Using machine learning for forecasting and menu planning

Episode 409 of The VentureFizz Podcast features Ilia Papas, serial entrepreneur and co-founder of Band and Blue Apron. Do you know what the enchilada factor is? Probably not… unless you were part of the Blue Apron team that created a national brand and one of the pillar companies in the meal-kit food delivery category that ultimately went public. In this interview, Ilia shares the inside look at those hypergrowth years, including the company’s use of machine learning for planning labor and food ordering, so they could fulfill those enchilada orders (also known internally as the enchilada factor) which always caused a spike when it was offered on the menu. Ilia’s latest company is Band—and no, it’s not the musical kind. Instead, the company is focused on a massive, underserved sector where trillions of dollars flow between businesses, yet technical innovation has been severely lacking. Band has built the smart operating system for B2B trade agreements, providing AI-powered rebate and incentive tracking for distributors, manufacturers, and purchasing groups. In this episode of our podcast, we cover: * Ilia’s background story, plus the details on his siblings and their collective success in the tech industry. * Interning at his brother Art’s company, Bullhorn, and then building the foundation of his career at web consulting firms like Molecular and Optaros, where he worked on the original version of Rue La La. * How he met his co-founder, Matt Salzburg, and why they pivoted from a “Kickstarter for science” idea to food delivery in 2012. * Bringing on a third co-founder, Matt Wadiak, who brought the culinary expertise and why they names the company Blue Apron. * Their approach to growth marketing to compete against HelloFresh & Plated and scaling to millions of meals a week. * The story of the IPO in 2017 and the unique challenges of running a publicly traded company * All the details about Band and why Ilia chose this underserved industry, plus how his approach to building a company is different this time around. * And so much more!