Henry’s first step towards his business venture without fear of failure or regrets was also his proudest moment. During his time working in the hospitality industry, Henry realized that there was a unique demand for an inexpensive and reliable form of transportation that did not rely on gasoline or insurance eco-friendly electric bicycles. Inspired by a Hispanic entrepreneur who successfully launched a business creating drones, Henry partnered with his brother-in-law, Balam, and shortly opened their first trailer in Hallover Beach in Miami.
Henry and Balam had vision and passion, but did not initially have enough capital to start their business. They first turned to Citibank, and then were shortly referred to Ascendus. As a result of the partnership between Citibank and Ascendus, Henry received a $3,000 loan in 2012 and used it to purchase inventory and launch marketing campaigns for Electribike.
Henry’s first loan certainly jump started his business, which grew rapidly to satisfy the newfound demand for eco-friendly electric bicycles. Electribike formed partnerships with over thirty-five different hotels and launched campaigns on Living Social and Daily Deals. In 2014, Henry received another loan of $5,000 and another of $10,000 most recently. As of today, Electribike has opened a third location in Hollywood Beach and has a total of eleven employees including the founders. Henry has set his sights on a fourth location in Kendall that specializes on transportation and recreation.
Henry’s eye for market demand comes in handy he and Ballen are even launching a new line of products catered to the police and the army. Electribike also became the official bike rental for Miami Critical Mass, a cycling event where close to four thousand bikers participate once every month.
Henry believes that his business’s specialized attention to customers is what makes Electribike stand out from other competitors. You may work ten to twelve hours, but you have to make it happen for your customers. That’s what makes the difference. He once sold a bicycle to a deaf patron after spending much time and effort writing and showing him photos.
Although he sometimes feels that running the business is challenging, Henry is optimistic about Electribike’s future and growth. There is a lot of investment in the city, and we are trying to grow with Miami. Right now we import bikes and sell them. We’re thinking about creating our own in the future.