The Journey of Noah Waysberg

Noah Waysberg, the CEO and co-founder of Cura Systems, has a remarkable journey that has led to the success of his company. The story begins with Noah's background as a mergers and acquisitions lawyer at Wild Gotcha in New York. While he enjoyed the job and had smart colleagues, he often felt that he was spending a significant amount of time on work that he wasn't truly passionate about. The inefficiencies, high costs, and repetitive nature of contract review and due diligence tasks bothered him. This realization sparked the idea to automate the process and do corporate law better.

In June 2010, Noah made the bold decision to quit his job and explore new opportunities. Over the next six months, he carefully considered whether to join an existing business or start his own. Ultimately, he felt a strong drive to create something that would revolutionize the corporate law industry. With this vision in mind, he began searching for technical partners who could help turn his idea into reality.

Noah's extensive network led him to a professor at the University of Waterloo, known as the MIT of Canada. Through her connections, he met Alex, a technical expert who shared Noah's passion for transforming contract review. Together, they embarked on the journey to build software that could automate the process and make it more efficient.

The initial plan was to raise funds, but they soon realized that their software was not yet ready for the market. Undeterred, they decided to focus on refining the software and perfecting their product. After months of hard work, they eventually succeeded in creating a working system.

However, the road to success was not without its challenges. Diligence Engine, as the company was initially called, faced the hurdle of generating revenue. For over three years, they struggled to secure any substantial contracts. This period was particularly taxing for Noah, who had left a well-paying job and started a family during this time. However, their persistence paid off, and they eventually signed their first significant contracts.

Pros:

Noah's background as a lawyer gave him a deep understanding of the pain points in the industry.
The vision of improving corporate law and automating contract review resonated with potential clients.
Building credibility through communication skills and a thorough understanding of users' needs.

Cons:

The initial period without revenue was financially and emotionally challenging for Noah.
Struggles in refining the software and securing substantial contracts were significant hurdles.

Starting Kira Systems

As Diligence Engine gained traction in the legal industry, it became evident that their software had potential beyond due diligence. Clients started envisioning broader applications for their software, such as Contract Management and auditing. This realization led to the decision to rebrand the company and find a new name that better reflected their expanded offerings.

After an extensive search, the name "Kira" was chosen, derived from the Sanskrit WORD for "ray of light." This name perfectly embodied the company's mission of bringing focus and efficiency to contract analysis, shedding light on important information within documents. With the new name and growing recognition, Kira Systems began solidifying its position in the market.

Throughout the journey, Noah discovered his strengths as a leader and manager. His ability to understand users' pain points, convey the company's vision, and build strong relationships with customers contributed to Kira Systems' growth. However, he acknowledges that there is always room for improvement, particularly in people management and hiring.

Pros:

Rebranding as Kira Systems opened up new opportunities and expanded the company's reach.
Noah's skills in understanding users and conveying the company's vision were instrumental in the company's success.
Kira Systems gained recognition in the market, with top law firms and businesses adopting their software.

Cons:

Challenges in people management and hiring highlighted areas for improvement.
The process of rebranding and expanding the company's offerings required significant effort and resources.

Challenges and Struggles

Noah's journey with Kira Systems had its fair share of challenges. In the early stages, the lack of revenue for several years tested his determination. Doubts lingered as to whether the company would ever achieve success. However, their unwavering commitment and dedication pushed them forward.

As the company grew, new challenges emerged, particularly in managing people effectively. Differences in thinking, work styles, and long-term versus short-term perspectives caused conflicts. Noah recognized the importance of hiring the right people and fostering a positive work environment. While there were instances of great hires, there were also moments of realizing the need for improvement in the hiring process.

Pros:

Persistence and unwavering commitment allowed Kira Systems to overcome the early challenges.
Recognizing the importance of hiring the right team members and creating a positive work environment.

Cons:

Managing conflicts and different perspectives among team members posed challenges.
Identifying areas for improvement in the hiring process.

Moments of Pride

Throughout Kira Systems' journey, Noah experienced numerous moments of pride. The signing of significant contracts brought a sense of accomplishment, knowing that their software was making a difference for clients. However, the greatest source of pride came from hearing how their software positively impacted users' work. When customers shared stories of improved efficiency, decreased errors, and enhanced contract analysis, Noah felt a deep satisfaction in the impact his company was making.

Additionally, seeing the personal and professional growth of the team members he worked with brought immense joy. Noah viewed their success as a testament to their own abilities, rather than solely influenced by his leadership. Witnessing their development and future accomplishments further fueled his passion for the journey ahead.

The Future of Kira Systems

As the CEO of Kira Systems, Noah firmly believes that there is still much more to accomplish. Despite the challenges and obstacles faced along the way, he recognizes that they have only scratched the surface of what is possible. The potential for growth and innovation in the contract analysis software space excites him.

Looking ahead, Noah envisions Kira Systems continuing to contribute to the industry by pushing boundaries and delivering exceptional software solutions. He hopes to realize the company's full potential while nurturing and developing a talented team. While acknowledging the demanding nature of his role, he expresses no rush to leave it behind, grateful for the impact Kira Systems has made on the legal tech industry.

Conclusion

Noah Waysberg's journey from a mergers and acquisitions lawyer to the CEO and co-founder of Kira Systems is a testament to perseverance, vision, and determination. He recognized the inefficiencies in contract review and dedicated himself to creating a software solution that would revolutionize the industry. Despite initial challenges and years without revenue, Noah's unwavering commitment and the success of Kira Systems have showcased their impact.

With a focus on understanding users' needs, building strong relationships, and fostering constant improvement, Noah has led Kira Systems to its current position of success. Looking to the future, the company aims to further innovate, grow, and contribute to the contract analysis software space. Through continued dedication and a talented team, Noah envisions expanding the boundaries of what is possible in legal tech.

Highlights

Noah Waysberg's journey from lawyer to CEO and co-founder of Kira Systems
Challenges faced during the early stages, including years without revenue
The decision to rebrand as Kira Systems and the company's expanded offerings
Noah's strengths in understanding users, conveying vision, and building relationships
Moments of pride, including signing significant contracts and positive user feedback
The future vision of Kira Systems and its potential for growth and innovation

FAQ

Q: How did Noah Waysberg start Kira Systems? A: Noah, a former mergers and acquisitions lawyer, recognized the need for improvement in the contract review process. After leaving his job in 2010, he partnered with technical experts and worked towards automating contract analysis, leading to the creation of Kira Systems.

Q: What were the challenges faced by Kira Systems? A: The initial challenges for Kira Systems included years without revenue, refining the software, and securing substantial contracts. Managing conflicts among team members and improving the hiring process were also significant hurdles.

Q: What are the moments of pride for Kira Systems? A: Kira Systems experienced moments of pride when signing significant contracts and receiving positive feedback from users. Knowing that their software made a positive impact on efficiency and contract analysis brought immense satisfaction.

Q: What does the future hold for Kira Systems? A: Noah Waysberg envisions Kira Systems continuing to innovate and contribute to the contract analysis software space. The company aims to realize its full potential, nurture a talented team, and push the boundaries of what is possible in legal tech.

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