Thomson Reuters has launched a global RegTech competition designed to provide early stage startups in the legal, tax and regulatory space the opportunity to partner with one of the business information services provider.

Entrants will need to demonstrate how their solutions help lawyers, tax and compliance professionals and or governments solve regulatory and compliance challenges through the smart application of new technologies. They will be judged on criteria that include: market opportunity, value proposition of their solution, technical expertise, partnership opportunities and quality of presentation.

Startups are invited to apply by 9 September, with finalists invited to present their offerings to a panel of Thomson Reuters executives in New York on 29 October.

“Businesses are increasingly looking to technology and automation to help navigate a rapidly evolving regulatory environment and rising costs of compliance,” said Nick Jarema, vice president at Thomson Reuters Labs.

“The global RegTech market segment is expected to nearly triple in size over the next five years to $12 billion, and we are excited to pair our data, expertise and customer relationships with the innovative spirit of the startup community to bring solutions to market even faster.”

He added that the contest will give early stage companies the opportunity to work with comprehensive, structured data sets as well as domain and technology experts.

Qualified startups could gain access to some of Thomson Reuters 450,000 global customers, as well as access to data and tools – including Thomson Reuters content, APIs, AWS credits and a network of data scientists.

The eligibility criteria state that companies must be at the seed or Series A funding stage, have a product-market fit demonstrated by having at least one paying customer, be business-to-business rather than consumer focused, and majority owned by founders.

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