Last week I was fortunate enough to go out to lunch with my CEO. We had sushi, if you’re wondering. But what was a little more interesting was our discussion.
As CEO of INTURN, Ronen Lazar has built a technology company from scratch without personally building any technology. Although he’s not an engineer, he is a business man, visionary and true entrepreneur. INTURN is his fifth baby and he’s never worked for anyone. He took a wine distribution business in Canada, grew it and sold it. He took a gum business, grew it and sold it. He took a software business, grew it and sold it.
Now this is his latest and definitely greatest invention. According to him, it started by looking how retail items are priced. The retailer sets the price and certain customers are willing to pay for it at that price, but many are not. Businesses lose all the customers that aren’t willing to get an item at that price, but maybe a little lower would’ve worked for them.
So he set out to find where the biggest discrepancy in value lies in the retail industry, and he stumbled upon the Off Price sector, where excess is sold, bought and resold for less capturing that value the initial seller lost out on.
From there came the idea for INTURN. How could he help companies capitalize on that value? They have to move their excess quickly. As soon as a brand values their clothing for less, they need to get that deal to the customers and capture the remaining value. That is what INTURN is at its core–a value capturing, technology play for retail companies. INTURN is a proactive solution to an archaic problem.
Now this once Entrepreneur is the CEO of a tech company that’s going to change the retail world.