Halifax-based startup PACTA, a contract management and notification tool, launched in April of 2015. PACTA has achieved a level of notoriety that is uncommon for a startup within its first year by gaining buzz and exposure: Two key elements to gaining customers, and ultimately market traction.
Understanding the problem, listening to customers and creating solutions is a huge component of PACTA’s playbook. After their product launched in April of 2015, PACTA had early adopters spanning from New Brunswick to New York. “They really helped us get things off the ground,” says Charlotte Rydlund, co-founder and CEO of PACTA.
For Charlotte and her co-founder/COO Isak Rydlund, creating consistent communication with potential early adopters and customers is crucial to maintaining a stable product that works. “We balance out what we believe is important and what we prioritize with what our customers are telling us.”
The PACTA team has juggled a multi-use product build, big-ticket pitching such as Google Demo Day, large partnerships such as integration with DocuSign and raising funds along the way. Their Chief Happiness Officer, Fenwick, is a black lab.
“It was important to progress in tandem so that we didn’t have technology going ahead of sales, or vice versa,” says Charlotte. “This meant managing the expectations of customers, having them realize that they are working with a startup and knowing that changes are going to happen quite quickly.”
PACTA uses a cloud-based system to send emails and text alerts to parties involved with contracts on file, to alert them of upcoming renewal or expiry dates. Being notified earlier can mean more opportunities to prepare, or even re-negotiate for a better deal. The risk mitigation is huge: Missing important deadlines for contract renewals could result in losing contracts, or missing your own bottom line.
“What we are trying to solve,” says Charlotte, “is keeping that contract alive and active so you can use that as a part of running your business as opposed to forgetting about it and missing an important renewal date or expiry date.”
With digital contract details, clients can reduce the amount of time spent reviewing contracts and eliminate financial risks by missing important details. “Almost everyone you speak to will have a contract story,” Charlotte adds. “They’ll tell you the story about how this contract was lost or how they lost an opportunity for revenue.”
Since their product launched, PACTA has continued to build on sales while building the team and developing the app to keep up with demand.
Also published on Medium.