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Alex Wiltschko

๐Ÿ‘ค Speaker
332 total appearances

Appearances Over Time

Podcast Appearances

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Because we can now automate lots of this and we can bring humanity to the rest of this, Like, let's work together. Let's build you a fragrance.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Because we can now automate lots of this and we can bring humanity to the rest of this, Like, let's work together. Let's build you a fragrance.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

So let me tell you how it's done today and then how we're changing it. So the way that you get a fragrance design today, and I'm not even talking about launching the full product, like literally just the smell. There's more that you have to do to launch the full fragrance. you submit what's called a brief. So a brief in other industries would be called a request for proposal or an RFP.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

So let me tell you how it's done today and then how we're changing it. So the way that you get a fragrance design today, and I'm not even talking about launching the full product, like literally just the smell. There's more that you have to do to launch the full fragrance. you submit what's called a brief. So a brief in other industries would be called a request for proposal or an RFP.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And it can be anything. So it's actually very, very free form in this industry. That itself could be revolutionized. So let's say you write a Word document and you describe your brand. You're going to describe what you want it to smell like, who you are, what you want the brand to be resonant of. And then at the bottom, you'll usually specify two pretty important things. What's the benchmark?

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And it can be anything. So it's actually very, very free form in this industry. That itself could be revolutionized. So let's say you write a Word document and you describe your brand. You're going to describe what you want it to smell like, who you are, what you want the brand to be resonant of. And then at the bottom, you'll usually specify two pretty important things. What's the benchmark?

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

So is there a scent that you want to beat? And usually that means I kind of want my thing to smell like this, but make these changes. And then what's the price you want to pay? So how many dollars per kilo, which can be as low as like, you know, 10 bucks per kilo. It can go for fine fragrance, can go up into the many hundreds of dollars per kilo. It just depends on what you want to launch.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

So is there a scent that you want to beat? And usually that means I kind of want my thing to smell like this, but make these changes. And then what's the price you want to pay? So how many dollars per kilo, which can be as low as like, you know, 10 bucks per kilo. It can go for fine fragrance, can go up into the many hundreds of dollars per kilo. It just depends on what you want to launch.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

You submit that brief to a fragrance house. And again, this is the traditional way. Somebody receives that, and in their kind of weekly meeting, they read the brief, they read the volume that you want to make and the price, and they decide whether or not they want to work on it. And here, you haven't paid the fragrance house anything.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

You submit that brief to a fragrance house. And again, this is the traditional way. Somebody receives that, and in their kind of weekly meeting, they read the brief, they read the volume that you want to make and the price, and they decide whether or not they want to work on it. And here, you haven't paid the fragrance house anything.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

They look at the brief and then they say, okay, we want to work on this. Usually, 90% of the time, they go to their library and they say, oh, we've already made something for somebody else. Let's send Patrick this scent that is from our library. And then you'll get that and maybe you like it, maybe you're done. But 90% of the time, sometimes more, you aren't getting a new custom sent.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

They look at the brief and then they say, okay, we want to work on this. Usually, 90% of the time, they go to their library and they say, oh, we've already made something for somebody else. Let's send Patrick this scent that is from our library. And then you'll get that and maybe you like it, maybe you're done. But 90% of the time, sometimes more, you aren't getting a new custom sent.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And by the way, that process itself, that may take weeks, months. But let's say you push back and you say, actually, I want something that's really custom. So you know you're a sophisticated buyer. You say, don't give me a library sample. Now you're looking at like a 12 to 18 month process of going back and forth. Every time you submit notes, it might take three months for them to get back to you.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And by the way, that process itself, that may take weeks, months. But let's say you push back and you say, actually, I want something that's really custom. So you know you're a sophisticated buyer. You say, don't give me a library sample. Now you're looking at like a 12 to 18 month process of going back and forth. Every time you submit notes, it might take three months for them to get back to you.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Super long process. And by the way, once you get the fragrance, you still don't know if it actually works in the application that you're going to put it in, right? So you have to do application testing. So let's say you want to launch a a skin cream and you want it to be slightly fragranced.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Super long process. And by the way, once you get the fragrance, you still don't know if it actually works in the application that you're going to put it in, right? So you have to do application testing. So let's say you want to launch a a skin cream and you want it to be slightly fragranced.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Well, the fragrance can't make the skin cream turn a wrong color and it can't make the scent change too much. So you have to do application testing as well. Now you've added more time. So that whole process is handled in most fragrance houses, something that looks very close to pencil and paper. and a lot of guesswork.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

Well, the fragrance can't make the skin cream turn a wrong color and it can't make the scent change too much. So you have to do application testing as well. Now you've added more time. So that whole process is handled in most fragrance houses, something that looks very close to pencil and paper. and a lot of guesswork.

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And so what we're doing with generation is taking each one of those pieces and applying modern methodology, and in some cases AI, in some cases just efficiencies, to make that faster and to make sure that you get something custom every time that's actually tailored to your brand. So when you submit the brief, That should be a chat GPT interface. You should have a conversation, right?

Invest Like the Best with Patrick O'Shaughnessy
Alex Wiltschko - Giving Computers A Sense Of Smell - [Invest Like the Best, EP.415]

And so what we're doing with generation is taking each one of those pieces and applying modern methodology, and in some cases AI, in some cases just efficiencies, to make that faster and to make sure that you get something custom every time that's actually tailored to your brand. So when you submit the brief, That should be a chat GPT interface. You should have a conversation, right?