Commercial Validation for a Crypto-Legal SaaS Spin-Out.

The client

UK-based SaaS venture spun out of a top EU crypto-legal advisory firm, building an automated token classification and compliance tool.

The challenge

• Unclear total addressable market (TAM) and pricing model viability
• Ambiguity in product positioning (automated tool vs. legal advisory)
• Need to align internal strategy across product, commercial and leadership teams
• Regulatory uncertainty in target markets

Our approach

1. 01

   Market research and expert interviews

   • Conducted 20+ interviews with senior decision-makers: GCs, compliance officers, regulators
   • Extracted insights on buying behaviour, use cases and regulatory sensitivities
2. 02

   TAM modelling and benchmarking

   • Built bottom-up TAM and SAM models
   • Mapped the competitive landscape across four segments
   • Benchmarked pricing against legal and SaaS alternatives
3. 03

   Product and persona validation

   • Identified target personas, decision factors and willingness to pay
   • Clarified the product narrative around legal disclaimers and risk-scoring limitations
4. 04

   Strategic management

   • Delivered weekly insight memos, a central tracker and structured output reviews
   • Maintained alignment across product, research and leadership

Outcome

• Validated a $500M+ TAM and $40M+ SAM
• Clear product-market fit for compliance teams and exchanges
• Positioned as 60 to 80% cheaper than legal opinions
• Informed the roadmap, GTM and investor outreach