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Business in Vancouver December 30, 2008-January 5, 2009; issue 1001 Harry Chemko CEO, Elastic Path Software Inc. , Age: 29 Formed in the wreckage of the dot-com bust in 2000, Elastic Path Software Inc.’s first few years weren’t easy. In year two, Harry Chemko, the company’s CEO, took a full-time job for eight months as a technical support staffer at an Internet service firm. Chemko was 19 when he founded Elastic Path with current vice-presidents Mark Williams and Jason Billingsley. The company caught a break in 2003 after developing an e-commerce application for a client. Realizing that the application addressed a gap between enterprise-level e-commerce solutions and lower-end, open-source and hosted e-commerce solutions, the company refined and began licensing it. Since Aeroplan became its first major customer in 2003, Elastic Path has developed online transaction services for major brands like Nike and Samsonite. Last year, Chemko negotiated one of the company’s largest deals: the exclusive rights as operator of the Vancouver 2010 online store. To land the deal, Chemko had to expand his business horizons beyond flexible e-commerce software and into retailing. As a retailer, Elastic Path is now standing on the same side of the checkout counter as its customers. “Whenever we are talking to potential customers, we can say, ‘Look, we’re running a store too, the problems you’re having, we had. And this is what we did to solve it.’” Chemko is also a director of the Canadian Youth Business Foundation (CYBF), a non-profit organization that mentors and finances companies started by Canadians aged 18 to 24. The only outside equity that Elastic Path has received is a $15,000 startup loan from the CYBF. Chemko noted that rather than rely on outside investment, the company precision-scales the company according to revenue growth. From three employees, the company has grown to 92. Elastic Path’s revenue reached $9 million in 2008. “It has been a very constant and deliberate progression of growth over the last four years,” said Chemko. “We’ve pretty much doubled every year.” • Birthplace: Terrace Where do you live now: Vancouver Highest level of education: Bachelor of commerce Car or chosen mode of transport: Audi A4 Currently reading: Made to Stick: Why Some Ideas Survive and Others Die by Chip and Dan Heath Last CD bought or music downloaded: Soundboy Rock by Groove Armada Favourite movie: Pulp Fiction Favourite local restaurant: Favourite lunch restaurant is Shiro. I’m a huge fan of Rodney’s Oyster House or Vij’s for dinner Profession you would most like to try: Air racing Mentor: Richard Branson Toughest business or professional decision: Not to take outside equity financing What’s left to do: Put together a “What’s left to do list” |
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