Insight
Simons: Raising venture capital actually de-risks a startup for early-stage founders
“I think raising money in my mind is a form of de-risking. A venture. I think some people think that it like increases the risk, but for us, I see it as like a form of de-risking.”
Assertion Not checkable as stated
Simons: Over 60% of SoloSuit customers have debt collection cases dismissed
“Around like 60%, even more of the time, Customers cases get dismissed, and they actually win their case just by filing an answer.”
Opinion
Simons: Recurring revenue is overrated; transactional lawsuit volume is highly predictable
“We think recurring revenue is a little bit overrated. And our revenue, I think is very predictable. People are getting sued at the same rate every month. They have been for decades. So we consider our revenue to be very predictable, even though it isn't techni…”
Assertion Partly supported
Simons: 10M Americans are sued for debt annually; 9M lose by default
“Ten million people are sued for debt every year in the US. Nine million of them automatically lose their case because they can't figure out how to respond.”
Assertion Not checkable as stated
Simons: SoloSuit is the first platform to automate nationwide court filings
“What we're doing is we are according to my knowledge, like the first and only company that is compiling like a software stack that allows us to calculate the Filing information for different courts and then to file on those courts.”
Assertion Contradicted
Simons: Half of debt defendants claim they are sued for unowned debt
“According to Consumer Financial Protection Bureau, about 50% of people that are sued for debt say they're being sued for debt they don't owe.”
Assertion Not checkable as stated
Simons: The average SoloSuit user faces $4,700 in credit card debt
“Our average is actually 4700 dollars.”
Disclosure
Simons: SoloSuit charges a flat $197 fee to review and file responses
“Currently we just have a flat, flat rate business model. Price is subject to change, but right now it's, they pay us a 197 dollars.”
Insight
Simons: SoloSuit pivoted because users struggled to file generated documents themselves
“People, even once they generated their document on our site, a lot of people didn't file because it was just too hard to file a document in court.”
Assertion Not checkable as stated
Simons: SoloSuit has protected over $100 million from credit card debt losses
“At the moment, we've done over, we've helped over 22,000 people, and we've helped protect over a hundred million dollars from credit card debt losses.”
Assertion Not checkable as stated
Simons: SoloSuit currently serves approximately 400 paying customers per month
“Like currently we help, like, 400 paying customers a month.”
Assertion Not checkable as stated
Simons: Nearly 100% of SoloSuit customer acquisition comes from organic search
“Nearly a hundred percent of our customers come to us from SEO focus on ranking first on Google search and YouTube search.”
Disclosure
Simons: SoloSuit has raised less than $1 million in total funding
“Oh, we've raised less than a million so far.”
Assertion Not checkable as stated
Simons: SoloSuit operates its growing legal tech business with just six people
“We're just a team of six.”
Assertion Not checkable as stated
Simons: SoloSuit estimates there are between 10,000 and 30,000 US courts
“Our estimate is there's like 10 to 30,000 courts in the U S”
