Women who inspire with Monique Lima: Entrepreneurship from father to daughter
In recent years, the Brazilian e-commerce scene has witnessed a remarkable revolution, driven by the advent of live commerce, where products are sold through live streams. This innovative form of commercial interaction has become a strategic tool for companies aiming not only to adapt, but to thrive in an increasingly dynamic digital environment.
In Brazil, live commerce has gained prominence, representing a significant portion of online interactions, ranking second only to China in terms of live stream volume. A pioneering figure in this movement is Monique Lima, Co-Founder and CEO of Mimo Live Sales, who, since 2020, has played a pivotal role in the evolution of this business model in Brazilian lands.
Beyond being an exemplary professional, she is my daughter, and, to conclude the Women Who Inspire series, I couldn’t miss talking about her. Her dedication, entrepreneurial vision and contribution to the advancement of female entrepreneurship are sources of inspiration not only for me, but for everyone seeking innovation and success in the business world.
Now, let’s delve into a summary of our conversation, where we explore the transformations in e-commerce, the impact of live commerce on the Brazilian market, and Monique’s inspiring journey in leading Mimo Live Sales.
Mimo is the pioneer in the sales model in Latin America. It’s no wonder that the startup serves major players in both the national and international markets. How did all this begin?
Monique: Speaking about Mimo Live Sales inevitably brings us back to where and why it all began… My professional journey was marked by diverse experiences in different sectors, all of which are extremely complementary to what I do today with Mimo. Initially, I worked at MTV, producing live programs, where I developed skills in handling unforeseen events and focusing on quick solutions.
Then life led me to the world of cinema, where I had the opportunity to coordinate teams and carry out major projects in Madrid, including film productions for large audiences. I brought “story-telling” to my baggage. A good story is key to any process, including sales. Finally, I worked with consumer behavior and data at major advertising agencies such as DM9, Wieden+Kennedy, and África, specializing in special projects, innovation, and technology projects for major brands such as Itaú, Vivo, Natura. I won 48 Cannes Lions, and I believe that marked the end of my cycle in that market before I ventured into entrepreneurship.
During this period, while exploring trends and identifying gaps in the market, I came across the phenomenon of live commerce. Motivated by the idea of humanizing the digital shopping experience, I began an in-depth study of the exponential growth of this movement in China and its potential application in the Brazilian context, where people are early adopters of social media.
Live Commerce will revolutionize e-commerce by combining the scale of digital with the personal touch of physical shopping. Additionally, it offers a layer of data that did not exist in the digital realm before. The consumer is there, talking to the brand in real-time. After two successful proof of concepts, Mimo was born. My partner, Etienne Du Jardin, and I co-founded Mimo in June 2020, followed by our CTO and partner, Cezar Rodriguês.
Tell us about your company’s growth and the live sales movement.
Monique: Mimo Live Sales offers a conversion potential up to ten times higher than traditional digital sales. This performance is attributed to the platform’s ability to humanize sales and the consumer’s ability to watch a live stream, engage, ask questions, and make purchases on the same screen, without redirections.
Our strategy enables real-time interaction and data, providing consumers with the opportunity to clarify doubts and make purchases more assertively. From the brand’s perspective, the presenter can showcase the product generating more interest. This live-commerce model significantly contrasts with the solitary experience of traditional e-commerce.
One of the most impressive aspects is the conversion rate we achieve. While the average in Brazilian e-commerce is 1.6%, Mimo’s frictionless experience averages 10%, reaching 20% in recurring customers.
Additionally, we stand out not only for innovation, but also for the ease of integration into different e-commerce platforms and proprietary e-commerce platforms. For this, we offer services that connect with the brand’s websites and apps. This flexibility allows us to adapt to the client’s existing structure, providing a cohesive experience aligned with the brand’s identity.
We also invest in providing comprehensive training for clients. This includes training before, during, and after live streams, conducted by a team of Mimo specialists. We even offer an online course on how to sell via live streams, empowering users to make the most of the platform. Both small and large clients, after the first live streams, can scale on their own. They have a user-friendly platform and autonomy and flexibility to execute their events.
Another significant differential is our ecosystem. We have established strategic partnerships with various production companies, influencer agencies, and marketing professionals specialized in the market. We even have content creators trained by segments, who have the ability to sell through live streams and also bring significant incremental audience.
The startup already has major investors in the market. How was this fundraising process?
Monique: The fundraising journey of Mimo Live Sales was interesting and challenging. We started at the beginning of the pandemic, and with retail stores closed, Live Commerce became “fashionable.”
We raised our first angel round with many cool people. Luciano Huck, Nizan Guanaes, Camila Salek, Andrea Bisker, Daniela Graicar, Ricardo Dias, among others.
After a few months of the company’s launch, several startups in the same segment emerged. Since we had already raised funds, we continued our path, developing the best live commerce product on the market.
We managed to stand out by adopting a customer-centric approach, building our roadmap according to the needs of our customers. Live Commerce, with data capture, metadata, CRM, consumer base increment, customizations, dashboard, all with a user-friendly, simple, and fluid experience. Our differential was to have focused on building a single very good product, and we succeeded.
However, when we went to the Venture Capital market to raise our third round, several live sales platforms had already knocked on the same doors, and we realized that our segment was a bit “burned out” in the market. “Live Commerce doesn’t work…” “Too capital intensive,” “We’ve already talked to other solutions here and we don’t think it will succeed,” there were people who didn’t even want to schedule a call…
Therefore, I learned that the timing to raise funds does not always follow our timing; it is also necessary to understand the market’s timing. We went back to sales focus and continued our journey, bringing clients and product improvements. We had good growth and went back to the market to raise funds. We closed a round with Locaweb and Cencosud’s CVCs.
Since then, we haven’t raised more funds; we continue to grow, traction, and bring new clients to Mimo. Always focused on customer health and retention. This year 2024, after 2 years of building the Live Commerce SaaS, we launched our new product, Video Commerce, the short video. Basically, these are shoppable videos that the brand can work on its website — on the home page and on product internal pages. Videos with products on the same screen and engagement, conversion, score, and comparison data between videos.
Today, Mimo is recognized as a market leader in Latin America, the result of a genuine commitment to listening to the public, understanding brands, and focusing on retention.
In a short time, we have gained the trust of clients such as: Boticário, Kimberly Clark, Max Mara, CVC, Bisyou, Gazit, Dasa, BlueBirdShoes, Caffeine Army, and Picadilly.
This challenging journey highlights the importance of building not only on momentary trends but also establishing a solid value proposition, prioritizing customer understanding, and demonstrating the ability to add significant value to the market.
You mentioned the challenges faced by Mimo. Now I’d like to know, in your personal entrepreneurial journey, what do you consider to be the most significant obstacle you have faced so far?
Monique: I realize that the fundamental skill for any entrepreneur is to keep moving forward. This involves a continuous approach to listening to the customer, identifying gaps, understanding what is working, and, most importantly, what needs to be adjusted.
Evolution is constant! We started with a product, and the refinement process never ends. It’s a journey that leads us to look beyond the starting point, filling in the gaps, and delivering something that is relevant enough for the customer to go from “I want to test” to “we can’t live without Mimo.” This year, in addition to live commerce, we launched video commerce guided by feedback and customer needs.
This new product is “shoppable videos” that the brand can work on its website — on the home page and on product internal pages. Mimo’s videos already have ten times higher conversion rates than virtual stores. Mimo consolidates itself as an e-commerce booster, through solutions that humanize the shopping experience for the consumer, which, in addition to bringing sales on a scale, offers an additional layer of data and metadata to the brand.
The entrepreneurial journey is very dynamic, and I love this environment. Each week is an opportunity to start from scratch, evaluating what is working well, and seeking areas for improvement. In this process, the CEO’s role is fundamental, providing not only motivation but also the necessary impetus to ensure the sustainable growth of the business.
Still about entrepreneurship, considering your remarkable career, have you faced barriers or hindrances as a woman?
Monique: Unfortunately, these situations have happened. There were cases during fundraising where, along with my co-founder Etienne Du Jardin, we heard inappropriate comments like “let’s invest in you because you are beautiful.” Although we declined this capital, it is evident that we faced episodes that, generally, men do not experience.
At an event, I was invited to speak to fill a diversity quota, something that could have been omitted. However, I use these experiences as fuel to move forward and deliver an even greater and more surprising outcome.
What was it like for you to grow up in an entrepreneurial environment?
Monique: My home is truly full of inspiring examples, and I find that amazing. When my mother was only 23, she built a huge bikini factory in Santa Catarina. So, my sister and I grew up among sewing machines, learning early on what it means to be a working woman. That was fundamental for me because I also started working at the age of 15.
You, dad, have always been a great motivator. If something wasn’t going well, you encouraged me to move forward and move on to the next challenge. When I was in advertising and won awards at Cannes, for example, you encouraged me to ask for raises, something women usually avoid. Your example propelled my journey; you always emphasized the value of work and the importance of achieving things step by step.
Now that I’m also a mother, all of this has become even more evident. When I need to travel or face challenges, the guilt of not being with them sometimes comes along, but it is accompanied by the perspective and legacy I am building for my children. This balance between different roles in life is something I learned from you as well. Our home has always been very dynamic!
Finally, who are your female references, and why are they examples to be followed?
Monique: Firstly, my mother, who has always been and still is a fundamental inspiration of a warrior woman who makes things happen and does not take no for an answer! I cannot fail to mention a friend and futurist whom I admire a lot, Andréa Bisker, and another friend who is also a reference in innovation for retail, Camila Salek.
In addition to them, I cannot fail to mention my partner and co-founder Etienne Du Jardin, who is an inspiring woman who fosters and helps bring more diversity to the technology market. I would also like to mention Whitney Wolfhard, CEO and founder of Bumble, and Melanie Perkins, co-founder and CEO of Canva, who are figures I deeply admire and follow closely. Each of them not only founded successful startups but also brought innovations that add significant value to society.
Participating in groups such as Future Female, SHEs, Women of E-commerce, She Makes, and The New Squad has been incredibly valuable for inspiring, networking, and sharing experiences. These communities provide opportunities to interact with women in leadership positions in various sectors, which is enriching. I also participate in some investor groups, such as Sororité, which is a valuable experience that contributes to female entrepreneurship.
To conclude, I would like to leave a quote from Nora Ephron, which I like to think about when facing the challenges of everyday life: “Above all, be the heroine of your life, not the victim!”.
Inspiring the Future of Entrepreneurship
As we explore Monique Lima’s incredible journey, we come to understand not only the revolution of live & video commerce in Brazil but also the strength of an entrepreneur dedicated to redefining e-commerce standards.
The rise of Mimo Live Sales, today with over 200 brands and 20 different markets, reflects not only Monique’s innovative vision but also her resilience in the face of challenges. Her role as a leader is not only professional; it is also an example for women seeking not only space but excellence in the business world.
I conclude here our “Women Who Inspire” series, in which I had the honor of interviewing seven extraordinary entrepreneurs, each contributing to illuminating the path of the future market. They leave a legacy that resonates, guiding us to overcome challenges and shape a future where gender equality and innovation coexist harmoniously.
But this is not the end of this column; in the next publications, I will continue to explore topics that shape our world, challenging us to think, learn, and act. Until next time!
