Simion Kronenfeld Masterminding Tech - A Glimpse into the Past
Electronic Liquidators Inc., founded by Simion Kronenfeld in 1999, shaped the industry and thus paved the way to vast amounts of opportunities and successes that Kronenfeld reaps today. Simion Kronenfeld is known for his achievements and contributions in the real estate world, but there is not a lot of information surrounding his history in Electronic Liquidators Inc. This component is sad, because as the saying goes, You cannot understand what is happening today without understanding what came before.
So… what is Electronic Liquidators? And what differentiated it from the rest?
The reason Simion Kronenfeld was able to reap such successes from this company is because he was not only the founder of it, but the founder of the whole business model. This allowed the company to grow to become the largest player across North America. But what is the company and business all about? Let's say you buy a smartphone device from a big chain or an independent small shop. For whatever reason, you decide to return it. Well that's when Electronic Liquidators steps in. Simion Kronenfeld was able to identify this fruitful niche, where his company would purchase these used electronics. If the product was damaged they would fix it, or repackage, which would label the device as refurbished. The company would then sell it further to second tier stores that strictly sell refurbished products.
While the primary goal of the business was to resell electronics, Simion's focus was not only buying returned (a.k.a refurbished) products, but also buying overstock from major retailers meaning they were untouched. This means when products failed to sell, Kronenfeld would buy them. This was typical when warehouse’s had no more stock due to more supply than demand, and needed a means for getting rid of this surplus stock. Simion Kronenfeld had multiple stores across Canada, and grew to become the biggest electronic seller on eBay.
The exponential growth experienced could be attributed to the technological boom which was happening in the early 2000s, and additionally, Kronenfeld leveraged the hype of eBay during these times. Simion Kronenfeld not only founded and capitalized on this electronics market, but he also created the infrastructure for the model and established all of the logistics and transportation. This helped a lot of other companies replicate the model, and reap the successes as a byproduct. He continuously kept improving and enhancing the industry, and was able to make a name for himself, and establish credibility, given his determined nature. Knowing when to hold them and where to fold them is all a part of being a winner. Simion Kronenfeld knew when it was time to walk away, and sold the company in 2007.
All in all, Kronenfeld’s determination to master any endeavour he sets out to do is seen time and again. Whether it's in the tech space, real estate space, or just personal matters, he gives it his absolute all and will stop at nothing.