With a new funding network for legaltech startups, the Free State of Bavaria wants to further support its high-tech agenda, which is intended to provide innovation impulses across the country with an investment volume of 3.5 billion euros. Up to one million euros per year will now flow into “Legal Tech Colab”, which was founded on the initiative of the Bavarian Ministry of Justice and UnternehmerTUM. The development of Legal Tech Colab is being accompanied by the TUM Venture Labs, an initiative for marketable applications in cutting-edge research by TUM and UnternehmerTUM.
“We want to become a leading legal tech hub”
Bavaria’s Minister of Justice Georg Eisenreich explains the newly founded initiative of his ministry:
“Even in legal disputes and legal services: people want convenient, simple and cost-effective solutions. Legal tech is therefore experiencing strong momentum right now. We want to harness the opportunities of digitalization and become a leading legal tech hub. That’s why I’m very pleased that we can launch our ‘Legal Tech Colab’ together with UnternehmerTUM.”
The Legal Tech Colab is intended to support innovative startups in the legaltech sector at all stages through its work, as Stefan Blenk, Managing Director of Legal Tech Colab, says:
“We help teams from prototype development, matching with suitable co-founders, market entry through to scaling the startup with venture capital through intensive mentoring and know-how from 20 years of entrepreneurship and tech promotion by UnternehmerTUM.”
Participating startups in the program are intended to benefit from customized support services, including access to a legal tech computing platform based on natural language processing (NLP), data storage, scholarships of 1,000 euros per month, workspaces in the startup center Munich Urban Colab and access to global networks of companies and investors. Another goal is the integration with national and international companies and law firms in the digital business and legaltech sector.
Previously challenging terrain for founders
Philipp Gerbert, Managing Director of TUM Venture Labs, comments:
“Legal tech has been challenging terrain for founders so far. Since critical technologies like NLP platforms are now available for the first time in the German-speaking world, we can provide the dynamic and creative founding teams with the best possible infrastructure for deep tech development. We would like to invite law firms, legal departments of companies and authorities, as well as startups and tech enthusiasts to join us and benefit from the exchange in the ecosystem.”
Bavaria’s Minister of Justice Eisenreich sees many benefits to a more digitalized Bavarian judicial system:
“We want to harness the opportunities of digitalization. We are continuing to push forward the digital offensive in the judiciary: electronic legal communication, e-files, video hearings and legal tech projects. With the initiative Bavaria as a legal and judicial location as well as the legal tech think tank, we already have a strong network. We are now building ‘Legal Tech Colab’ on this foundation.”
“Access to justice must be ensured for all citizens in the digital world”
He further states:
“Despite all these advances, we always keep the risks of digitalization in view. That’s why we are committed at the policy level to greater legal certainty for consumers and companies in legal tech. For legal services on the internet, we need transparency, a clear legal framework and risk management. Access to justice must also be ensured for all citizens in the digital world.”
