Jared Goetz describes a legal-tech startup that raised $70 million and hired 100 people but shut down two months before ChatGPT launched because it lacked AI features. Another legal firm that added ChatGPT scaled to a billion-dollar valuation. The lesson: stay solvent and adaptable so you can survive shifts and capitalize on new technology.
Somebody built a legal startup to help lawyers become more efficient. They raised $70 million and hired 100 people 5 years ago. That's before AI. They tried to sell that product to like law firms. Not a single one of them said, I want this, because there's no AI. Then ChatGPT came about. Somebody else made a legal firm and then they introduced ChatGPT to lawyers and then it became a billion-dollar company. But this company that raised $70 million at the beginning shut down 2 months before ChatGPT. So the number one most important thing is to stay in the game. Literally never run out of money. Default alive because Eventually something will change and you will be the next big thing. Actually, I saw this yesterday, which was
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