Meet Adrian Wilburn and Matt Vargas, They are two IU students who recently launched their startup business, Returnit. Returnit is an online return business with a similar business model to DoorDash. Customers file their returns online, and Returnit will be there within an hour to pick up the package and drive it to the post office.
Their pricing strategy is simple: $5 for a return if the customer does not require packaging and $6 if the customer does need packaging for their return.
Currently, they are more focused on only online returns, but are open to expanding in the future.
“Since we are a younger business, all options are open,” Vargas said. “Main thing though is just getting people to use it, getting it there, and making sure that the customers that do use it are happy.”
With their business up and running, they decided to participate in the Clapp IDEA Competition, hosted by The Johnson Center for Entrepreneurship and Innovation, which is a part of the Kelley School of Business. The presentations for the competition are on April 7. Teams can win up to $25,000 if they win the competition. Additional prizes are given out by the judges to teams that do not win the competition.
Wilburn is confident about their ability to succeed in the competition.
“I think our chances are strong,” he said. “I really like our idea. I think this is a really, really cool idea. We’re actually doing it, right. We’re actually picking up returns.”
“I like to say our chances are, at least 50%, maybe around there, maybe less. I don’t know.”
Adrian Wilburn talks about the Clapp IDEA Competition and more about his business, Returnit.
Returnit processed 20 returns in February. Wilburn said the goal is to have a month of around 100 returns by the end of the year.
Currently, they are only operating in Bloomington, as the pilot test for their business.
“Theoretically, we want to expand to Indy, and then Chicago, and then a bunch of other places. But, considering it’s kind of a logistics business, where we have to physically be here, right, we’re starting off in Bloomington.”
In the pilot test stage, Vargas is doing the majority of the returns. They currently have eight people signed up to be drivers, but with low volumes, Vargas has been tasked with the returns. He has also been assigned the title of Lead Courier for Returnit.
Matt Vargas talks about his motivation to join Returnit, his relationship with Wilburn, and more.
“I’m sort of just doing general operations stuff,” he said. “Making sure everything is streamlined the way that follows the Returnit business plan and just making sure everyone involved is happy.”
While they are both integral parts to the startup, neither has a business background. Wilburn is a finance major, but Vargas is an exercise science major. Outside of the connections he has made with people in classes, he said the different perspective does not help much with his work on Returnit.
Wilburn has a business background, being a student in Kelley. He said that Kelley has helped a lot, especially with the fundamentals of business, but the curriculum he took as a finance major is not directly applicable to starting a small business.
“I feel like Kelley is more geared toward, hey, you’re going to go get a job at some huge corporation, and stuff like that, especially the finance track,” he said. “So, it’s a little different than starting an actual small business.”
Both Wilburn and Vargas are seniors and will be graduating in May. However, they want to continue to work on Returnit after they graduate.
