Today, I’m spotlighting two Atlanta-based SaaS startups that are on a tear in growth – LeaseQuery and OneTrust. Both of these companies have experienced monumental growth by addressing excruciating pains. In fact, those pains are brought about by regulations forcing companies big and small, near and far to address.
LeaseQuery is addressing the upcoming FASB 842 and IFRS 16 regulations where companies must now disclose its leases on the balance sheet. Before, companies could just lump leases as lease expenses, never actually disclosing what the leases were. All public companies are to report leased assets (e.g. real estate, vehicles, ovens, etc.) starting in 2019. Private companies must start recording in 2020.
OneTrust’s rise has been further pronounced after it’s more public position in enabling companies to manage data privacy. Facebook’s recent handling of user data that was scooped by Cambridge Analytica was an example of user privacy being a hot topic. Europe’s newest crackdown on how people’s data is stored by corporations called General Data Protection Regulation (GDPR) has helped accelerate OneTrust’s significant growth. GDPR goes into effect May 25, 2018 affecting any company with any data of the European Union’s population – sold customers or not. This regulation will influence data protection guidelines worldwide with significant fines for any (and each) infraction of companies violating GDPR.
These companies were started by founders not only experiencing the pains themselves, but by founders who saw the emerging trends worldwide. By moving swiftly to address these pains, they’ve been able to learn and leverage that growth for even faster growth. It’s a beautiful thing to watch companies addressing real pains scale.
What are some other companies that have addressed legal and regulatory changes? Are there changes you know about in your area/ industry of expertise that have not been addressed yet (or minimally)?