“Told you so!”
When the news broke that the company behind Lightyear One was facing bankruptcy, there was much disappointment and frustration. Especially for those who had put so much effort and countless hours of their lives into making this revolutionary car a reality. Tessie Hartjes, Lightyears VP of marketing is one of those people. To her Lightyear was a goal she invested in with time, expertise and passion. And she hasn’t lost a bit of her drive and enthusiasm. Even while the press was still reporting about every single detail of the debacle, she and her colleagues were already gearing up to give the Lightyear One a second chance. Fortunately, Tessie and the others can count on the support of people who came to their aid to continue this promising enterprise. People that have a history of successful business ventures and a much better understanding of the science behind this revolutionary car than the so-called experts that were quick to shout out: “Told you so!”. One of those people is Harry Otten, former CEO and founder of Meteo Consult, TU/e alumnus, serial entrepreneur, and supporter of many causes he strongly believes in. Together with Tessie and Harry, we look back at what happened and, more importantly, what the future will look like.
A wild ride
‘The best helmsmen stand on shore’ is a popular expression in the Netherlands. It means that the watchers always know better than the doers. Just walk into any bar during a major football match to find out that The Netherlands is populated by 17 million coaches and experts. Tessie got a taste of it when she saw her dream crumble: “There were 2 types of reactions. The first one indeed was ‘told you so’, the second was more along the lines of ‘Don’t let it get to you. This builds character and helps you learn.’ I like the second much better because that’s also my way of looking at what we did and will be doing. To paraphrase Edison: we discovered a way that didn’t work. Now we can go on to find the one that does.” Tessie fondly remembers every moment she spent at Lightyear so far, starting with the first time they took the car for a real ride: 9 hours non-stop: “We worked hard, but just before the test, the engine needed some work. But we made it, and that first ride is a memory I will cherish forever.”
A concept that deserves to be successful
She still believes firmly in Lightyear: “Its proposition gets more relevant every day. We need cheaper and more sustainable energy. Besides that, this car is unique in its design and materials. And the number of preorders prove there’s a demand for it.” Harry agrees: “Lightyear is a great concept. It deserves to become a success. I was quite surprised when I learned that things were going wrong. I really felt sorry for them. Tessie and I met when the TU/e Magazine Cursor interviewed us together: the upcoming talent and the experienced entrepreneur. We got along great. I loved the Lightyear concept and became an investor.”
Autonomous driving ambitions
“Maybe the good people at Lightyear were a bit too ambitious.”, Harry speculates on what went wrong, “In my opinion, they should have kept a strict focus on producing a car with the core Lightyear feature: solar charging. But they also tried their hand at ‘extra’s’ like autonomous driving. If Elon Musk and Mercedes can’t get that to work after years of trying, maybe you should leave it alone as well. Having said that, I still see a bright future for a tightly managed and focused organization. They have learned a few valuable lessons. That’s why I invested more.”
The Dutch investment climate
His way of thinking and subsequent investing may come across as counterintuitive, especially when you consider how sober we Dutch as a people usually are. We tend to discourage standing out from the crowd and to avoid risks. Hardly a combination that creates a welcoming climate for entrepreneurship, especially when the ambition is to build a brand-new type of car. This nature reflects in the investment climate. As Harry puts it: “The Dutch investment climate is a tough one. It feels like we rather see people fail than to root for them. We invest in the wrong projects and we lack the courage to try new things, like the Americans do. When someone fails over there, they see it as a lesson learned and get back in the saddle to try again. That’s why they come up with more new and successful concepts than we do. Success doesn’t come for free.”
Time to market
As a University Fund raising funds for fundamental research, we know the risk of failure feels much greater compared to investments in developments that have a shorter time to market. But we’re also convinced that these ‘riskier’ investments create a much bigger yield. Maybe not directly in terms of financial gains, but our world and society absolutely benefit from them. Tessie elaborates on the investment issue: “That caution is not just a Dutch, but a European trait. It feels like everybody wants to take big steps towards progress, but no one is willing to accept the inherent risks. We really had to fight to get funding the first time, even from the Dutch Government, where they talk about big plans and innovation all the time.”
New beginnings
She emphasizes that she doesn’t say this out of spite or bitterness. This is her passion for Lightyear as a concept speaking. She also shares a personal insight she gained during this episode of the company’s history: “The weird thing is that going bankrupt was always my biggest nightmare. But now that we have looked down that cliff, it feels more like a new beginning. One that is more focused on putting Lightyears on the road.” Harry advises the people behind Lightyear to do exactly that: set a mission. “Act on your drive. When you’re good at something and answer a demand, success will follow. I hope new partnerships will form, preferably with some kind of support of the Dutch government.”
It takes a network to build a car
Tessie and her colleagues at Lightyear received a lot of support over the last few years and in the recent, difficult months. There were a lot of people offering all kinds of help and services. But however generous and kind much of these offers are, things like trainings and services are not what the team is looking for at this moment. Tessie: “It’s hard to turn down any kind of help, but right now we are mainly looking for financing. We would really benefit from a strong network that keeps growing. So, introductions to potentials suppliers, clients or investors would really be welcome.” We’ve had some great people standing by us in our journey, like Ton Backx. He always helped us to think big. He encouraged us to not just take part in the Solar Challenge, but to set your aim for the #1 position and give it all you’ve got. It’s people like him and his vast network that will help us succeed.” Harry is content with being an investor rather than an active consultant for the next phase for Lightyear One: “Just like Ton, I advise them to think big. Building and selling a car is quite ambitious, but why not? And if all else fails, a lot of technology can be sold or patented, like the knowhow on the solar panels.”
The future
The painful truth is that we won’t see the Lightyear 0 on our roads. On the other hand: the bankruptcy and subsequent restart have made the company more interesting for investors. Tessie realizes that feels cynical. But her belief in Lightyear as a concept and her drive to make it a success leave no room for melancholy and bitter aftertastes: “It’s time to move on. We have a much clearer picture of what we need to do to get where we want to be. We made sure we bought important parts of our inventory ourselves and the optimism in our team is touching. We still see opportunities everywhere and we can’t wait to get started and show the world what a great concept Lightyear still is.”
Let’s get to work!
This is exactly how Harry feels about it: “Learn from your mistakes, make the right connections with people that can help you and benefit from the experience of people who have been where you are now. But the most important thing to do right now is to roll up those sleeves and get to work.”
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