Notarize Genie, Inc. | Application Preview
Notarize Genie, Inc. is seeking government grants to secure working capital as the company transitions from product development to revenue generation. The founders have invested all their personal resources into building the software, including selling their home, and now aim to sustain the business while it grows in the competitive Remote Online Notarization (RON) sector.
The business plan focuses on several strategies to expand the customer base, which includes targeting notaries and businesses for monthly subscriptions, optimizing for search engines to attract individual users, and establishing partnerships with state-approved vendors. Additionally, they will pursue MISMO certification and utilize various advertising methods such as billboards and direct mail to reach potential customers.
Notarize Genie positions itself as a fresh entrant in the RON market, leveraging its founders' extensive experience from notable competitors like Notarize.com and OneNotary.us. While these companies have established themselves with significant market presence during the pandemic, Notarize Genie identifies gaps in service quality and accessibility, especially for the older Baby Boomer demographic, which often requires phone support when using RON services. By offering live assistance and a pool of vetted witnesses for notarial acts, the company aims to differentiate itself from rivals.
The RON industry, already valued at over $1 billion, has seen substantial growth, particularly during the pandemic. Notarize Genie believes its unique offerings, including a comprehensive witness service and advanced ID verification processes, will position it for success in a market that increasingly demands reliability and ease of use.
In summary, Notarize Genie, Inc. is on the cusp of offering a vital service in the booming RON market and seeks funding to enhance its growth potential while filling identified gaps in the current service landscape.
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General Information
Business Registration Number: 88-3622897
Location: Sebring, FL, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Working capital. The owners (founders) have funded the construction of the software investing every dollar they had. Selling their home and rolling those funds into the business all without taking a paycheck. Now that the product is complete enough to begin producing revenue Notarize Genie is looking for a boost to get the company through the next 1-2 years while beginning to grow.
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Business Plan
To grow the company, Notarize Genie, Inc. will do the following: Target businesses and notaries to subscribe to monthly recurring plans; Search Engine Optimization (SEO) to target individual signatories; Become listed on approved Secretary/Department of State’s websites as a preferred vendor; Become MISMO certified; Advertise via billboards, direct mail and email campaigns, merchandise and swag in target markets. Notarize Genie, Inc. will be a part of the Remote Online Notarization – or – RON industry. Currently, Notarize Genie, Inc. is considered a fresh face to the market. Its founders have worked for the biggest players Notarize.com and OneNotary.us, gaining experience that will allow Notarize Genie to offer a platform correcting others shortcomings. At the start of the COVID-19 pandemic, Notarize.com and OneNotary.us began as a startup platform operating on emergency laws. This gave them a two (2) year lead-time to pioneer the way for RON. Currently, they both offer RON services to thousands of signatories each day. What the industry is currently suffering from is the lack of options and quality service. In addition to an inability to reach the Baby Boomer generation. Technology can oftentimes be overly complicated and this specific generation has made it clear that when using a RON platform, they require additional, telephonic assistance. Notarize Genie solves this problem by offering the option to speak with a live support representative over the phone.
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Self Identified Competition
Top three competitors, 1. Notarize.com (now valued at $760m) 2. OneNotary.us (approx. company value ~$20m) 3. BlueNotary.us (approx. company value ~ unknown) According to a study by the American Land Title Association “Remote Online Notarization soared 547% in 2020” among the major platforms in the RON industry. An article by housingwire.com, “Today, RON is being utilized most extensively in Florida, Texas and Virginia,” ALTA told its members. “Additionally, use of this technology is trending up significantly in Midwestern states. A decade ago, Virginia became the first state to enact a RON law and in 2017 Texas was the third state to approve RON legislation. Florida’s law is relatively new, having passed in 2019, but adoption there has been rapid.” Earlier this year, Notarize and Realogy Title Group reported seeing a 200% spike in RON closings due to safety concerns from the pandemic. However, that too, has grown.” “Now, Notarize reported its volume of real estate notarizations increased 825% over 2019. The RON industry’s estimated revenue is more than $1 billion dollars with Notarize.com reported by Forbes magazine as being the next billion dollar startup. What makes Notarize Genie different from our competitors? Notarize Genie offers a witness pool. We offer on-demand witnesses for any notarial act that requires witnesses. All notaries approved on the on-demand platform are background checked and certified NNA signing agents with a min. of $100,000 E&O insurance. Users can requires 1, 2, 3 or 4 witnesses to any notarial session. Additionally, Notarize Genie offers LIVE US phone support m-f 9a/5p EST, Live notary on-boarding/training. The founders of Notarize Genie have worked on the Notarize.com platform as a Remote Online Notary and as the Director of Operations for OneNotary.us. They know what works and what does not for users. Notarize Genie offers a third step in ID proofing, Biometrics. When a user begins the ID proofing process AI determines their location and the notary they will receive and activates a third step. Biometrics scans the individual's selfie to determine liveliness and compares to the individual's identification card to verify they are who they say they are and that their identification is legitimate.
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