Richard Schenke is Co-Founder & MD at Priceloop AI. Prior to Priceloop, Richard also co-founded Contorion, a fast-growing online shop for professional industrial and trade supply. Before becoming an entrepreneur, Richard was a Senior Consultant at McKinsey and with a project focus on non-food retail, sales & pricing strategy and automotive. Richard is an MIT and RWTH Aachen graduate.
Richard Schwenke, Co-Founder & MD Priceloop AI | Making It Real Podcast with Jan Brinckmann | Episode #18
00:00 How did you get into the entrepreneurship domain?
01:52 Did you start your venture in parallel during your consulting job or went all in?
04:05 How did you find your first investors?
06:51 The idea behind Contorion
08:16 Getting both the supply and demand side right on a platform model
13:05 Evolving your venture one step at a time
14:59 What to do if you lose money per transaction
19:00 How merchants can bring value to suppliers
22:03 How to set your prices right
27:46 Advice for collecting quality data
32:20 Filtering data for machine learning
39:55 Exiting Contorion and starting Priceloop AI
41:49 Richard's top 3 learnings for aspiring founders
46:28 What do you enjoy the most about creating startups?
