WaterSmart co-founder turns sustainability ambition into a 40-person business

Growing up, two of Elliot Olsen’s favourite television shows were Dragons’ Den and Shark Tank. Inspired by the entrepreneurs pitching their ideas, and by his entrepreneurial father Andrew, he knew early on that he wanted to build something of his own.

That ambition led him to study a Bachelor of Commerce in Innovation and Entrepreneurship at Waipapa Taumata Rau, University of Auckland, alongside environmental science.

While at university, Elliot repeatedly put his ideas to the test through the Centre for Innovation and Entrepreneurship’s Velocity programme. He won the Ideas Challenge in 2014 and was a finalist in the $100k Challenge in both 2015 and 2017.

“I kept entering to really bench-test some of my ideas and see if they would have some legs outside of just my own thinking and circle of influence.”

Some ideas went further than others. Elliot explored concepts ranging from insect protein to rental e-scooters, ultimately deciding not to pursue them. Seeing industries later emerge around similar ideas reinforced an important lesson.

“You do have to trust yourself, even if others around you think it’s a weird idea. Have faith.”

After graduating, Elliot took a sales role. While it was not the entrepreneurial career he ultimately wanted, he says the experience gave him practical skills that proved invaluable when he later went into business.

“University teaches you a lot, but it doesn’t teach you other crucial things like how to talk to people and how to sell something,” he says.

The opportunity that became WaterSmart emerged through a problem Andrew was encountering in his work as a property developer. Water supply and wastewater management were becoming increasingly important considerations for new developments, creating a need for smarter ways to capture, store and manage water.

Elliot and Andrew read about an Australian modular underground water storage system that can fit within foundation slabs or beneath areas such as driveways and patios. They secured the licence to bring the system to New Zealand and launched WaterSmart in 2017.

Andrew became managing director, while Elliot took responsibility for the day-to-day running of the company as general manager.

Since then, the self-funded business has grown to employ around 40 people and has expanded well beyond its original product. WaterSmart now provides a range of water storage, sustainability, waste and flood-management solutions for developers, engineers, architects and project managers.

In 2026, the company is entering another phase of growth, expanding beyond its residential foundations into commercial developments and other markets.

For Elliot, that growth is closely connected to an issue he has cared about since his university days. Studying environmental science deepened his awareness of climate change and the need to use natural resources more sustainably, particularly water.

As WaterSmart has grown, its ambition has also evolved. Elliot wants the company not only to provide products, but to help change the way people think about water use and management.

That includes delivering educational presentations for architects and engineers and advocating for approaches such as rainwater harvesting and water-efficient fixtures. Ultimately, he would like WaterSmart to become a thought leader in sustainable water management.

The company’s growth has also prompted him to rethink his own role. After years as general manager, he’s moved into an executive leadership position as technical manager, allowing him to spend more time on product design and systems.

“With the growth we had, we recognised the need to bring in an experienced general manager,” he says.

The shift has allowed Elliot to focus on the areas where he can add the most value, while bringing in someone with the experience to lead an increasingly complex organisation.

It’s another lesson in entrepreneurship: building a successful company doesn’t mean having to do everything yourself.

For students and aspiring founders considering their own ideas, Elliot’s advice is to avoid waiting until every detail is worked out before taking action.

“It comes back to trusting yourself. Don’t wait for external validation to get started. Even if it’s small, just get the ball rolling.”