Yieldigo founding story
We have always been fascinated with the concept of price and pricing. Driven by the conflict between exchange value, use value and customer value, we felt the need to reflect on what the components of retail price are, what plays a role in determining it, what a fair price actually looks like and how it is calculated. And why were we so keen to know? Simply because we all shop at least once a week and pay retail prices someone had to set before.
The need to delve deeper into the secrets of retail pricing came while we were doing a master’s degree at the Faculty of Nuclear Science and Physical Engineering. So, we joined a group of select mathematicians and PhD’s to conduct multi-year scientific research on the topic.
Our research found that prices and pricing are completely sorted out in some sectors while in others they remain an uncharted territory where available modern technology is underused. This struck us as strange at a time when commercial space flights, Mars settlement and cultured meat have become common talk.
Logio, a company present in the technological market for retail since 2004 and our future angel investor, supported our enthusiasm at the outset, laying the groundwork for collaboration in which our goal was to verify whether advanced mathematics can provide a basis for developing technology for 21st century retail pricing.
After several months of secret visits to our alma mater (our equivalent of the proverbial start-up garage) where the Internet, air-conditioner and whiteboard were available (that was all we needed :)), we came to believe it is possible.
Within less than three months we secured angel investment and welcomed our first team members who had the courage to rise to the challenge with us. This was in late 2016 and empowered us with excellent mathematical and computer science skills.
Over the years that followed, we teamed up with world-class experts in retail pricing and hired additional staff. They joined us on yet another crazy journey on which we have successfully turned a mathematical model with machine learning and AI features into a production algorithm and ultimately developed it into a functional price management cockpit.
We are proud that it has brought together an amazing team of experts, enthusiasts and young talents who every day help to change what impacts the lives of billions of people worldwide.