On behalf of the Genesis Program, I am thrilled to announce our recent investment in Biz Bot. Biz Bot is empowering entrepreneurs by providing real-time, cost-effective, and personalized legal advice.
The legal information available to entrepreneurs online is often far too generalized and opaque. It can be difficult to navigate web portals to find the relevant laws and regulations in a clearly-stated format. This creates a barrier to entry for entrepreneurs who want to learn about simple things like filing for incorporation without being billed hundreds of dollars an hour for attorney services.
Biz Bot seeks to make the first legal steps of entrepreneurship easy and accessible to everyone. Biz Bot uses a chatbot powered by artificial intelligence to address basic inquiries and plans to integrate this bot with an option to talk to a live professional when inquiries become too complex. This seamless integration will enable immediate access to information, will avoid burdening professionals with simple questions, and will provide answers on-demand.
Biz Bot was founded by Elizabeth Haynie (Political Communications ’18). Elizabeth serves as the CEO of Biz Bot. Haynie’s experience as a political communications student helped her realize the inefficiencies common to entrepreneurs as they navigate government tools and regulation. Despite having no prior coding experience, Elizabeth taught herself the necessary skills to program Biz Bot and validate her idea and continues to strengthen these skills as the demands of her startup grow. Elizabeth is currently looking to bring on a CTO to bring additional coding and technical expertise to the table.
How’re They Doing?
Biz Bot continues to work hard to understand its users and refine its user experience and value proposition. The company is actively optimizing its bot by training it to understand increasingly more complex user inquiries and hopes to host in-person events in the future that would contribute to this objective. Entrepreneurs should keep an eye out for these upcoming events for an opportunity to receive pro bono legal advice.
Why I Led This Deal by Juan Alvarez, Due Diligence Analyst
From the start, Biz Bot struck me as an exceptional way to empower entrepreneurs. As a student involved in the entrepreneurship ecosystem, I know that risk aversion can be a major deterrent to entrepreneurial endeavors. Biz Bot has the potential to reduce this risk aversion and encourage more entrepreneurship by assisting people with the necessary steps to establish a business which may seem daunting at first. As impressed by the idea as I was, I was even more impressed by Elizabeth’s work ethic and determination to make Biz Bot a reality. I am completely confident in her ability to lead this venture to success. I am hopeful that, sometime in the near future, Biz Bot will be every new venture’s first recourse for legal assistance with incorporation, equity agreements, intellectual property, and a variety of other needs.