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?

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