On the Promoting Enterprise portal, we speak to the entrepreneurs on the 33 Under 33 list. This Secrets of Success initiative aims to highlight a selection of successful young entrepreneurs, documenting their stories with the aim of inspiring others to consider entrepreneurship as a career path. Today, it is the turn of the young Greek Stavros Tsompanidis.
Stavros is originally from Greece and holds a BSc in Finance and Banking Management from the University of Piraeus. His heroes are his grandfather, Dimitris, who believed in him from the first day he presented his idea, and his co-founder Nikos Athanasopoulos, who helped him turn his vision into reality. He got the idea to create his company PHEE after hearing a TEDx talk by successful Greek entrepreneur Paul Efmorfidis, founder of Coco-Mat.
Tell us about your business.
PHEE is a Greek biocomposite materials company that has developed and produced a family of new bio-based composite materials by valorizing a range of difficult-to-recycle natural residues, such as Posidonia Oceanica seagrass, used coffee grounds, mountains Greeks. tea biomass, and others. Through an unconventional and environmentally friendly manufacturing process, these residues are used to form non-toxic and renewable alternatives to conventional fossil fuel-based materials. There are commercial applications for PHEE materials in architecture, furniture manufacturing and interior design.
Where did the idea come from?
I was inspired by a TEDx talk by Paul Efmorfidis, founder of Coco-Mat, who launched an open call for young professionals working on new technologies for valorizing Posidonia Oceanica residues.
How old were you when you decided to start your own business?
I was 22 years old.
How did you get it off the ground?
After a lot of trial and error on product and technology development, an entrepreneur connected me with my co-founder Nikos Athanasopoulos. From day one, we shared a common vision and started from scratch the R&D process for our manufacturing technology and the development process of bio-based composite materials that form the backbone of PHEE.
Who did you turn to for help?
PHEE is supported by many different organizations to develop our technology and be able to commercialize it. PHEE would not be a reality without the Angelopoulos 100 Scholarship Program, The People’s Trust, The Hellenic Initiative, Stelios Philanthropic Foundation, AFI Organization, Aephoria.net and BlueGrowth. A big thank you to them for always being by our side!
Describe some of the obstacles you faced as a young person starting out in this industry.
One of the obstacles was working with the wrong people, wasting energy and time. Lack of product-market fit was another, and finally lack of resources.
how do you define success?
Success is the opportunity to co-innovate by collaborating with multidisciplinary professionals under a common vision and mission in a way that will concurrently affect society, the environment and humanity.
What was the most challenging aspect of starting your business?
The most challenging aspect was creating new materials from scratch with the properties needed to replace effective conventional materials.
What has been the most rewarding part of your journey so far?
The most rewarding part of an entrepreneur’s life is hearing positive feedback from their customers, showing that there is a real market for what they had the vision to create, and that it can create value and have an impact. Working with global brands such as Four Seasons Hotels & Resorts, Nespresso and Adidas is the most rewarding and promising part of the PHEE journey for the entire team, and we keep dreaming! Finally, a very important moment was my nomination to the Forbes 30U30 Europe 2018 Industry list, which highlights upcoming innovations in the materials industry across Europe.
What are your company’s future goals and how do you plan to achieve them?
PHEE continues its market-driven R&D to develop novel bio-composite materials capable of replacing fossil fuel-based polymer resins in commercial applications such as packaging, consumer goods, toys, etc. Additionally, we are exploring, in close collaboration with other industries, in which other applications PHEE-treated bioresidues can be used, with the aim of increasing the bio-based content of their product range, in line with the objectives of the European Green Deal .
What advice would you give to other aspiring entrepreneurs?
My advice would be to focus on developing people and making their organization attractive to talented professionals. Also, listen to customer feedback so that you can always improve their product or service and, finally, stay focused!
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