Properly upholding legal agreements is critical to a successful startup business. Despite their importance, falling short in fulfilling these agreements is often a recurring obstacle for small and medium-sized companies.
Embracing the cutting edge in frictionless transparency and security, the Smart Startup Company wants to use smart contracts on a blockchain to solve this universal issue. Through their innovative model, SMRT will provide the smart contract on-ramp for startups and businesses seeking an efficient tool for legal contracts.
Using a model the company has coined “the vending machine,” Smart Startup Token (SMRT) dispenses templates of multipurpose smart contracts, which serve as programmatic legal documents.
Here is how the process will work:
Businesses will be able to choose a template, insert their SMRT token, and move forward to complete a contract with the option of engaging an advisor for assistance. In this way, SMRT is developing a niche at the intersection of legal agreements and blockchain-based software tethered to data support and AI.
Smart Startup seeks to assist businesses with four common contractual areas: business formation, intellectual property, funding and trading. In this way, the business will serve as a decentralized marketplace where simplified smart contract templates can be used to codify and enforce deals. In this ecosystem, the SMRT token is the access mechanism for a business desiring to complete a contract or engage with an advisor.
Officials with Smart Startup said that they chose the blockchain to assist companies in the creation of legal documents because the technology affords a much easier and cheaper route for handling sensitive business activities.
This novel concept is the brainchild of technology entrepreneur Simon Krystman, a passionate entrepreneur who has successfully set up a number of businesses in the digital and innovation space over the past 20 years.
Most recently, Krystman has focused his energy on delivering products for startups and early stage companies tied to intellectual property, crowdfunding and network building. He is a passionate cryptocurrency enthusiast who made early investments in Bitcoin, and he is a huge advocate of the potential of blockchain technology to revolutionize the way people and businesses interact and build trust.
Krystman is supported by a business team possessing expertise in blockchain technology, AI, entrepreneurship, funding, intellectual property and government regulation. The team comes from a variety of professional areas including entrepreneurship, academia, and investment trading. One advisor is a member of the European Parliament.
“Smart Startup was formed on the basis that blockchain and smart contracts are a fantastic technology and we believe it is the future,” said Krystman. “We know that small businesses and startups don’t yet have the resources or understanding of this technology to implement it themselves, so we want to create a series of smart contracts that they can purchase in a cost effective manner and can easily embed them within their websites or marketplaces.”
When asked about Smart Startup’s vision, Krystman said, “We are making the blockchain accessible by assisting small businesses and startups at getting on the ‘blockchain ladder’ with a series of our low cost smart contracts. The solution will eventually be incorporated into a ‘frictionless trade platform’ for startups and small businesses. Using the trade platform, companies will be able to create important legal documents quickly and store them securely.”
As it delivers to businesses and startups a cheaper and easier method for handling sensitive business assets, the company is strategically positioning itself for a worldwide audience.
ICO Crowdsale and the Path Forward
Smart Startup Token has launched a pre-ICO campaign for building a prototype. Company leaders anticipate that this official crowdsale will launch in Q4 of 2018. Crowdsale distribution will be directed toward marketing efforts. The project allocation breakdown is as follows:
Pre-ICO Fund Distribution
Team, Operations and Legal — 35 percent
Prototype — 15 percent
Crowdsale Marketing — 50 percent
Crowdsale Fund Distribution
Operations — 15 percent
Platform Design and Development — 20 percent
Contingency — 10 percent
Marketing — 55 percent
Says Krystman: “The cost for the product we are creating is not going to be in the millions, but the more marketing costs we have at hand the larger we can grow. Our team is capable of producing the solution, but it then comes down to a global marketing strategy which can be expensive.”
With respect to where Smart Startup Token hopes to be in the next 12 to 18 months, Krystman offered these concluding thoughts: “We hope to have completed our Crowdsale and be in the development stage. We already have a few platforms willing to sign up with us. It really comes down to offering predefined Smart Contracts to businesses across the globe. Our aim is to utilize this technology for real-world solutions and get it implemented across the world.”
The pre-ICO is ending soon. Visit smartstartuptoken.tech now.
Note: Trading and investing in digital assets is speculative and can be high-risk. Based on the shifting business and regulatory environment of such a new industry, this content should not be considered investment or legal advice.