We talked to Dr. Zoltan Toth, founder of Everprove about digitizing contracts and document flow and this is what he said about it.
First of all, how are you and your family doing in these COVID-19 times?
Dr. Zoltan Toth: We are all OK thanks.
Tell us about you, your career, and how you founded Everprove.
Dr. Zoltan Toth: I have been practicing law for almost 20 years before switching to the technical side and starting Everprove. During my many years spent in corporate in-house legal departments, I was struck by the amount of time dedicated to mindless, motoric document generation. And then I do not even want to mention the time spent on simple contract logistics (sending an email, waiting for a response, etc.). Several years ago I started thinking about the automation and digitization of mindless logistics wrapped around the process of contracting.
How does Everprove innovate?
Dr. Zoltan Toth: We provide companies a digital platform, which assists both in document generation and digital execution. Our contract logic module enables businesses to turn their generally used (boiler-plate) agreements into easy-to-use web forms. Drafting your everyday agreements in Word is just so XX. century… Following the document generation, our platform handles all digital interactions between the parties, resulting in a legally executed, digitally signed, compliant business agreement. This improves productivity by saving a good amount of time while releasing you from the most motoric and boring procedures regarding contracting.
How the coronavirus pandemic affects your business and how are you coping?
Dr. Zoltan Toth: The current situation is catalyzing digital transformation, and we try to build on that. Contactless contract execution became a thing in 2020.
Did you have to make difficult choices and what are the lessons learned?
Dr. Zoltan Toth: The main takeaway from the previous years of our business is that you should implement the „fail fast” concept. You have an idea, you bring it to the market, and you should follow up whether it is a fit. If not, change the course. There is an old saying „when you discover that you are riding a dead horse, the best strategy is to dismount”. This should be paid proper attention to.
What specific tools, software, and management skills are you using to navigate this crisis?
Dr. Zoltan Toth: Even before the crisis, we used a lot of digital collaboration tools, as the development center is in a different location from the admin center. We only went deeper into the rabbit hole, but as we all are digitally savvy people, it was relatively easy. However we are maintaining weekly one-day personal brainstorming, in our experience, great ideas still require some quality personal time, there is no way around that.
Who are your competitors? And how do you plan to stay in the game?
Dr. Zoltan Toth: Digital signature providers like DocuSign or Hellosign can be considered as competition, but we distinguish ourselves in a way that we are not only providing the digital signature but manage the complete contracting flow, starting from the document generation. Our core vision is that mass contracting is just boring, and businesses need easy solutions to just swiftly get over the admin tasks, and focus on the more important stuff.