| Project Title | Electronic Signature Signing Platform combined with Facial verification technology and Contract Automation Chatbot |
| Current Status | Concept / Business Plan |
| Amount Invested | |
| Funding Required | RM100,000 |
| Description |
Gonnasign is an electronic signing platform that adopts advanced facial recognition technology to verify signers’ identity before signing. This solution can be widely introduced in the industry of law, real estate, human resource and organisation that require high safety and security in the business process.
The problem of eSignature could be fraud is the main issue we would like to solve in the current legal system. Hacker might hack your email, people can access your email through saved password, and the loss of mobile phone could lead to misuse of email. Our solution will target on those professionals in the industry of law, real estate, human resource and organisation that need to sign many contracts daily and those contracts require a certain level of safety and security to verify the real signers. Other than that, we also hope that our application is not limited to a certain age group of people. By creating the Chatbot Contract Automation concept, we allow people with limited technical knowledge to create the contract and send to signers by just answering an AI-enabled chatbot. The chatbot will be built with maximum efficiency with zero complexity in mind. The operational cost for Gonnasign will be mainly used to support the server cost, office rental, founder’s salary, SSL certificate and legal consultation fee. Once we launch the beta version, there will be another two additional cost which are third party software fee and cost of designing mobile app. For marketing cost, we have the zero cost marketing strategies where we can give free credit for users and also give extra free credit if they invite their friends to sign up. Words of mouth is always the best marketing strategy. Facebook ad will be used to target on certain groups of user and Google ad will be used to target on some search keywords. The pricing of a single user is USD$12 per month if they pay 12 months. If there is 100 paid users sign up for the first year, the calculation will be $12 x 4 x 100 paid users x 12 months = RM57600. Assume we will take RM100k as our initial funding, the break-even point is estimated to be 2 years plus after deducting operational cost and marketing cost. Given the condition the paid users remain the same for two years. If there is more users sign up, then the break-even period will be shorter. Gonnasign is actively looking for funding to bring the facial recognition technology into electronic signing platform. The amount we are asking is RM100,000 with the exchange of equity at 8%. The 60% of the funding amount will be allocated to marketing plan while the rest 40% will be used on company operation. |
| Business Opportunity |
GonnaSign will provide a comprehensive line of electronic signing platform enhanced with facial recognition technology for all level of professionals and public. Although eSignature platform has many benefits like simple to use, convenient, faster turnaround and lower cost, but there is still one major security concern – the signer’s identity. Gonnasign works with the advanced facial recognition technology to verify signer’s identity through any browser, and you doesn’t have to install any mobile app to capture signer’s face image.
Before signing, GonnaSign will detect if signer has registered or not. If no record is found, signer is required to enter his/her mobile number and the platform will send a link to the mobile phone. Signer will open the link using their mobile browser and capture 2 necessary pictures – physical ID card image (eg: driving license card) and selfie image. After the first step, for security purpose, we will request again mobile number. If signer record is found, step one will be skipped next time. A verification link will send to the mobile phone and the cam will send the face image back to the server once it detects face. Our advanced facial recognition technology will compare both faces and complete the signing once the identity is verified. Other than that, drafting a contract may prove to be a difficult for the public in general who are equipped with limited knowledge. GonnaSign aims to solve these problems by creating a bridge between the current legal system and the advancement of legal technology. This can be achieved by developing a fast and responsive AI-enabled chatbot. In layman terms, it is essentially a chat robot which aims to ease the process of drafting especially in areas of conveyancing. The chatbot would interact with the public and help fill the technical details which are needed. This ensures that the contract is not lacking in certain clauses or any important information which are needed. Furthermore, the contracts drafted will always be updated with the latest development of the legal system, this helps provide certainty to the chatbot users. The chatbot will be built with maximum efficiency with zero complexity in mind which in return may attract more people to use it without the need to learn it. |
| Revenue / Business Model |
The following is a breakdown of anticipated SaaS fee, per month and per annum:
SaaS Solution USD$12 per month (if pay 12 months) USD$15 per month (single use) |
| Management Team | Currently there are 3 people inside the team, which consists of 2 developers and 1 law student. One developer currently is full time on this project. This idea is a winning idea from last year LawTech Hackathon happened in KL. |
| Company Background |
Team Gonnasign is currently a 3-man developing team that consist of 2 developers and 1 law student. Gonnasign was formed with a vision to solve problems inherent in the current Malaysian Legal System such as issues in relation to distance, location and time which leads to backlog of cases.
It is also without a doubt that currently lawtech solution is not gaining much attention in the South East Asia and because of this, we’ve seen very less lawtech startups were created on the past few years. Gonnasign aims to change the mindset of investors by creating a bridge between the current legal system and the advancement of legal technology. We aim to become the biggest eSignature platform in South East Asia. The founder of Gonnasign has completed the entire eSignature platform on 2018 but he feel that the entire system has nothing niche compared to our competitors – HelloSign and DocuSign. This is the reason why he has stopped the launching of his startup until he met his teammate in a hackathon which they’ve integrated the facial verification technology to authenticate signers’ identity and also the AI-enabled chatbot to automate the process of drafting a contract. Currently, we are actively looking for funding to bring the Alpha version out. We believe that eSignature will be a positive trend in near future, if you look for any research online, it is not hard to realize an increasing number of people started to adopt eSignature whether in business tasks or in personal matter. Other than this, the trend of green office is also one of the reasons why people switched from traditional paper into digital document. The solution of eSignature can be widely adopted in the industry of law, real estate, organisation and human resource. There is no limitation as long as your country law recognize the legal power of one’s eSignature. Used one year plus of time to study our competitor’s platform and to build the entire eSignature platform, we believe there is no one here has more knowledge and determination than us to bring out the eSignature platform. But there is still something we are still lack of – the legal knowledge. This is why we require a funding to hire or to consult law related issues with professional lawyers in the South East Asia because not all countries used the same regulations on the eSignature matter. Other than to become the biggest eSignature solution in South East Asia, we actually have another vision to bring eSignature platform into fintech, insurtech and stock market where important contract can be signed digitally and get recognized under Malaysia law. |
| Funding Milestone |
We will need a funding RM100k to bring the alpha and beta version out by Q2 of 2019 and also to reach 300 paid clients by end of 2019.
For more about the budget calculator, we’ve made a excel file of all expenses. Here is the link: http://bit.ly/2FvcaOI |
| % Equity Allocation | 8 – 10 |
| Risks and Mitigation |
Electronic Signature is protected under Electronic Commerce Act 2006.
But minority of Malaysian still not recognize it, we tried to listen to many voices and feedbacks and they seems like confused with digital signature and electronic signature which are two different stories. Luckily, if eSignature is widely to be accepted in Europe and USA, including Singapore, China and Hong Kong. |
| Exit Strategies | I am not sure if Capital do offer pre-seed funding or not, I apologize if I come to the wrong place. Plus we also not sure about the exist plan as this is our first time to ask for funding. |
| Company Name | GonnaSign |
| Business Address | ACAT, Wisma Yeap Chor Ee, 16, Gat Lebuh China, 10300 Penang |
| Contact Person | Chuang Kok How |
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