Lightcone Podcast Why Vertical LLM Agents Are The New $1 Billion SaaS Opportunities
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Oct 4, 2024 Jake Heller, co-founder and CEO of Castext, a legal tech firm acquired for $650 million, explores the burgeoning role of vertical AI agents in the SaaS landscape. He shares how advancements like GPT-4 transformed legal workflows and propelled growth. Heller delves into the challenges of traditional legal research and the integration of technology, revealing how AI is revolutionizing productivity. He also discusses navigating the startup maze to achieve product-market fit and the immense potential of vertical large language models across industries.
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CaseText Origin Story
- Jake Heller, a lawyer, found legal tech frustratingly inefficient compared to consumer tech.
- This prompted him to build browser plugins for his law firm's tools, leading to conflict and his departure.
CaseText's UGC Failure
- CaseText initially tried a user-generated content approach, like Wikipedia, for legal information.
- This failed because lawyers, unlike Wikipedia editors, bill by the hour and have limited time.
Incremental vs. Transformative Change
- Incremental improvements are easy to dismiss, especially in established industries.
- Transformative changes force attention and create urgency, as seen with ChatGPT's impact on lawyers.