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Pike Startup Making Lawsuits Easier For Big Firms

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Editor’s Note: Sponsored by Monday Properties and written by ARLnow.com, Startup Monday is a weekly column that profiles Arlington-based startups and their founders. The Ground Floor, Monday’s office space for young companies in Rosslyn, is now open. The Metro-accessible space features a 5,000-square-foot common area that includes a kitchen, lounge area, collaborative meeting spaces, and a stage for formal presentations.

Mindseye Chief Strategy Officer Jeff Fehrman, left, and CEO Bob KrantzBob Krantz, Elliot Nierman and David Shedd worked for years for a legal services company, finding information in troves and troves of documents for law firms and corporations preparing them for litigation. Like many startup founders, they were working long hours, doing tedious work and thinking, “there has got to be a better way.”

That’s why the three left their jobs and founded Mindseye in 2008 as a next-generation tool for eDiscovery, giving law firms and corporations the ability to save heaps of time scouring electronic files for documents.

“eDiscovery refers to the preservation, collection and analysis of relevant information for litigation,” Chief Strategy Officer Jeff Fehrman said. “People get careless with email. They let their guard down. But finding what’s really relevant is like finding a needle in a haystack.”

Krantz and his co-founders bootstrapped the company, and they remain self-funded. Because Mindseye didn’t have investors, proving the technology worked was a struggle at first, but the trade-off was well worth it.

“Giving up say is not always the most attractive way to change an industry the way we were trying to,” Krantz said in his office along Columbia Pike. “We knew what we wanted to do and the biggest potential for creating an impact.”

Mindseye logoBefore they left their jobs, they offered their company — which is now called Integreon – the chance to develop the software. Integreon declined and, in 2009 when Mindseye launched Tunnel Vision, its flagship product, Integreon became Mindseye’s first client.

Krantz admitted that most companies that launched, self-funded, in 2008 have probably bitten the dust by now, especially those with business plans that required big companies to spend money on new products.

However, in the current era, every bit of new technology has added a multitude of new levels of data. That fact, paired with the Edward Snowden leaking scandal, has made big companies — and big law firms — highly aware of the power of sifting through data efficiently.

“The Snowden thing really helped us in driving the point home,” Krantz said. “With our technology, you could see who you speak with, when you talk and what you’re talking about without any keyword search. We don’t look through individual emails or correspondences, we’re trying to find patterns.”

Mindseye's Columbia Pike officeAlthough Mindseye would seem applicable as a vehicle for government contracting, the economies of scale, Krantz said, keep them to working just with law firms and private companies. Mindseye currently has almost 20 employees and more than 40 clients.

“Within its first year as a client, we saved a Fortune 50 company almost $1 million,” Fehrman said. “Anyone we’re selling to has a need for this technology. They have a lot of investigations, litigation or regulation. We basically try to understand the challenges each of them face.”

Despite starting the company working on different co-founders’ couches, Mindseye has consistently grown, and despite lofty ambitions, Krantz said they are laser-focused on staying true to their initial mission.

“The biggest challenge for us, and our biggest strength, is focus,” Krantz said. “You can see things out there that can open up new arenas for business. But when you lose focus on what you’re doing, you fall apart.”

While Mindseye is staying in its lane, Lehrman has big visions for how much that lane can widen in the next few years.

“In five years, if we’re not working with more Fortune 100 companies and government clients,” he said, “we’d be disappointed.”

Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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