Diya Garware Ibanez, Fulflex | Women Breaking the Mold 2023

Diya Garware Ibanez grew up in multiple places around the world. So it should come as no surprise that she built an international company that employs more than 1,200 professionals in multiple countries. Or that she has taken a charitable leadership role in giving students from lower income backgrounds the opportunity to develop skills and knowledge in a growing field

However, as a child in India and then a teenager in Australia, Garware Ibanez may not have foreseen herself as the chief executive and chairperson of Garware Fulflex Group, a rubber manufacturer with a global presence and its North American headquarters in Vermont. She took that path over working with her father's family business in India after earning her undergraduate degree at Cornell University.

Her father then gave Garware Ibanez the opportunity to run the rubber manufacturer that started with a small 200-sq.-ft. office and two additional employees. She had no customer contact list or technology. The machinery in place had come from a junkyard and her competitors were well-organized and funded.

"I tried to be the supplier for (one of those competitors) but when they said "No," I just decided to work hard and try to (provide better service)."

The plan worked as Garware Ibanez's company received its first break by securing Fruit of the Loom as a customer. In the years that followed, Garware Ibanez found other clients in the textile industry—like Hanes and Jockey—and grew Garware Fulflex from there. Today, Fulflex is a leading manufacturer of rubber sheets, elastic tapes and other manufactured rubber products in the U.S. and globally.

Its largest vertical industry is the medical field, which comprises 75-80 percent of its North American market. In addition to manufacturing bandages and tourniquets, Fulflex was one of the largest manufacturers of PPE equipment during the height of the COVID pandemic and continues to make those products today. Throughout most of 2020-21, Fulflex was running 24/7 to fulfill its PPE orders.

Under Garware Ibanez's guidance, the company also has expanded into the sports sector, producing training and exercise bands for trainers. It remains a major player in the textile field and has expanded into such sectors as hygiene (think of rubber materials for diapers) as well.

"We were proud of the fact that we didn't have to let anyone go during the pandemic because we were responsive and had a great strategy," Garware Ibanez said. "We're very conscious about taking care of our people."

That care is shown in other ways as well. Garware Ibanez and Fulflex has opened the Ramesh Garware, English Medium School (named after her father) in Wai, India, for more than 600 students ages 2 to 16. It provides subsidized education and opportunities for families in that and neighboring communities. "There's a big need in India. We have institutions that specialize in rubber in the U.S. but there's not enough exposure for the industry in India. We're looking to change that," Garware Ibanez said.

Garware Ibanez was never worried about being a woman in what has traditionally been a male-dominated industry. She has always been aggressive in her business goals and calls herself a "tomboy" growing up. For example, she was the only female on the squash team at Cornell during her time there.

"I guess I never considered myself different from the men," Garware Ibanez said. "It's about hard work and being willing to put in the time. If you do that I think everyone (in the rubber manufacturing industry) respects you."

She also is looking to start a manufacturing trade school in Wai, India, for underprivileged women that will help teach them self-sustaining skills to support other financial donations the company has made to such efforts in that country.

"Money only goes so far," she said. "You need to help people find ways to expand their opportunities."

As for Fulflex's growth, Garware Ibanez is in the second year of a three-year program for entrepreneurs and company owners at Harvard University to improve their strategic management experience. She understands that Fulflex's market is a niche one even with multiple verticals. She anticipates future growth to come in part from expansion into the biomaterial space, which is both in high demand and will support the company's efforts to create a more sustainable future for the world.

"We want to continue to be a company that makes a positive difference for our (customers) and community," Garware Ibanez said.

Years with company: 29
Years in rubber industry: 29

You could say that I was an "accidental entrepreneur" in the rubber industry. My father wanted to give me an opportunity to start something for myself as the family business would go to my brother—just because he was a boy!

The core business of the United Kingdom-based company that we dealt with was adhesive tapes, and they had one line that was into making elastic. Despite our understanding, we were sold faulty equipment, given incorrect market studies and the customer list was sold to the competition. Regardless of these setbacks and the fact that we didn't have any clients for close to two years, we've not just survived but thrived over the past 25 years.

I was always clear that any business I ran would have to be built by me and that is exactly what I did. Nothing ever came easy, and I had to work very hard for every milestone that I had accomplished. My biggest reward was seeing my dream come true. At an early stage it was about showing my father that I could do anything even though I was a girl. Then it became a passion to succeed because more and more people's livelihoods were depending on the business. Now, the consistent support, dedication and hard work that my team puts in every day is truly rewarding in itself.

I stay inspired by always thinking, "What's Next?"

I consider my greatest achievement in being able to build this business up from next to nothing to being a global leader today. Acquiring and integrating Fulflex in 2018, and then seeing how we responded to the COVID-19 pandemic by stepping up to meet the needs of mask and medical PPE producers across the globe. The dedication of our employees in the U.S. and India in face of personal and collective sacrifices is truly inspiring.

My biggest failure came early on in the business when I blindly trusted the company and the people that I was doing business with. While I still enter partnerships and make decisions with positive intent, I take the time to verify the terms and who I'm doing business with.

I'm inspired by my grandfather's legacy—Bhalchandra Digamber Garware, who was a pioneering industrialist born in 1903 and founder and chairman of the Garware Group of Industries.

Despite coming from abject poverty and armed only with a basic formal education until the sixth grade, through sheer grit and determination he built himself up to be a businessman of some repute, both in India as well as in the U.K. He started his business in the pre-owned car industry and eventually expanded into a number of ventures in the plastics industry.

A Padma Bhushan Awardee, he was known to be a legendary philanthropist and founded over 75 charitable trusts. He also set up several well-known educational institutes, including the University of Bombay's Garware Institute of Career Education and Development, among others.

My greatest mentor was my father, who guided, trusted and reassured me every step of the way. While my father was my mentor, my mother was my pillar of strength—and her advice on how to develop and nurture relationships was one of the best lessons anyone could ever learn.

Revenue is vanity, profit is sanity, but cash is king! This is one piece of advice that has stuck in my mind since the start of my entrepreneurial journey. Consistent reliable cash flow is one of the true measures of a business' success.

As the CEO of a company, not only am I responsible for the business we're in but more importantly for the way that business is being done. It's one of my key responsibilities to consistently align everyone from the most senior to the junior most in the organization to the value system and the company culture.

My advice to someone considering a career in this industry would be to focus not only on the technical aspects of the business, but also to be known for the quality of your final product as well as your relationships with your clients.

We need to promote industry and science opportunities in social media highlighting the successful women in various roles and tell their stories. We also need to create more mentorship programs to successfully spread the message both online and offline. Monitoring the effect of these programs and pivoting as required will ensure a long-lasting impact and attract more females to these roles.