Mike Baur is a great person to look to when you want to become an entrepreneur. He’s a co-founder of the Swiss Startup Factory. The startup factory helps entrepreneurs by giving them funding and connections to help them thrive in their new businesses. The company offers mentors to guide them in their endeavors, so they don’t have to just jump in alone.
In an interview with The Red Bulletin, Mike Baur talked about how he comes up with his ideas. He says ideas come to him in a spontaneous way. Finding a gap in the market is the perfect way to create new startups. He says a lot of people have great ideas, but they aren’t sure how to implement them.
Some of his advice for succeeding with a startup is to not be afraid to fail and work all the time. He says it’s a good idea to share ideas with others and not be afraid they’re going to use them as their own. You need feedback to move forward with an idea. If you fail he says it’s a good thing, because it’s how you learn. It’s also okay, he says, to have dry spells because you grow from them.
Mike Baur interviewed his business partner Max Meister on Professional Tales to get a little more into what the Swiss Startup Factory is all about. Mike said the reason he became a co-founder of the company is that he recognized there was a gap in the marketplace where this type of venture could fit in. He says what makes the company work is a focus on research analysis. This way they know what will work for their entrepreneurs and their businesses.
When Mike asked Max how he deals with the unique challenges they face as a fully privately funded company he said they can’t fall back on deficit guarantees. The partners didn’t get a salary for the first two years, so the company could be funded. That really shows dedication to making something work. Their mission statement is the place where innovation meets execution. The follow through is the most important part of having a good idea.
In five years they want to expand on a global scale. They want to keep fueling entrepreneurs and making their good ideas come to fruition. Mike started his journey to entrepreneurship as a Swiss Private Banker for over twenty years. His realization of his dream at an older age is an inspiration to those looking to do the same.