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Sævar Ólafsson has a diverse work experience starting as a Shift Manager at Domino's in 2002, moving on to roles in financial companies like BYR Sparisjóður and Sparisjóður Vélstjóra. In 2010, they worked as an Apprentice at Symbion in Denmark before transitioning to teaching at Reykjavik University in 2011. Their career then took a digital turn with roles at Origo Iceland, including Marketing Specialist, Ecommerce Manager, Omnichannel Leader, and finally as a Digital Sales and Development Leader. In 2012, Sævar co-founded and served on the board of Karolina Fund, the largest crowdfunding platform in Iceland. Additionally, they were a founding member of the Nordic Crowdfunding Alliance in 2014.

Sævar Ólafsson earned a Bachelor of Science in International Marketing and Business from Háskóli Íslands in 2007. Sævar then pursued a Master of Science in International Marketing and Management from Copenhagen Business School, completing in 2009. In 2008, they participated in an exchange program at Helsingin kauppakorkeakoulu focusing on Marketing, management, and organizational innovation. Sævar furthered their education by obtaining a Master of Social Sciences in Organizational Innovation and Entrepreneurship from Copenhagen Business School in 2011. Additionally, in 2011, they acquired a diploma in Business Accelerator from Klak - Innovation Centre.