Formulaw COO Violetta Skittidi: The blind spot, in our view, is that we underestimate our own relevance

CBN spoke with Violetta Skittidi, co-founder and COO of legal tech startup Formulaw, about representing Cyprus at the UN's Multi-stakeholder Forum on Science, Technology and Innovation for the SDGs (STI Forum), gaps in the local ecosystem and what’s next for the AI-powered platform.

You were selected as the only Cypriot startup to pitch at the UN STI Forum in New York. What were the key takeaways from the global discussions on AI and sustainable development? What did you learn and what surprised you?

The biggest takeaway from the discussions was how much urgency there is around AI as a tool for sustainable development, not just as a technology in itself. The conversations were focused on outcomes of AI solutions, beyond the ‘hype’ of AI. We heard again and again how AI needs to be applied to real-world bottlenecks, especially in areas like justice, healthcare, and public infrastructure. One moment that really struck us was when it was shared that only 17% of Sustainable Development Goal (SDG) targets are on track globally toward the 2030 goal. Although this reality is quite sobering, we feel like it can also be motivating, acting as a reminder that although we’re falling behind, startups like ours have a real opportunity to help accelerate progress. What surprised us most was how open institutions like the UN Secretary-General’s office were to hearing from early-stage startups. There’s a growing understanding that we’re not just building tools but also shaping the infrastructure of the future. Being part of that conversation as a Cypriot company and founder made it even more meaningful.

Violetta Skittidi and Formulaw CEO and co-founder Ramzi Edward Khoury at the UN STI Forum

Beyond the symbolism of being the only local startup at the Forum, what does that tell us about the maturity of the local AI ecosystem – and its blind spots?

It tells us there’s a lot of potential, but that we’re still early. Cyprus has great talent and strong technical foundations, but we often lack the structures that help startups translate technical innovation into globally relevant, policy-aligned narratives. Being the only local startup wasn’t a badge but a signal that more needs to be done to connect Cyprus’ AI ecosystem to the global development conversation, not just the tech one. The blind spot, in our view, is that we underestimate our own relevance. We have the ideas, but we need to get better at building partnerships, telling our stories, and showing up where decisions are made.

You’ve linked Formulaw’s mission to SDG 8 (Decent Work & Economic Growth) and SDG 16 (Peace, Justice & Strong Institutions). How does that translate into real-world impact for your users?

For our users - small and medium-sized businesses (SMBs) with and without legal teams & law practice - the impact is simple: faster contracts, clearer decisions and less friction.

We help them understand legal risk in plain language, automate repetitive contract reviews, and move forward with confidence. That means fewer bottlenecks, faster deal cycles and better protection.

In practice, SDG 8 comes into play every time we help a business close a deal without unnecessary legal delays. SDG 16 is about enabling those businesses to operate within fair, transparent frameworks - not in legal grey zones that only well-funded companies can navigate.

Where is Formulaw in its development journey? And how are you measuring traction at this stage?

We launched our beta product in Q1 2025 and are currently in early commercial rollout. To date, we have partnered with several legal and corporate service providers and have 100+ lawyers using our platform. We're measuring traction through usage growth, repeat engagement, and conversion from free trials to paid credits. Our current focus is building sustainable adoption, not vanity metrics, and refining our AI based on real legal team feedback.

What’s next after New York? Are you scaling, fundraising, or hiring? Where do you see the greatest risks and opportunities, and how do you keep SDG alignment front and centre as you grow?

Right now, we’re actively fundraising and forming strategic partnerships to support the next phase of growth. Our focus is on expanding our reach in key markets, growing our team, and continuing the development of our AI legal agent, which takes our contract review capabilities even further, helping users not just read and understand contracts, but interact with them intelligently. The opportunity lies in bringing legal technology to businesses that haven’t had access to it before, particularly across the underserved SMBs in common law markets. There’s growing demand for tools that reduce friction in contract processes, and we’re building to meet that need in a way that’s simple, affordable and scalable. The biggest risk is growing too fast without maintaining the trust and transparency that legal products require. That’s why we are focused on keeping our alignment with SDG 8, SDG 16 and of course GDPR and AI Regulations, which keep us grounded in the impact we want to make, not just the metrics we want to hit.