical extension of signing contracts today.
Like most businesses, the idea for Notarize came when someone had a problem. Pat Kinsel had sold a company to Twitter, and some docs needed notarization. He had a stressful and harrowing experience getting things notaized and he thought technology could save the day and make the process so much simpler.
Pat wasn’t naïve, and he knew this would be a challenge legally and because of embedded infrastructure.
What Pat and his business partner realized there was a strong demand for this solution. They investigated what it would take to change regulations. The business snowballed, and the most significant challenges were legal concerns at the state level – not the technology problems of how to do the notarization online.
Then Covid Hit
When the pandemic began, the demand by title, mortgage, and other industries grew. As Covid continued and Delta reared its ugly head, the opportunity he saw suddenly had a tsumani of demand behind it. This idea became a BIG idea.
He recently took $130 million in venture capital to exponentially grow the business. Everyone knew that he had a head start to solve a considerable challenge far superior to the old way to get a document legally notarized. Like Uber, Door Dash and many other businesses, Pat followed the Wayne Gretzy rule – skate where the puck is going.
Listen to this podcast if you want to learn more about the details behind the story.
Lessons Learned
- If you are experiencing a problem and no one else is solving it, you may have uncovered a business opportunity. The most successful businesses start with a real problem that someone experiences.
- Just because you have this problem doesn’t mean others do too. See if you have identified a challenge with hidden demand. You may be annoyed or bothered by a problem you encounter, but are there thousands (or millions) like you with the same aggrevation.
- The biggest problem may not be how to solve the problem, but external challenges like embedded laws, infrastructure, and powerful forces with entrenched forces. Be mindful that in the early days, make sure you have the right type of resources to solve the true initial challenges. Often it isn’t how to do something (like building the app), but instead it can be the legal barriers.
Businesses like Notarize are another valuable lesson in how to start a business by eliminating a big pain point and focuing on the market forces standing in your way, not just the mechanics of creating the solution.
You can set up a time to chat with me about your marketing challenges using my calendar. Email me jeffslater@themarketingsage.com Call me. 919 720 0995. The conversation is free, and we can explore if working together makes sense. Watch a short video about working with me.
