INSIDE TRACK Q&A: Olivier Vander Elst, co-founder GreenAer
How old is your business and what is special about it?
GreenAer started five years ago when we set out to revolutionise polluting personal transport by providing desirable alternatives such as electric cars and bicycles. Our first vehicle was the REVA electric car and today GreenAer also sells electric bicycles, Dutch bicycles and cargo bikes.
What has been your major success to date?
Outlasting the competition by constantly adapting our model and staying ahead of consumer trends. We took a gamble by only focusing on the top brands of electric bikes and it seems to be paying off. This year we have managed to grow the business by 40 per cent in a difficult climate.
What has been your biggest challenge?
Educating the market, spreading awareness of the transport solutions we offer and lobbying government – all on a very limited budget. On the one hand we follow the motto, “If you think you are too small to make a difference, try sleeping with a mosquito in the room”, but it must be said that this mosquito could have done with some back-up as it did feel like a pretty big room at times.
How receptive are Irish people to “green” transport?
When we started, status came first for Irish people and the environment second. Green was considered too alternative, but things are changing. Cycling is becoming a smart way to travel and electric cars are increasingly popular. Green is more mainstream and people are far more aware of the ethical and sustainable values behind different products.
What key piece of advice would you give to someone starting a business?
Keep a close eye on your finances, expect the worst and hope for the best. Patience and persistence pay off, but expect everything to take twice as long. Also, Irish people are not always upfront with their feedback or criticism, so try to read between the lines and make customer service an absolute priority.
Whom do you admire most in business and why?
Elon Musk, the man behind the sexiest electric car company, Tesla Motors. In general I'm not a fan of big business, I like bold game changers. For example, the guys who started kiva.org, connecting people in the West with small entrepreneurs in the developing world through a micro loan platform, or One for One which gives one pair of shoes to a child in Africa for every pair sold.
What do you think the Government should be doing to stimulate the economy?
Creating more incentives for people on the dole to go back to work. SMEs could do with additional employees but it is often hard to find someone qualified and motivated to work as the incentive is not always there, especially if they supplement the dole with cash jobs. We have posted on Jobbridge twice with no satisfactory response, which was disappointing.
What is the biggest mistake you have made in business?
Putting all of our eggs in one basket with a single electric car supplier initially. The second was getting involved in an industry where you depend of politics, infrastructure and State agencies. They can afford to take their time and move at a snail’s pace as long as public opinion is satisfied. I find this extremely frustrating.
What is your business worth and would you sell it?
GreenAer is our baby. It has shaped who we are as people and how we look at the world. It has provided us with absolute freedom and the pride to tell our kids that we cared about them before they were even conceived. We would sell the business at the right price, but would rather stay involved and get additional muscle on board to consolidate our growth and break into the UK market.
In your experience, how receptive are the banks to SMEs currently?
As expected: risk averse and cautious, but thankfully they have been there when needed.
