Venture with Grace
00:09:28 · Jake Saper
All those questions which are germane across AIANS businesses, I've tried to write up into this AI native services playbook, and I'm keeping an update. I just gave Dan a copy just now.
00:09:39 · Dan Mishin
[00:09:39] S1: For sure. I mean the other interesting piece here is that historically in services, there was a lot of fragmentation. So if you look at like lawyers, there is 1,300,000 lawyers in America. We have 10 times the number of lawyers per capita compared to any other country with one exception, Israel. Israel is the only country that on spar. Every other country in the world, 10 times less lawyers than America. Yet at the same time, we as a country have 70% of people who are underserved by the legal industry. They can't simply afford to hire a lawyer. Average American makes $27 an hour, average attorney costs $550 an hour. That's the gap. And what AI native... What what what essentially any technology can do, in this case it's AI, is it can bridge this gap. People that have historically not had access to a service, a good accountant, a good insurance broker, a good life insurance broker, a good lawyer can now afford to do this because the cost of services goes down. So I mean I'm so deep in this industry that in my opinion this is already obvious that like this is the next big frontier, but I'm still surprised that even sort of some of the largest VCs are just coming to this conclusion. The single... One of the best known venture capital firms in the world that backed Apple when it was an early stage company, has just realized and made an investment thesis on AI native services three months ago. And they said, this is the next big frontier wherein where we invest. So for everybody here in the room who is like thinking, hey, what's my next thing? What's my next idea? Where should be looking? Perhaps the tides have have shifted and building traditional service businesses is becoming less and less relevant and going all the way to the end service is potentially an area to look at. And there are so many niches, so many slices and what seems like what is this corner small use case can end up being a $10,000,000,000 market that is completely underserved.
00:11:37 · Jake Saper
[00:11:37] S0: Will you make this real to people, Dan, and explain like if you are a customer of versus if you're a customer of Fragomen, who's the biggest incumbent service provider in immigration law. What is the customer experience? How does it differ and what is the role AI plays in making that difference?
00:11:55 · Dan Mishin
[00:11:55] S1: Sure. Well the best use of AI is the one that's invisible to the client. So is anybody here an immigrant born outside of The US? Raise your hand if you are. Okay. A lot of hands. Great. Well, when you hire a lawyer, you typically go through the process of filling manual questionnaires, manually uploading documents. Your lawyer then manually reviews those documents, then they manually draft those documents, and then they ultimately submit them to the government. Average case takes a couple of months on average. There is a ton of back and forth email threads of hundreds of emails asking questions, following up, clarifying, trying to understand what's going on. Imagine a different experience where you are beginning your immigration process, whether or not it's your company who is sponsoring you and Manifest is the counsel to the company, or it's you individually going through immigration process. The very first step is you receive a link. You open your link on your phone, you take photos of six different documents that we tell you you need to upload. Each document has an example and you can chat to an agent that will explain to you which document to upload, what does it mean, what good looks like, provide you examples, answer questions in real time. All the back and forth was just eliminated. You drag and drop those documents in on your phone into the agent and within seconds, that document, we extract all the information from all your documents, pre fill all the questionnaires, and within ten minutes a lawyer has access to your completed file. So lawyer is no longer chasing you, lawyer is no longer trying to ask you the same questions. Lawyers are no longer manually filing anything. Lawyers are led by agents who essentially tell lawyers what the next step is. So when you see that... When an agent knows what a final petition is supposed to look like, that gets filed with the government. An agent tells lawyers what are the specific gaps in your specific case and what information needs to be provided. And what it does really is it reduces time. What used to take two months can now take two days and it reduces cost. What used to cost tens of thousands of dollars can now costs probably at this point 15 to 20% less, over time 40, 50, 60% less.
00:14:02 · Dan Mishin, Jake Saper, S2
And it's much more accurate because when a lawyer is manually filling the information on your immigration case, the error rate is very high. Mistakes are possible. They click the wrong box, they type in the wrong number, that's it. Somebody's life is screwed up. AI is so much better at doing that QA. So to answer your question, I mean for whether or not you're a company or you're an individual, Manifest is faster, better, cheaper, and more accurate. And that's ultimately going to be the case for any company that is truly enhancing the existing underlying industry and service with AI. [00:14:37] S0: So I'm curious if anyone has any questions about this because like obviously we've been pilled on this, but like I know this isn't like structured as a q and a thing, but I'm curious if anyone has questions or like pushback on this business model. Like what are the what are the reasons why you think this might fail? What are the questions you have for me or Dan? [00:14:55] S2: Yeah. [00:14:59] S0: I can repeat the question if you say it to me.
00:14:59 · Jake Saper, S3
[00:14:59] S0: I can repeat the question if you say it to me. [00:15:05] S3: From a business model standpoint, I mean, this looks obviously great. Right? I mean, I'm an immigrant and right right now, I'm a citizen. So, we've all gone through this process. But, still, there is a little bit of a bottleneck from the legal firm. I don't know. I mean, I do respect lawyers a lot. But, like, do you think this is gonna change the mindset of for them to act fast? Because now, they are getting all of these documents. Right? Like, imagine a huge company. Right? Like, I was in Google before. Right? Like, let's say, the company is helping you file for immigration and like all of these people are now submitting it. How does that look like? Right? From a...