Successful startups in the legal sector should concentrate on one specific product rather than diversifying their offerings. Alex Babin emphasizes that focusing on a single area is essential for success. ModeOne exemplifies this by solely focusing on mobile data collection, while ActiveNav specializes in data governance tailored for law firms. Both companies demonstrate that niche focus leads to successful business outcomes. The option to either broaden or deepen their product lines is an important strategic decision for these companies, with a preference for deep specialization being evident in their approaches.
If you want to be a successful startup in legal or elsewhere, you have to focus on one thing and only one thing. You can't divert your time and energies trying to launch two, three, or four products at the same time. It just won't work.
ModeOne and its founder Matthew Rasmussen have built a successful business by being laser focused. They are committed to specializing in data collection from mobile devices only.
ActiveNav's one thing is data governance for and in law firms. They know the territory, culture, and how to solve unique governance problems.
We can broaden our bench with different products, or we can deepen our bench and just be a specialized company. So, we're really going to dig deep on just the phone kind of stuff.
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