Daniela Corrente | Reel

DANIELA CORRENTE

Co-Founder and CEO of Reel, a platform for debt-free shopping that offers the ability to pay with installment savings.

What Is Reel? How Does The Business Model Work And What Is The Mission?

Reel empowers people to buy what they want without going into debt. We’ve built a save-to-buy shopping experience that allows people to pay for what they want with installment savings. Reelers can automatically set money aside for purchases, e.g. $5 a day to buy anything from a new pair of shoes to a comfy couch. They get matched with a personal shopper who is in charge of tracking their progress and places the order for our user. Reel delivers the full shopping experience.

We want to inspire, motivate, and celebrate those who believe “the sky's the limit.” Our users are people who are capable of going after their aspirations, because they know they have it within them to achieve anything they set their minds to.

What Is Your Background? What Led You To Starting Your Own Company, And How Did You Choose This Space?

Before Reel, I was a marketer working for some of the top global ad agencies and focusing mainly on consumer products. My fascination for consumer behavior led me to a marketing career and ultimately to starting Reel. 

Looking back, it all started when I moved to the states for college back in the very early 2000s. I got a $2000 credit card and had no idea about interest or the mechanics of it. I thought I was $2000 richer and even sponsored a child because I thought I had so much additional money all of the sudden. 

When bills started coming I realized what I had done and quickly became fascinated with the psychology behind financial decisions and credit cards. I went on with my life and moved to NY to work in advertising. Since I worked on consumer brands, I was always exposed to consumer psychology and what motivated consumers to make purchases, specifically on understanding the millennials market and how they have become more credit adverse, while being highly aspirational. That’s when the idea of Reel came to life, so I decided to build a platform where people can set money aside to achieve their aspirations without feeling the burden of debt.

What Have Been Both Your Favorite And Least-Liked Parts Of Your Entrepreneurial Journey? What Have Been Your Most Challenging And Most Exciting Moments For You And The Company?

This has been the most amazing, exciting and nerve-racking journey. There are tons of exciting moments, like when our first users started a Reel, when we started hiring a team, when we reached millions in dollars transacted, when we got our first check, our first board meeting, and so many stories. There have also been sleepless nights, site deployments gone wrong, good hires, not so great hires. It all happens so fast but so slow at the same time because there are so many learnings in the process. I think as founders we have to be quick and always look for positive outcomes. I get excited with every win, but I’m also constantly thinking about the next one.

What Was The Fundraising Process Like For You?

Fundraising is selling, it's actually very fun for a short period of time where you are sharing your idea and your vision. It allows you to constantly talk about your passion and listen to people’s reaction. However, it gets exhausting really fast, because the more you talk about your company, the more you want to go back to building your business. I don't think we entrepreneurs really think about the amount of selling and relationship management it takes to build a company. Investors become partners, and I’m very happy with the partners that have joined us along the way. I don't usually talk about this, but I’m also on the list of Latinas who have raised the most money. I have conflicting feelings about it, because I don't know if I should be proud to be on that list or frustrated that there are so few of us. Regardless I’m thrilled to have had access to great capital, and hopefully my experience paves the way for others because I’m certainly thankful for all the kickass women in history that paved the way for me.

Can You Walk Us Through A Work Day? What Does A Typical Day For You Look Like From When You Wake Up Till You Go To Sleep?

Let me start by saying that ever since I was a kid I’ve always been a night owl. I can fall asleep easily, but I get a huge wave of energy late at night, and I do some of my best creative thinking then. So I go to bed late and wake up not so early since I like to sleep at least 7 hours. During COVID, my routine has changed since there is no commuting or traveling involved, so here is the new work day for me:

Starting the day:

8-9:30am I usually play music as soon as I wake up, it puts me in a great mood. Then I check my emails, Slack, and the Reel reports to make sure there are no pressing matters I need to take care of. I take a couple of minutes to write down my priorities list for the day. Somedays I meditate for 5-10 minutes. After I answer emails I make coffee and breakfast, which is usually eggs and turkey. I change into work clothes, a skirt and t-shirt is my go to now that we are working from home. Changing makes me get in the “ work zone.” 

Reeling:

9:30-12:30 We do team stand ups every morning. Afterwards, I follow up with different team members to talk about outstanding items. Now that we are all remote, I believe it’s important to over-communicate and make sure we get to interact as much as possible.

11-12 I call it my power hour. I focus on brainstorming tactics to grow the business.

12-1 Lunch time. I try to not answer emails as I have lunch, I actually sit at the table and then lay on my couch for 5 minutes. I answer emails with my coffee after the meal is done. 

1-3 Meetings. I try to book most of my Zooms and external calls at that time.

4-7:00 Work on my to-do list. 

Me time:

7:00 I’ve never been a runner, but I started recently to run a little bit. My team has a couple of runners, and they started a Reel Runs challenge. It has been fun to participate, it is definitely a motivation to exercise.

8-11 We grill a lot in my house, anything, veggies, fish, meat. We use the grill about four days a week. After dinner is usually time to chill and be social: TV, friends, Zoom happy hours, reading, and the Instagram/TiTtok vortex.

11-12:30+ Brainstorm time. I love the quietness at this time, the world is asleep, and my mind is on full-on creative mode. I come up with some of my best ideas during this time.

Brick-And-Mortar Retail Is An Industry That Is Over-Ripe For Disruption. How Do You See The Retail Industry Changing In The Next Few Years, And Do You See Reel Being Active On The Brick-And-Mortar Front At All?

Brick-and-mortar will not disappear, it will just evolve so that the next generation of stores have e-commerce built into their DNA. Brick-and-mortar could be a great awareness channel and a way to deepen brand affinity based on high quality experiences. Think about Warby Parker: you go to the store and get free cleaning on your glasses while you get to look at the new styles. Everything there matches the brand DNA, and there is no online equal to that experience of “living” the brand. When it comes to Reel, in-store experiences are definitely on the roadmap, but I cannot disclose details yet.

What Are The Top Three Most Important Skills A Modern Day Entrepreneur Needs In Order To Be Successful? What Advice Do You Have For Entrepreneurs Who Are Just Starting Out?

Skills:

• Storytelling and communication are key. Know how to communicate clearly and understand that different people have different communication styles. It’s one of the hardest skills to perfect because what works for one person might not work for another. 

• Managing your vision and understanding the impact of short term vs long term objectives. We use OKRs here at Reel and they keep our ideas on track.

• Time management is key since as a founder you will spend time not only building your company, but also hiring a team, pitching investors, and making sure your team has the tools they need to succeed.

As far as advice:

• Don’t take anything personally.

• You always have the power to craft your story.

• Cash is king.

• Invest in yourself, get a coach. 

Tell Us A Story Of Something That Happened To You, Something You Heard, Or Something You Saw, That Either Made You Laugh Or Taught You An Important Lesson.

I graduated high school at 16 and my parents had the amazing vision of sending me to the United States for college. As a classic teenager, I disagreed with them, I didn't want to move, and I was miserable the first couple of months in college. You have to understand, I was the first one in my family to move here, and I didn't speak English and didn't know anyone. One night while talking to my dad on the phone (on a good old Motorola, no FaceTime yet), he told me to stop wasting time and enjoy it and that I was not going back to Venezuela without a college degree so I might as well make the best out of the experience. He was absolutely right, as soon as I stopped thinking about the past, I started having the best time in college. I will thank him forever for pushing me to stay. That experience taught me that we are in charge of our own happiness, there is nothing more powerful than our minds and we can always shape situations to work in our favor.

If You Can Have A One-Hour Meeting With Someone Famous Who Is Alive, Who Would It Be And Why?

This is a hard one, it depends on what would be relevant to me at the time the opportunity presents. Based on what I’m working on today, I would tell you Bezos.

How Did You Come Up With Your Company Name?

It took days and at least 500 iterations of terrible names, including the worst one that I’ll never forget, YOLO funds. My co-founder actually came up with the Reel name. Reel comes from the idea of reeling in fishing, getting something closer to you.

Who Are Your Co-Founders Or People Who You Work Very Closely With? How Do Their Skills Supplement Yours?

Alejandro Quilici is Reel’s Co-Founder and CMO. We met in the advertising world and clicked right the way because we are mostly on the same wavelength, but have very different personalities. That has worked very nicely since we are constantly encouraging each other to look at the same problem from different perspectives. It’s exciting to work with someone that challenges you in positive ways.

What Is Your Favorite Quote And Why Does It Resonate With You?

There are a couple of quotes that I like, they are mostly about the rewards of taking risks. The one I choose below it’s by Will Durant.

“...the best lesson of history is that man is tough; he survives countless crises, as he will survive those that agitate us today. However deeply he may seem to have fallen, however great the disaster that appears to have overwhelmed him, he picks himself up, “bloody but unbowed,” still eager, curious, imaginative, resolute and marches on. Somewhere, somehow, he will build again. That is the greatest lesson of history.”

It resonates with me because it’s relevant with the current times that we live in as a society and also my personal mindset because I don't believe in failure. I believe that whatever the outcome, there are always opportunities, learnings, and you should keep evolving and do so with the enthusiasm of knowing you will always encounter new adventures. 

Who Is Your Role Model?

I don’t have one particular role model, I take bits and pieces of knowledge from different people because no individual is whole or ideal, but we all have so much to offer. Everyone I’ve met in life could teach me something, so I take the pieces of learnings that apply to my life. As cliché as it sounds the person I respect and admire the most is myself.

How Has COVID-19 Affected Your Business And What Have You Done To Adapt To Any Changes?

Absolutely, COVID has affected everyone in a positive or negative way, but I don't think anyone is on their “expected” trajectory. I believe the economic impact we are experiencing as a country will heighten society's resentment towards a debt-driven, pay-check to pay-check system and create a new layer of openness for financial alternatives. This presents an opportunity for us at Reel as a platform that optimizes cash flow towards purchases. Right after COVID started we expanded our products offerings, we also now allow users to set custom goals, and last but not least some fantastic brands partnerships emerged as a result of the market being more willing to be collaborative. We have always been focused on empowering people to achieve the lifestyle they want while staying debt-free, and now more than ever people resonate with our mission.

What Does Success Mean To You?

To be successful is to like yourself and the life that you live. To me it’s all about self satisfaction.