Leeway, from STATION F’s EDHEC Program is a startup that aims to use technology to simplify a task that is considered complex and time-consuming: contract management. We’ve met Thibaut Caoudal, co-founder at Leeway to understand what they are trying to achieve.
Can you tell us what Leeway is?
We are proud to reinvent the experience of companies in the management of their contracts. DocuSign has been shaking up the industry for 10 years now, but only solving part of the problem. It’s time for us to revolutionize contract management as a whole.
Concretely, how is it helping legal counsel?
We help legal counsel to do more high-value work by enabling them to say goodbye to the manual and administrative tasks that they have suffered so far. This includes negotiations that were managed by back and forth emails, making collaboration chaotic when several teams were involved, avoiding documents exchanged from being lost in insecure email conversations. Also, it was impossible to keep track of signed contract deadlines in an Excel spreadsheet without spending hours on it and the data contained in PDF documents was unusable, resulting in financial losses for companies.
To achieve this, we provide an intuitive and secure cloud-based platform for legal departments to manage the entire contract lifecycle efficiently. The solution offers features like negotiation, e-signing tool, smart storage and reminders for key contract deadlines. We are entering this market with the first contract management solution designed specifically for SMEs.
What’s your business model?
We are a SaaS company and we have a subscription based business model, with a pay per user pricing. Our pricing is different depending on the user’s role and access to different features.
How did you came up with the idea?
Before launching Leeway, we tested many of the business ideas we had identified. Our primary goal was to solve a widely shared B2B problem through a SaaS solution. In my role as Head of Sales in my previous company, I negotiated a large number of contracts, particularly with CAC40 companies and when we took a closer look at this whole process, we realized that collaboration during negotiation and contract management was a mess.
So we started spending time doing UX research with sales, legal and finance teams to figure out how we could improve the daily lives of these 3 personas. 6 months later, here we are ! The first version of the product is live for 10 customers, including Station F 😉
What’s your background / the one of you team?
I started this adventure with Antoine Fabre (CEO) & Sébastien Decrême (CTO). We are a team of three first time founders passionate about technology, product and design. We believe that technology is an incredible opportunity to improve the way we all work. The three of us have all worked in tech startups before, such as Rocket Internet, Crème de la Crème, Airbnb or Bureaux à Partager.
What are the next challenges you face?
2020 is going to be a very important year for Leeway because we must continue to close as many clients as possible while developing a product that will enable us to become the leading platform for SME legal teams. The future is ours !