I'm impressed by your application; it's good that you are doing so much interviewing. Probably the killer feature is automatic compliance reporting; I could imagine that this will sell the software.

But to me this sounds more like bespoke software for a single client rather than a startup.

If you want to apply with this idea, you need to make sure there actually is a market for your software.

I've seen many people attempt a "startup" by writing software for free for one client, hoping to sell it to other clients with similar needs. These other clients then never materialised, since the software usually ended up too specific and was only useful for their original client, who got to use it for free (or very cheap).