Product Description: An app that translates legal English into simplified common phrases, which can then be translated into other languages.
Market Overview: Because our product is offered in two layers: 1). simplifying legal Jargon; 2).translating simplified English legal phrases, we have a large market opportunity. In other words, not only is our app useful to translate phrases from language to another, it also allows English speakers who are not familiar with legal jargon, easily comprehend them.
TAM:
- used 2020 world population data and account for everyone between the age of 20 – 99 as potential users
- 5 billion people worldwide
SOM:
The most heavily penetrated part of the market would be non-native English speakers would are currently residing in a English speaking country. For instance, as one of my interviewee states “most immigrants face a lot of legal paperwork. From banks, houses, cars to the DMV, IRS, and/or homeland security.”To calculate this portion’s TAM we add up all immigrants in US, Canada, and UK (3 major English speaking country that accepts the most immigrants). SOM_1 = 45 + 7.5 + 6 = 58.5 million people. (data from 2019)
Realistically speaking, majority of native English speakers do not understand most legal jargon. However, to make a conservative assumption, we will only assume that the TAM here includes the general population who has only reached a high school diploma. According to the BLS, in 2019 ~3 mil US students attended a post-secondary school for the first time, with 30.5 mil of students in that age range (18-24). If we use this number as a ratio against population count, we can generate the total amount of students (18-24) who did not attend college in US, Canada, and UK. SOM_2 = 27.5 + 3.1 + 5.5 = 36.1 (data from 2019)
SOM_total = 58.5 + 36.1 = 94.6 mil people
Based on our model, we would only be able to capture mostly US immigrant users first and amounts of native English users, so SAM of 45 + 27.5 = 72.5 mil people.
Interview 1:
International Student at Stanford, who is looking to stay in the US for long term. He is decently native in listening and writing, but would rate himself less fluently on reading and speaking. Have not yet had to do much legal paper work however does say that if “[he] was to have to deal with complex contracts that he would definitely hire a lawyer or firm” to work through it with him. This means that a large product positioning should be directly for firms that engages with heavy legal documents.
Interview 2:
Real-estate agents that mainly sells to Spanish-speaking immigrant. He is fluent in both English and Spanish and describing the majority of his job to be “taking his clients step by step through the legal jargon and explaining in simple terms how things like ‘Contingency Removal’ works.” His firms has also begun to record mini Youtube videos in Spanish in effort to explain some of these complicated legal jargon without having to spend a lot of time with each clients everyday explaining these complicated concepts. As a result, he would have to have our product to help increase his efficiency in work.
