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Business Ideas #92: T&Cs Summaries, the Cost of Intelligence...

Plus From Food Stamps to +$500m in Closed Deals

Welcome to Half Baked, the newsletter serving up business ideas more hotly anticipated than Apples WWDC next week.

Here’s what we’ve got for you today:

  1. Business Idea💡: Monetising terms and conditions

  2. Drunk Business Idea 🍻: A genius idea for the wood industry

  3. Just The Tip 📈: The trend in the cost of intelligence

  4. The Moneyshot 🤑: From Food Stamps to +$500m in Closed Deals

BUSINESS IDEA | STARTUP

Terms & Conditions Summarizer ©️

Terms and conditions applied

Available Domain: Keyclause.com

💡 TLDR: A platform which summarizes the key clauses in T&C’s for websites, contracts and more

1. Problem/Opportunity

The Problem/Opportunity: We all tell little white lies from time to time. “I didn’t see your text.” “I’m almost there.” “No I think your Mother is wonderful.” But the one universal lie we all tell is when we click that little box when we sign up for a new service.

But as we all know terms and conditions contain all kinds of weird provisions. I’m pretty sure by signing up for Facebook Mark Zuckerberg can claim my first born son. So let’s create a product to solve this problem.

Market Size: Absolutely no idea, won’t even try to make one up here!

2. Solution 

The Idea: A platform which summarizes the key clauses in T&C’s for websites, contracts and more

How it Works:

  • Users sign up to the platform and install a chrome extension

  • Whenever the user is presented with the terms and conditions the key terms are summarized, as well as any strange provisions that are not usually in contracts are highlighted. The user is also emailed when any key terms or conditions change in a platform they’ve signed up to.

  • This tool could be expanded over time to summarize contracts, loan agreements, master service agreements and more for the enterprise market

Go-to-market: start by selling to consumers then try to sell into businesses where key terms and conditions changes are crucial for them to track

Business Model: charge enterprises per seat

Startup Costs: you could start this for next to nothing by leveraging existing models

3. How You’ll Get Rich 💰

Exit Strategy: You could get a tidy exit to an enterprise SaaS player in this space, like Docusign

Exit Multiple: As of April 2024, based on the size of the company, you’d likely exit for 10x - 15x EBITDA

TOGETHER WITH HOUSE OF PITCH

A Warm Welcome for Cold Pitches

Looking to get your business idea in front of the right people? Well with House of Pitch you can.

Pitch your idea to world class investors, journalists and founders with a 100% response rate.

Check them out!

DRUNK BUSINESS IDEA

Firewood Rental Marketplace

Ever been in need of some firewood to warm you house, or maybe for a BBQ?

Well with our new firewood rental platform you can simply rent the firewood you need, use it and then of course return it for the next person to use.

It’s environmentally friendly too. Easily a billion dollar business…

JUST THE TIP

Trend 📈: LLMs Are Getting Cheaper to Use

Large Language Models, such as ChatGPT, may be the fastest depreciating assets in history. Swathes of entrants to the market, coupled with open source providers entering the market too, means the cost of using these LLMs is reducing at an incredible rate.

What does this mean? That over time you can expect these models to be highly performant and extremely cheap, making intelligence itself a cheap, widely available resource.

THE MONEYSHOT

From Food Stamps to +$500m in Closed Deals

Andrew Gazdecki’s story is pretty incredible.

Like many entrepreneurs his origin story sounds like it was lifted from the pages of a comic book.

He lost his Dad to cancer when he was 6. And for years he and his mom had to survive on food stamps. These experiences were formative for Andrew. They stayed with him. So he decided he was going to be successful…whatever it took.

In college Andrew started his first business. He created an online marketplace for freelancers, kinda like Upwork. He sold his online marketplace for $50,000 and said it “felt like a trillion dollars” at the time. During this venture he noticed that many businesses were searching for mobile app developers…which led to his next venture.

It was 2010 and the mobile app revolution was in full swing. Andrew believed that every business needed a great mobile app, but couldn’t create them due to a lack of in-house technical skills.

So Andrew founded Bizness Apps, a no-code mobile app builder. A few months in they received $100k from 2 investors and they were off to the races.

By 2013 they hit $6m in revenue. At one stage 1 in every 20 apps uploaded on the App Store was developed using their platform.

They scaled the technology to serve 20m+ MAUs in 40+ countries and by 2018, when the business hit $10m ARR, they were acquired by ESW Capital, a private equity firm.

But while one life-changing would be enough for most founders, it wasn’t for Andrew. In the process of selling his business he noticed how difficult the whole process was, so wanted to simplify it. He founded Microacquire (now called acquire.com), world's most founder-friendly startup acquisition marketplace.

Just 4 years into the business they’ve already closed $500m in deals for founders all over the world.

X MARKS THE SPOT

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