Problem & Solution
Problem Worth Solving
Scope creep. If you’re a serious business professional, you know the problem. You propose one thing, for one price. You deliver, and the client wants more … but for the same price.
A professional consulting business normally involves a proposal — also called an engagement letter — and acceptance. The accepted proposal becomes the agreement between consultant and client on what’s to be done, when, and for how much money. During fulfillment, a reference to the original engagement is a valuable tool for tracking progress and managing ongoing work and avoiding scope creep.
This is a business document that requires a combination of specific and generalized content. For example, most proposals include a section called something like “Background and Qualifications.” That might be standard boilerplate content, but more often it’s a combination of boilerplate and tailored content. For example, a consultant might emphasize primary market research in one proposal and mathematical modeling in another.
This is an opportunity for a software application to combine standard content, customized but repeatable content, and engagement-specific content.
Overture compiles proposals incorporating building blocks of content including text, tables, and milestones, component tasks, and the date and deadline data, with ongoing progress tracking, tickler functions, and communication with clients.
Market Size & Segments
Accounting: Firms in this subsector generated $175.4 billion in revenue in 2017 (a 4.4 percent increase from 2015). Firms provided payroll services, financial auditing services, tax preparation services, and other consulting services for individuals and corporate clients. In 2016, the industry was comprised of over 130,000 firms and employed 1.2 million professionals.
Architectural services: This subsector accounted for more than $67.7 billion in revenue in 2017, with a majority of that revenue generated from non-residential construction. This sector includes firms primarily engaged in the planning and design of residential, institutional, leisure, commercial and industrial buildings, and structures. As with engineering firms, many architectural firms are small niche companies that complement the work of larger U.S. firms that have a more global footprint. In 2016, the industry was comprised of 21,600+ firms and employed 170,400 professionals.
Engineering services: This subsector posted $234 billion in revenues in 2017 (a 1.4 percent increase from the prior year). Industrial and manufacturing engineering contributed most significantly to total revenue. Other contributors included commercial and institutional architecture, transportation infrastructure, and power generation and distribution activities. The subsector includes firms primarily engaged in the design, development, and utilization of machines, materials, instruments, structures, processes, and systems.
Engineering services include the preparation of feasibility studies and preliminary and final plans and designs; the provision of technical advice and assistance during the construction or installation phase; and the inspection and evaluation of engineering projects. The industry was comprised of 60,200+ firms and employed over one million professionals in 2016.
Legal services: Legal services generated $292 billion in revenue during 2017 (a 1.6 percent increase from the prior year). Firms in this sector provided a variety of legal services including litigation support, general corporate services, plaintiff and defense work for individuals and companies, patent agent services, paralegal services, and process serving services. In 2016, the industry was comprised of more than 185,300 firms and employed nearly 1.1 million professionals.
Management consulting: This subsector accounted for $254.5 billion in revenue during 2017 (a 1.2 percent decrease from the prior year). Firms provided consulting services in administrative and general management; human resources; marketing; process, physical distribution, and logistics; environmental; and other scientific and technical services. In 2016, the industry was comprised of nearly 171,100 firms and employed over 1.2 million professionals.
Initial Target Market:
- Company size: From the solo consultant to the 10-100 employee size consulting companies.
- Professional service industries with high client communication needs are a strong initial focus.
- Non-tech savvy user looking to solve a specific problem not deploy a complicated system.
Competitive differentiation: dealing with scope creep. None of these competitors really do. But we do.