Every Fall, Summer, and Winter “Billion Dollar Startup Ideas” hires interns to build ideas from the blog as MVPs, conduct industry research, and write their own blog posts. This blog post is an excerpt from that series.
Problem: Many poor people find the divorce process so expensive and difficult that they get stuck in bad marriages, highlighting the need for more affordable and accessible options.
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Solution: App for divorce. By automating some of the expensive parts of the divorce process , the App can ease the financial burden on both parties. When couples get divorced or separated, it is highly recommended to them to maintain a diary or log of all certain activities, such as payments received, dates of exercised parenting time, or child support. In this case, App can be pivotal in making such documentations easier for those involved in divorce actions or other family law matters. Primarily focused on supporting low-income families, the app offers a cost-effective solution to a challenging situation.
Some of Apps features include:
The ability of both parents to effectively communicate: The App can include messaging features that allow for clear and organized communication between both parties and their legal representatives, reducing the potential for miscommunication and conflict.
The ability to deal with important documentations: The App can provide pre-filled templates for important documentation, such as financial records and parenting time logs, to make it easier for users to track and maintain the required information.
The ability to secure data storage: the App ensures that all sensitive information such as child support stored within the App is secure and protected, giving users peace of mind about their privacy and confidentiality.
There are around 4-10 such apps, but what makes ours special?
Because our App will be particularly focusing on low-income families, many families will find it affordable and accessible, thus making it more financially convenient than other apps. In fact, Paying a private attorney to help with a divorce can cost $10,000 to $20,000, which is why many families tend to look for other more accessible options.
To estimate the market value, let’s assume a service of a one family is 389$, and the annual divorce rate in U.S. is 5% (this is a simplified figure, actual rates vary). Assuming there are around 37.9 million low-income couples in US, the predicted number of divorced low-income families is 1.895 million. Let’s say 35% of those couples find our App useful, and we can find predicated market value of our App in U.S:
5% of 37.9 million families = 1.9 million divorced low-income families
35% of 1.9 million = 665 million
665 million* 389$= $259 million
While reaching over a billion dollars in revenue within 4-5 years is an ambitious goal, we are confident in achieving this through strategic expansion to new markets and development of a wider product range.
Contributed by: Diyorbek Urozboev