isLucid was born from the need to capture details of verbally created items. Once the solution combining transcription and connectors to existing Project Management software is made, companies understand the traceability of tasks and approvals, which are important once action points are identified. isLucid is addressing this need using Azure Blockchain DLT.
As part of their journey on BlockStart’s Acceleration Programme, as a startup developer of blockchain technology, they were looking to further develop their solution and for new opportunities for collaboration with end-user SMEs that could validate and help them improve their “Lucid Traceability” blockchain solution.
We spoke with CEO Vytenis Pakėnas to know more about isLucid and their participation in BlockStart.
In one paragraph, what is isLucid?
isLucid is our contribution to reduce the stress in modern workplaces when expectations are managed poorly. We bridge the openly shared expectations during the call with actionable items, created in project management software. isLucid provides a traceable way to create these actionable items from transcript in a transparent manner and store those in existing Project Management tools with means to validate it afterwards.
Can you tell us how the idea for your startup began?
Before Covid19 we built mobile applications, enabling to create contracts and agreements from voice. With Covid19 we pivoted, as people wouldn’t speak to the same phone from close distance. When we were reshaping the product it became clear that it is not about the contract, but more about execution and implementation. That’s how full chain from conversation to actionable item within the Project Management tool was born. And we named it isLucid, as we want to bring lucid communication to remotely working teams and other stakeholders.
What is isLucid passionate about achieving?
We care about helping people understand each other, do right and timely follow-ups and not loosing knowledge, created during the meetings. We understood that expectations maintenance is super hard, however, doing it right brings super good relationships and great work atmosphere. Enabling our clients to have peace of mind within heavily regulated industries keeps us up at night.
Who are the team members and what backgrounds do you have?
We are passionate young professionals, sharing IT, Sales, Marketing and operation backgrounds. With international experience we like to demonstrate good working ethics and results brought by it, instead of academical achievements.
Can you tell us about the prototype you have developed with the support of BlockStart Acceleration Programme?
Sure, for companies that need traceability of actionable items made in conference calls, we expanded isLucid to now easily store information in a secure and traceable way with Microsoft Azure Blockchain. In regulated sectors e.g., Automotive, MedTech, FinTech, they can focus on conversation, while actionable items (created in real-time from transcription) are stored in your Project Management software with an evidence of participants, items information and storage location in smart contracts. In case anyone needs to validate the records, we enable to validate originality of the record against the smart contract. Balanced for Account Managers, great for Product Owners, Project Managers and other managers with cross functional teams.
What were you most excited about in taking part of BlockStart Acceleration Programme?
We met a good mentor who helped us during the programme to meet our identified KPIs. The programme enabled us to built this faster and jump into the Blockchain ecosystem way ahead of time in our roadmap. Speed brought in was super beneficial for us.
Which were the major challenges you have faced during the development and market/fit validation of your prototype?
I guess it was a need for constant change. Change in product design, change in communication, change in marketing, change on feedback interpretation, change for target customers. Being flexible, as it was required is a demanding, yet rewarding thing.
What unique aspects does your company and the prototype you have developed have to offer to the market sectors/type of companies you wish to enter/sell and to the blockchain ecosystem in Europe, as a whole?
Personally, when I worked with a MedTech project it was really demanding to track back all the actionable items between my teams. Back in the days there were no products like isLucid, so I had to maintain records, ask my colleagues to get signatures to meet requirements, brought by the regulatory team. Also for simple projects it was quite often happening that clients forgot what was agreed during meetings. isLucid now enables to achieve both – traceability and written records on all conversations. So forget “this is not what we agreed for”. Always have a written proof together with insurance, that your team will deliver that.
Is collaboration with SME adopters important for piloting your solution?
Yes, the feedback from users is hundreds of times more valuable then hypothesis we make with our team. Right conversations, right comments bring the difference.
Where do you see your company in 5 years?
In Fortune 500, publicly traded and among the best employers in Lithuania.
Apply to our Open Call #3. 2 weeks left!
In our 3rd and final Open Call, we are looking for early and growth-stage blockchain/DLT startups from all over the EU and H2020 Associated Countries in the fields of fintech, ICT and retail and will provide startups with access to a variety of perks, including equity free funding of up to €20.000, access to piloting opportunities, mentorship, and exposure to investors and advisors.
Interested startups should fill in an online application form at F6S platform. Deadline for applications is 26 May at 5pm CET (Brussels Time).
For more information on application criteria and how to apply, interested applicants can go to blockstart.eu and consult the FAQ section. BlockStart will also organize a Q&A webinars for future applicant on 12 May 2021 at 11am CET (Brussels Time), and you can save your seat here (takeaways of the previous Q&A webinar available here).
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