Mike Baur rose up the ranks of the Swiss private banking system from a commercial apprentice at UBS to an executive position at a prestigious private bank. Having made this achievement and at a time when most executives are purchasing a Ferrari or Lamborghini, Mike Baur made another life-altering decision. At the age of 39, he surprisingly began a new business from scratch. In 2014 Baur with the help of two associates started the Swiss StartUp Factory. Since its inception, it has gained strength and has become the recognized leader in Switzerland among startup accelerators.
Baur had a history of working with Swiss entrepreneurs and founded this company to further help young and talented entrepreneurs establish fundamentally sound and profitable businesses. Baur not only has 20 years of active banking experience but an MBA from the University of Rochester, New York and an executive MBA from the University of Berne.
His business model offers office space, secretarial help, conferencing capabilities, mentoring from Baur and other Swiss Executives, and a large grant to take a business idea and turn it into a functioning and profitable company.
The program is open to all fledgling businesses composed of at least two people. Candidates make application to a board of review, and the winner receives the large grant and is accepted into the program where additional funding is possible. Baur and the Swiss StartUp Factory are primarily looking to discover new ideas in the “FinTech” industry, an area where money changes hands rapidly, securely, and effectively. Baur is hoping to discover the next PayPal and because he will own a small percentage of the business, profit from its development.
Applicants must travel to Zurich where Baur has set up his headquarters for the Swiss StartUp Factory. Once the new business has sufficient funding, it can begin operations anywhere in the world.
This new concept is entirely different from the existing model where entrepreneurs would sell their idea to a major corporation and be absorbed into the corporation and lose their holdings in the new operation. Baur sees the wisdom of the entrepreneur/executive and feels that one good idea will follow another in the life of a talented entrepreneur. The model of the large corporation that has been the rule in American business may be challenged by this brilliant Swiss concept. American business is no longer product driven but will operate on new concepts like FinTech and the telecommunications industry.
Sources: Mike Baur