#NEXTFounderChats: Margarita Quijano
Margarita is a Next 36 entrepreneur and Founder of VueTech Inc.
Tell us a bit about you and your venture! What was your inspiration for creating your venture?
My name is Margarita and I believe it’s a fantastic time to create value in this technological era. My co-founder is Nathaniel Blumer and our venture is VueTech Inc. We created an app called Vue to help customers compare products in-store.
How it works:
- Scan products on-shelf through computer vision.
- View star ratings and reviews hovering over each product in real-time using augmented reality.
- List products you want to compare, and filter them by rating, highest to lowest.
- Choose the best product for you.
- If you still don’t know what to buy, share your Compare List with a friend for advice.
One user told us:
“A lot of my friends look at reviews and always ask me what I recommend, so I think it’s helpful to do everything so much faster. I think the functionality of sending your Compare List to your friends is super helpful instead of taking pictures and sending a thousand links to your friends. I think this brings the whole community feel and you still get to have that human interaction of asking people what they think.”
This is important, because users sending their Compare List to their friends would help overcome network effects, a challenge we’re working on to overcome.
What problem is your venture solving? Why did you choose to tackle this market?
The problem we’re solving is in-efficient shopping. While shopping last January, I asked my roommate to recommend me a facial wash (alas, I never know what to buy). My roommate googled the products on-shelf, opened multiple tabs, and tried to memorize each rating and review for comparison. This process was awfully cumbersome. However, after 15 minutes, we found two things that night — my facial wash and our idea.
We decided to focus on one vertical at a time — tackling the makeup industry first. Our target market is the millennial makeup enthusiast — our friends. We get them. They research ratings and reviews, try makeup on in-store for that touch and feel experience, consult their phone in-store 82% of the time, and ask friends for advice (seriously, research says that this is their #1 source for recommendations). In 10 years, we want every store on our platform.
How do you believe technology will impact your industry over the next decade?
Over the next decade? It’s already happening. The retail industry is undergoing a seismic transformation. It would be catastrophic for a retailer not to leverage technology and invest in omnichannel strategies. Now is the time.
Millennials are entering the workforce and increasing their spending power. In fact, it’s predicted that by the end of this year, our generation will spend $200 billion in the U.S. alone. By 2018, we will have the most spending power of any generation. Millennials are digitally native and value convenience and personalization (what Vue offers, of course). Millennials are a big reason why e-commerce has risen over the past 15–20 years.
However, 90% of retail sales still occur offline. The brick and mortar store isn’t going anywhere. Even Amazon knows this, hence why Bezos bought Wholefoods. Shopping isn’t just about the product anymore — it’s about the experience. Retailers are realizing this and will invest in technologies in the next 2–3 years to enhance the in-store shopping experience and marry the online and offline together. This is where we want to be.
Sure, retailers are creating mobile apps, but no one wants more apps on their phones. The default becomes Google, which is a poor experience. With Vue, we’re one fit for all, and retailers know that augmented reality is transformative.
What piece of advice would you give to someone who wants to start a company in your industry?
Talk to your customers. Find out what they want and find product market fit.
What are 3 books, blogs or newsletters you recommend for entrepreneurs looking to make an impact in your industry?
1. Think with Google: Consumer Insights
2. The Omni Talk Blog by Chris Walton
3. McKinsey & Company Retail Insights
To be honest, there’s so many more. Just immerse yourself as much as you can in the industry. Read, talk to people, ask questions.
What would you say are the most important skills needed to be a successful entrepreneur?
Your vision and the compelling need to bring it to reality.
What has been your most valuable lesson during your time in Next 36?
You derive the most value from a relationship, whether personal or professional, if your goals are aligned. I mean, a company is just a group of people at the end of the day, right? I think you get phenomenal results if you share the same vision, and want and work for the same thing.
What were your biggest fears going into Next 36, and how have you tackled them?
My biggest fear going into Next 36 was not challenging myself enough to get the most out of the program. I tackled this fear by pushing myself out of my comfort zone. Many times, I’d hesitate. Whether before raising my hand in class, publishing an article, or reaching out to someone. Seconds would tick.
Sometimes, I’d freeze sitting on the edge of an uncomfortable silence. But for the times that I’d look rejection in the eye, dive in, and not be scared — I’d learn a lot.
If entrepreneurship was a rocket ship, I’d like to thank all the great friends I made through the program, Ajay, Reza, Alexandra, the Next 36 team, and our mentors for the launch that I needed. Thank you for the growth this summer and the wonderful opportunities. Let’s swing the bat.
