July 2023
Jon Maroney
In recent years, Portland has quietly become a thriving hub for compliance-related software startups, gaining momentum in a broad market that includes a diverse range of sectors. While compliance solutions may not be the sexiest of industries, they require a unique skill set that encompasses a deep understanding of regulations and specialized processes, knowledge of internal business operations, and a systems mindset to develop comprehensive yet user-friendly products.
Luckily, Oregon boasts a plethora of entrepreneurial teams possessing these precise skills, making it a natural breeding ground for compliance software innovation.
Established Trailblazers Paving the Way
Several well-established companies have made a significant impact in this arena, spawning spinoffs, and creating thousands of jobs. Among them are:
Smarsh: Leading the charge with cloud-based archiving and compliance solutions, Smarsh helps organizations adhere to regulatory requirements while securely managing and storing electronic records.
Zapproved: A pioneer in cloud-based legal hold and e-discovery software, Zapproved's platform is crucial for organizations facing litigation.
Tripwire: Ensuring the compliance of a company's IT infrastructure, Tripwire offers solutions for security and compliance automation.
Exterro: Providing legal governance, risk, and compliance solutions, Exterro empowers companies to address privacy, compliance, and litigation risks more effectively.
Compli: Focused on the automotive industry, Compli's platform helps auto dealerships navigate complex regulatory requirements related to human resources, safety, and environmental compliance.
Navex [formerly EthicsPoint]: A provider of an integrated suite of compliance and risk-management tools, Navex employs over 1,300 and generates over $300M in annual revenue.
Promising Innovators on the Rise
The founders of these established companies play an active role in the startup community, supporting and mentoring new entrepreneurs. The ecosystem is also witnessing a strong crop of early-stage companies poised to become leaders in their respective fields. Here are a few promising startups that have recently emerged:
Conveyor: Automating the security review process for enterprise sales, Conveyor streamlines compliance for businesses engaging in complex transactions.
Kivo: Providing regulatory information management for clinical trials of new drugs, Kivo streamlines compliance processes in the pharmaceutical industry.
Green Canary: Empowering builders to navigate the Green Building certification process, Green Canary makes environmental compliance more accessible and manageable.
Assistiv Labs: Enabling website developers to ensure they meet accessibility requirements, Assistiv Labs prioritizes inclusivity and compliance.
Privacy Code: Ensuring developers follow privacy compliance measures during software development, Privacy Code helps businesses maintain data privacy standards.
Foxface Systems: Tackling affordable housing compliance for property managers, Foxface Systems contributes to the growing emphasis on social and regulatory responsibility.
A Bright Future Ahead
In today's highly regulated business environment, these and other local compliance startups have tapped into a vital need for easy-to-implement solutions that companies cannot afford to do without. Their exponential growth highlights the value of their offerings and the significant impact they're making on businesses of all sizes.
As the Oregon Venture Fund keeps a close eye on emerging clusters in the business ecosystem, the compliance software domain continues to gain momentum. With established companies nurturing new entrepreneurs, the stage is set for a proliferation of more innovative compliance startups.
If you are among those innovators paving the way in compliance software, reach out to OVF and let your groundbreaking work be recognized and supported in this thriving hub of innovation. Together, we're building a future where compliance is not just a necessity but an opportunity for sustainable growth and success.