Introducing Reite
Q: Can you introduce yourself and your startup, Reite?
A: My name is Sebastian Muñoz, CEO and co-founder of Reite. We’re revolutionizing the retail space by integrating AI-powered cameras into cabinets and fridges, transforming them into Autonomous MiniStores. Customers simply scan a QR code to access our app, press a button to open the store, and take their products, and the system automatically identifies and charges for the items taken. This innovation cuts down traditional shopping times from minutes to seconds, streamlining the purchase process significantly.
Q: How did you come up with this innovative idea?
A: My background in data science, particularly working with supermarkets and pharmacies, exposed me to the critical issues of consumer experience and sales losses due to long wait times. Observing that these businesses lost around 10% of their sales because of queuing and service inefficiencies, we recognized an opportunity. By merging computer vision technology with practical applications like fridges and cabinets, we could create a seamless purchasing experience. This approach not only reduces the need for extensive staff but also significantly enhances consumer satisfaction by enabling a swift, self-service shopping experience.
Why Start-Up Chile?
Q: What led you to join Start-Up Chile?
A: Start-Up Chile’s global reputation and its status as the world’s first public accelerator made it an attractive option for us, especially being based in Santiago, Chile. We began with the BUILD program, which provided $15,000 in equity-free funding, mentorship, and support to validate our MVP. Progressing through Start-Up Chile’s programs, we received additional equity-free funding—up to $35,000 in the program for product internationalization and $100,000 in a subsequent program (GROWTH) aimed at startups ready to scale, with a requirement of over $100,000 in annual sales. We’ve won the BUILD, and IGNITE programs and are now in the current GROWTH cohort, benefiting from the accelerator’s extensive network of corporations, investors, and startup ecosystem.
Start-Up Chile’s Application Process
Q: What is the application process for Start-Up Chile?
A: The process starts with an online form and a video submission where founders discuss their startup and the problem they’re solving. After initial screening, selected startups are interviewed, lasting 15 to 20 minutes, to discuss their project in detail. English proficiency is assessed due to the program’s international nature. To advance to further programs, startups must reapply, demonstrating progress and results, although prior participation provides familiarity with their efforts.
Q: What set your company apart in your initial application to be accepted into the program?
A: Our application stood out primarily due to our strong, technically skilled team. All four co-founders are engineers with a comprehensive background, having worked together across various domains for several years. This diverse expertise and collaboration made us an ideal match. Start-Up Chile values not just the idea and the problem being solved but significantly emphasizes the team’s dynamics and motivation. Our unique combination of skills and unified vision likely played a crucial role in our selection.
Inside Start-Up Chile Program
Q: Once accepted, what was the program experience like?
A: Being part of Start-Up Chile involves relocating to Chile, as it aims to be the launchpad for international startups entering Latin America. Startups are required to form a legal entity in Chile, which is followed by an immersive program featuring weekly mentorship sessions. These sessions are led by individuals who are investors, managers of major companies, and other entrepreneurs who have successful startups or have made an exit.
Networking is a big component, with ample opportunities to connect with corporations and investors. Highlight events like “Pitch Day” allow standout startups from the BUILD and IGNITE programs to pitch to potential investors, offering a chance at further investmentThe program facilitates up to 16 mentor and investor connections per month through a dedicated platform, ensuring startups have the resources and guidance to grow.
Q: During your time with Start-Up Chile, what would you consider your most significant milestone?
A: Our most significant milestone during the program was the development and initial testing of our MVP (Minimum Viable Product). We started with just a prototype, but through the resources and workspace provided by Start-Up Chile, we were able to build and refine our MVP. This environment allowed us to test it directly with other startups in the program and the staff, offering us invaluable feedback. The early adopters, being tech-savvy and digitally oriented, helped us immensely in fine-tuning our product. This phase was crucial in developing the product we are proud of today.
Reite’s Current Status and Future Goals
Q: Can you share the current status of your company and any upcoming milestones?
A: After progressing through the initial programs, we’ve managed to secure large corporations as clients and are now expanding to other markets, thanks to a client who will be purchasing some of our Mini Stores. This move marks the beginning of our planned international expansion over the next three years. Starting with none, we now have over a hundred mini-stores deployed across Chile. Recognizing the limitations of the Chilean market due to its size, we are looking to enter new markets, understanding that our true growth potential lies internationally.
Final Advice for Start-Up Chile Applicants
Q: What final piece of advice would you offer to founders considering applying to Start-Up Chile?
A: For founders looking to apply to Start-Up Chile, my key advice is to thoroughly research and connect with startups that have previously participated in the program. Gaining insights into how they approached the application, especially the form, can be incredibly beneficial. The application needs to be concise yet precise, leveraging numbers to substantiate your hypotheses and demonstrating clear traction. This strategic approach to filling out the application can significantly impact your startup’s chances of being selected for the program.