With its Software-as-a-Service products, PriceNow supports online retailers with existing customer marketing and social media marketing. Customer newsletters and postings can be automatically filled with personalized product and discount recommendations. PriceNow hereby develops and uses the latest machine learning algorithms. Product preferences and price sensitivity of the customer can be determined based on the existing customer data from online retailers. We interviewed Steffen Haak on the idea behind PriceNow UG, its founding period, and future prospects.
What does your company stand for?
PriceNow frees online shoppers from poor newsletter advertising. Our SaaS solution, termed “Geniously”, makes it possible for online mail order companies to send automatic, customer-specific and thus interesting advertisements. This is made possible by the use of state of the art Machine Learning Technology, which we avail to dealers in a very simple manner.
Where and how did you get this brilliant idea?
The idea was as a result of the personal desire to bring in more personalization in online trading and get more interesting newsletters with matching content. In other words, our wish is to finally free online shoppers of the numerous bad emails.
How did your founding team come together?
The original founding team already knew each other for many years through our shared passion for triathlon. The team then grew with time and I am the sole director of the company.
What would you say are the benefits of being your own boss?
One finally gets to work as much as he/she wants, and that is a lot But seriously, getting to realize your own ideas is simply incredible. Especially, doing this without being subjected to the usual political wrangles in large companies.
What do you think are the properties that one should have to be a successful entrepreneur?
What would you term as the hurdles on the way to a successful business? Where did you get support?
The entire path, from the idea via the product through to the market, brings along many challenges. I think that it would be most reasonable for many tech-savvy founders such as me to get support for the last step in the market.
How did you deal with the large workloads during start-up?
From the triathlon sport, one gets used to the high workloads and also gets to understand the importance of relaxation. It is important to pay attention to both. Above all, it is particularly important to avoid “dead” time that one takes up without really being productive.
Do you have any advice for other young entrepreneurs?
Do not be afraid to jump into the cold water. Many successful companies were also not any better at the beginning and had to persevere through the long learning process. During the expected setbacks, one should never lose the joy of the whole thing.