What is the name of the company and/or product?
Versiqui (ver’ sa-key ) — http://www.Versiqui.com
What problem does this solve and what was the “aha” moment?
Regulatory compliance is a burden to businesses, and a deterrent for a small/medium sized business to enter the federal marketplace.
Our software was a mix of accident and ingenuity. Creating a solution to solve for time and research that ended in a viable tool, and technology. It reduces risk to business owners, it removes 5.2 Billion dollars of fraud from the federal procurement process (the amount that was recovered last year, this year 2015 it is estimated to be around 7.25 Billion dollars). It creates a level playing field for all business sizes, concerns, or departments. By providing regulatory compliance measures, certifications, systems, and tools where other large companies can afford the teams of on staff lawyers, highly skilled compliance officers, and employees.
What is the full launch/release date planned?
We’re in Beta currently as we have our provisional patents filed, making the right connections and testing different approaches to a full scale market launch.
Who is on the team?
What is the specific technology or combination of technologies is used? Is there any IP?
Our technologies are data driven, open government data, that use algorithms to detect fraud, or run against the first of its kind product database that uses the Manufacturer certificate of Origin, the relates the data to known case law, substantially transformed Customs and Border Patrol rulings.
Creating the highest level of compliance, certification, and audit scope for government contractors. We have submitted both Trademark, and Provisional Patents on the IP, it is unique, the technology, reporting, and open availability of government data is opening up a whole new world of technology possibilities!
What is the size/scope of your market and how will you scale?
We have multiple markets, first and foremost it is the 26,000 current contract solicitation holders that do business with the federal government. 70% of these contracts have a non compliance issue in them, leaving 70% of the vendors that do business with the government’s 100 Billion dollars of federal procurement spending are open to liabilities, both civil and criminal.
Next it is the 10,000 businesses that bid, contract, or submit contracts to the government. Then, the government, regulatory compliance investigations has reached an all time high, while the Department of Justice simply does not have the manpower to follow all of these sometimes elaborate and complex fraud schemes to hold those responsible for the fraud that they are committing.
The interesting thing about our scope, scale, size and market is that we have all of our customers phone numbers, email addresses, we know going into the call if they are compliant or not, we know how much business they have conducted with the government, every quarter for the past ten years, who they compete with and how we can best resolve their problems. All of which is on a custom built marketing automation platform, that brings the data in, turns them into leads, gives weighted value to “high risk” leads, sends the email, creating a pipeline depending on the users following actions or requests. Culminating in Versiqui’s ability to pay all of its attention to the end users actual problems so that we can help people succeed.
What is your revenue model?
Versiqui uses a value pricing model. Here’s how it works:
The client provides the bureau with basic information about regulatory needs, including risk exposure, known issues, and desired results (Certification or internal audit). Client and Compliance Officer discuss the various options available. The Compliance Officer can help evaluate the pros and cons of each option and chose the quickest, most effective and least expensive way to reach your goals. Once a decision is made, the Compliance Officer develops a scope of work and gives you a customized, fixed fee before services begin. As long as the scope of work does not change due to unexpected circumstances, this fixed fee is the amount the client can expect to pay.
The up-front fee model allows our clients to weigh the costs of regulatory compliance against the benefits and make an informed decision about how to proceed and protect your assets.
What is your greatest strength?
I can always find the “Blue Ocean”. Finding solutions to problems, creative strategy, with acute detail to execution, modeling, evaluating, and making informed decisions.
What is your biggest weakness?
In the past it has been taking on too many projects, not focusing on just one great idea, but trying to take 10 great ideas to the finish line. I work every day to improve this in a very conscious manor.
What is one resource you could use that would take this to the next level?
Intel. Connecting with people that have already learned about a new technology product, creating an industry, bringing a market disruptor to the people that need it. While not short changing the scalability and opportunity for the company as a whole.
Is there anything else you would like to add?
I appreciate feedback, good, bad, suggestions, or ideas. I am all ears, with an open mind.