EAE News
"Giving up is not an option for me", Timo Buetefisch, CEO of Cooltra
04 de June de 2019
The founder of the motorbike hire company took part in an Innovating Meeting organized by EAE Business School.
EAE Business School works with Utopicus to promote entrepreneurship and corporate culture in a series entitled Innovation Meeting: How I did it? In which successful entrepreneurs and businesspeople are invited to share their experiences with students on Part-Time and Weekend programs. The aim of this kind of initiative is to open up their perspectives in terms of starting new projects and business developments.
The first session of the series held in Madrid was led by Timo Buetefisch, the founder of Cooltra. The CEO gave students an insight into details about his background, highlighting aspects related to his experience as an entrepreneur and the lessons learned leading a company that aims to become the leader in two-wheeled mobility in Europe. "Giving up is not an option for me", he emphasized.
Having fallen in love with the beach, Barcelona and the city's open culture, Timo gave up a place at Harvard University to take the MBA at IESE Business School and get his business project in the Catalan capital. The executive spoke to Paula Oriol, the Innovation Manager at Utopicus, and chatted with EAE students in a dynamic networking session. "I have come here to encourage people who want to set up their own business", explained Timo.
The name Cooltra is an abbreviation of Cool Transport. Timo's project business began with a fleet of 50 motorbikes available for tourists to hire and it has gone on to become the European leader in the sector. The 43-year-old German entrepreneur explained that the company originated in response to a real need. "I found myself without a motorbike because it was at the mechanic and I didn't have a replacement". He also emphasized how difficult it is to raise money and investment. "You have to make the investor fall in love with the idea", although he felt secure right from the start. "You have to persevere to achieve success, particularly in the first three years", explained Timo, also emphasizing the importance of balanced business growth and learning from our mistakes (like he did with his online flower sales project).
The entrepreneurial journey has been hard and lonely for the German CEO, who explained that "launching an entrepreneurial venture is very difficult and really intense, especially if you do it on your own. At times, I found myself in a dispute between the investors and the management team". Timo loves the company and combines his work with sports, including tennis and beach volleyball. He even went on to explain how he combines his personal life with his professional demands. "It is worse than people think, although I have managed to strike a really good balance between work and sport". In terms of picking a partner, Timo recommends looking for a colleague who complements you and has very aligned values because "embarking on an entrepreneurial venture is like a marriage. They don't have to be your best friend but they must be somebody with the right background who is passionate about the project".
Cooltra currently has 900 employees and operates in Madrid, Barcelona, Valencia, Rome, Lisbon and Milan. The motorbike rental company's growth has been exponential, with financing from two strategic family offices. Its focus has now shifted from providing mobility solutions to embracing a commitment to sustainability and the environment. "In the beginning, we sold comfort, but now we place greater emphasis on the sustainability aspect".
Born in Hannover, the entrepreneur shared his opinions on leadership, stating that "you need to have a great deal of humility and treat people right, even when you have to fire somebody". As CEO, Timo gets very involved in the project because he has a good foundation when it comes to decision-making. "I have worked in all the departments of the company". He also emphasized the importance of fluid communication with the team. In this respect, the company is current in the service professionalization phases and is committed to developing its different values, such as a high density of motorbikes, an easy-to-use app, impeccable customer service and a solid service that works. "It is a really good idea to keep a close eye on the customer service and educate the user", advised Timo Buetefisch.
To finish, the CEO who aims to be the leader of two-wheeled mobility solutions shared a few book titles with EAE's executive students, advising them to "find the right balance and find something that lets you disconnect. Don't just think about work all the time".