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by ratliffchrisb
3725 days ago
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You're right, I left off a zero, 8 million people report for jury duty a year. Each potential juror is often researched by more than 4 attorneys. At $25 per juror researched you end up around a billion dollars. $25 per juror is what many attorneys pay for a criminal record check already, so this is a pricing model they are familiar with and I think if the product provides as much information as I believe it can the value could meet or exceed the value of a criminal check. A criminal record might be more indicative of a bad juror, but so few people have them compared to the number of people with other data sources I think the expected value of information evens out. And this is just the States, there are other countries that use similar systems for jury selection. I agree I won't make that until there is a mature product, but the question was addressable market, not expected year 1 revenue. The mvp I'm working on now allows the sharing of information about jurors. This should allow me to gather data on how jurors vote tat can be marketed while still making profit off the sharing app alone. |
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Since it is such a huge potential market, it might be a good idea to work on getting VC funding. The only caveat being, avoid "free" anything. Very hard to convert to paying down the track. You could give early users the option of investing and getting a chunk of discounted juror research for their money as well as equity. Since you are already in contact with lawyers you should be able to find some professional advice, etc.