CobbleStone Software has officially turned 30 years old! To celebrate this momentous occasion, we interviewed Mark Nastasi, Executive Vice President and founder of CobbleStone®, to learn more about the acclaimed and award-winning contract management software provider's inception, vision, challenges, evolution, accomplishments, and more. Here's what he had to say.
- What inspired the founding of CobbleStone Software 30 years ago? What problem were you trying to solve? In the 90s, I developed a contract management software program to help manage basic contract terms and agreements. A large national retailer then approached me about an issue: they had violated a software license, which could lead to a claim of over $2 million in liability. I knew I could help every organization manage contracts and related risks better. It was then that I found our mission and vision: to help all organizations manage contracts more effectively.
- Can you share a story or anecdote from the early days of the company that illustrates the challenges or triumphs you faced? Yes, the product and concept were way before market demand. Many companies I tried to sell the software to said they were just implementing email and accounting systems. But I didn't give up. Eventually, the market realized the demand for our product as legal complexities continued to grow.
- Did you envision CobbleStone becoming the global leader it is today? What were your initial goals and aspirations? I always wanted to lead the way in advancing contract management. I wanted to keep finding innovative ways to help corporate legal professionals, paralegals, and risk managers do their best work through technology.
- What were some of the biggest challenges you faced in the first few years, and how did you overcome them? I recall trying to contact many investors. They asked questions like, "What is the market size?" and "How many customers want this?" There was no established market, so there was no market size or clear customer demand. Frankly, something was telling me to give up when private equity companies denied investing. But we kept at it, and eventually, there was great demand. The importance of better risk management is now a key pillar in running organizations successfully.
- How has the software industry changed since CobbleStone's inception, and how has the company adapted to those changes? I think the largest advancement was the internet. We launched our first internet (web-based) product in the late 90s, which was way ahead of its time. Now, technology like AI and natural language processing has advanced to help machines understand complex written language, addressing new challenges.
- What are you most proud of accomplishing over the past 30 years? I am proud to say we've helped tens of thousands of professionals do their work better, we've changed legal risk management, and I'm proud to have so many customers and employees whose lives have been touched by our efforts.
- What key innovations or product developments have been most crucial to CobbleStone's success? So many. We were the first to introduce not only a CLM but also custom fields, templates, email alerts, workflows, clause extraction, and so much more. I don't think this would have been possible without the thousands of people who advanced computing for the PC, the internet, software, HTML, and the future holds a lot of potential.
- How has CobbleStone maintained its focus on innovation and stayed ahead of the curve in a rapidly evolving market? As I reflect, the key is to solve problems and have the ability to foresee a solution. Don't be afraid to try and seek input from others.
- Can you talk about the company's culture and how it has contributed to CobbleStone's growth? I think the great people and employees who work together are the key. I find great joy in seeing our employees care deeply about our customers, listen to them, and find solutions to help them succeed.
- How has CobbleStone's commitment to customer satisfaction shaped its development and success? I think I touched on this above. I always believe in listening to the market, and by "market," I mean the collective customers and users that we serve.
- How will CobbleStone continue to innovate and meet the changing needs of its clients? The secret formula will be to listen to market needs, find innovative solutions, and predict what the user needs before they even know they need it. And don't be afraid of change.
- What advice would you give to aspiring entrepreneurs in the software industry? If you truly know of a need, work relentlessly (and smartly) to find a solution. I am truly blessed to be a part of our customers', users', employees', and partners' lives. I am so grateful for your deep caring for each other and your support in helping professionals do their best work.
- What have you learned about leadership and business throughout this journey? Listen to the market, stay focused, swerve when you have to, don't be afraid to try something new, invest in what works, and surround yourself with great people. I work every day with the concept that "the biggest room in the world is room for improvement." Don't be afraid to improve, remove doubt, be more confident, and take more risks.
- What is your favorite CobbleStone memory? It's blended with customer feedback. I am so happy to hear when we serve customers well. I recall a customer (a lawyer) who called me one day. She asked me if I knew how long they had used our product. I said "a long time" and thanked her. She clarified and said 17 years. She then informed me that when she got hired at her company over 17 years ago, it was a mess. By using CobbleStone Contract Insight®, she always knew where her contracts were, could find a record when needed, could produce a report when needed, and appreciated that we were there when she needed help. She continued to tell me she was retiring and just wanted to call me to thank me (us) for helping her with her career. I didn't know how impactful those early efforts to launch contract management software would be.
Now that you've got a bigger picture of CobbleStone Software's past, present, and future, request a free demo of CobbleStone Software today to see the CLM difference.
*Legal Disclaimer: This article is not legal advice. The content of this article is for general informational and educational purposes only. The information on this website may not present the most up-to-date legal information. Readers should contact their attorneys for legal advice regarding any particular legal matter.