Following the announcement in May of new initiative between Technation, the Lawtech Delivery Panel and the Ministry of Justice to support digital transformation, the LawTech Sandbox officially launched today (4 November).
The Sandbox is inspired by the FCA’s Regulatory Sandbox, which was set up in 2016 to support innovative UK financial services firms delivering in the interests of consumers. It has been widely attributed as playing a key role in the growth of the fintech sector.
With the COVID-19 crisis accelerating the need for change and digitisation of the legal industry, The Sandbox will bring together technologists, the legal and business community, and public bodies, to support more innovative legal technology coming to market.
The Lawtech Sandbox Pilot has been designed to fast track transformative ideas, products and services that address the legal needs of businesses and society. It provides pioneers with access to a number of tools, services and people, to help accelerate the development of game-changing lawtech.
LawTech panel member and LawTech director at Barclays Ventures, Labs Chris Grant said: “We are calling lawtech pioneers with a readiness to test, build and push the boundaries – to explore in the Lawtech Sandbox Pilot how we can tackle opportunities and challenges with lawtech, and demonstrate what transformation looks like in the legal sector in practical ways. This isn’t about the easy steps but the hard ones. That’s where we can help lawtech pioneers make a difference.”
Applications close at 12 noon (GMT) on Monday 16 November 2020. The Lawtech Sandbox Pilot is government-backed, free, and doesn’t take an equity stake in organisations that join.
Apply here: http://bitly.ws/auwA
How will the Lawtech Sandbox Pilot work? Here are more details from Technation:
The Lawtech Sandbox Pilot will see a small, first cohort of pioneers gain access to the Lawtech Sandbox for three months from December as part of a trial.
Successful applicants will have access to a number of tools and services tailored to help you get the most out of your time in the Lawtech Sandbox Pilot.
Navigating regulations and governance can be time consuming and complicated. That is why we will provide access to regulators throughout the process, for advice, support and assurance at pace.
We will connect you based on your needs, to our legal, business and public body network, to help you drive commercial opportunities and collaboration.
The role of ethics in the design and development of lawtech is important and we want you to be able to get the support and advice you need from applied ethics experts.
We know that legal data is hard to come by and understand the immense value that greater access could have on the lawtech sector. Our goal is to help improve access to legal data.
Read our original story here: https://legaltechnology.com/lawtechuk-sandbox-will-accelerate-and-embed-innovation/