Michael Schreck is inspired by Gandhi’s quote, “Be the change you wish to see,” a fact that is evident in the success he has generated in the 20-plus years he has worked in technology.
When Schreck took on the role of CEO of Cloudvirga in 2017, he swiftly secured more than $50 million in private equity funding and brought on an all-star leadership team, recruiting top-level executives of Microsoft, Dell, Intuit, CoreLogic, Fidelity and First American.
Under Schreck’s leadership, Cloudvirga has reached a number of milestones, including increasing loan officer adoption among its existing customers by 40%; proving its ability to reduce mortgage origination costs by $1500 per loan; helping lenders increase same-day loan pull through by 11%; and processing more than $15 billion in loans.
This is all thanks to the Harvard Business School grad’s pioneering insights into how technology can transform and improve the mortgage industry, something he has focused on for the better part of a decade.
He also co-founded General Catalyst Partners, a multi-billion-dollar venture capital firm where Schreck helped develop successful startups including Upromise, SmartBargains, m-Qube and CoreMetrics. Collectively, these companies were acquired for over $1 billion by SLM, GSI Commerce, VeriSign and IBM, respectively.
Schreck started his career as a strategy consultant at McKinsey & Company and Monitor Company.
What’s the best advice you’ve ever received?
“When I decided to leave strategic consulting for a startup, some of my colleagues thought I was leaving a promising career. But one of my senior partners put it in perspective, saying, “Go and find out.” This advice expanded my view, suggesting that action trumps perfect analysis.”