Fayaz Punjani talks saving the environment and the importance of being on the same page as your partner
Tell us about your business – what inspired the idea and when did you start it?
Ecopack was designed as a platform to create sustainable solutions for a healthier planet, founded by myself and my partner, Ash Parmar. With extensive experience in green solutions, packaging, sustainability, and logistics we both saw a gap in true sustainable F&B packaging along with tremendous amounts of greenwashing in the region.
Our connections in the manufacturing industry combined with the depth of our local network seemed to be the ideal way to move forward on this venture. In addition to our investment banking backgrounds and current roles in our self-owned businesses, we knew that if we were going to create this platform, it had to have not only an environmental impact but also, as a greenfield business, but be able to scale dramatically.
With the recent growth of cloud kitchens, the high growth rate of new low-to-medium-sized restaurants, the reliance on meal plan companies, and the recent decision by hotels to incorporate sustainable goals in operations, we knew that an efficient solution needed to be put into place, and so Ecopack came to life in early 2019.
What do you consider to be your greatest personal and professional achievements?
We formed Ecopack just months before the Covid-19 pandemic took the world by storm. We had a decision to make – stay dormant and wait for the storm to pass or pivot the business despite creating a brand focused on a 100 per cent sustainable product.
Restaurants needed supply chain support versus products that were marginally more expensive than the boilerplate packaging they had historically been using. This is where we saw an opportunity to create not just products that clients would receive well, but that are innovative, and of a superior quality than the region has seen, and to do this all while having the efficiency of a large-scale organisation.
We began to invest heavily into R&D, creating products that had a competing edge, made the choice to stay nimble by farming out logistics and accounting to third-party operators while simultaneously developing a tech platform to link our front and back-end business. The result was an asset-light business that not only took care of customers’ needs better than any competitor can in our opinion, but an organisation that had the ability to be scaled simply by having the capacity to replicate the platform easily.
My wife and I have raised three amazing children with their own unique personalities. Misha, a 12-year-old overachiever, is focused on not just academics but also athletics. Kian, our nine-year-old bookworm, is one of the most empathetic and kindest with a love for football. Finally, Laith is our four-year old with so much personality. I feel so blessed to be able to be on this journey and raise these children together with my wife Anissa.
What were your biggest business challenges? How did you overcome them?
A heavily competitive landscape such as the packaging industry can be a daunting entry point for any new business. What if competitors outprice you? What if clients don’t care about quality? How does procurement play such an important role in deciding what packaging an organisation uses? With the CAPEX involved in manufacturing how do we manage long order processes and logistics?
We decided on the core fundamental values that Ecopack would have as a business. We did not just focus on pricing or quality, but how we planned to create a platform that would re-engineer the way packaging was bought, sold and distributed in the region. We believe in leaving the world a better place than we found it and want to help make a difference through our product, the platform we have, and the community we create.
This I feel has been the key success of Ecopack, and not only helped us retain clients, but has now begun to attract new clients organically.What three pieces of advice would you give to the younger generation that might want to follow in your footsteps?
You need a solid business plan, a detailed financial model, and lastly a selfless dedication to your goal. We have spent hours, days and even months with clients in order to demonstrate our core principles. We have been on the logistics floor and even used our own personal cars to arrange deliveries early on when there were transport issues.
We are now in the process of fundraising and hope to see a return for our time and hard work, but in the past three years have spent above and beyond what a normal employee would do for an employer, in the true spirit of an entrepreneur. There are no fancy salaries when you start and there are no bonuses. You commit your own time, risk your own capital, and devote yourself to reaching your goals.
Get in touch: @fayazpunjani | ecopack.me
This article appeared in Issue 002 – the Men’s Edition
