Mike Baur, the Co-Founder and executive chairman of Swiss Startup Factory has vast experience behind his desire to create the sounding board for young companies. Baur is now one of the most well-known entrepreneurs in Switzerland, and his experience contributes to what he is teaching other young startups today. One of his leading beliefs that he shares with young entrepreneurs is that they should develop a prototype and test it very early in the marketplace.
His position is to learn and then create so that you can measure it and have something to show for it. Having worked nearly 20 years in the Swiss banking industry, Baur learned a lot about finance, but he could see that technology was becoming more a central part of what worked within finance and banking. Baur now gives tips to those who are forming startups and entrepreneurs working with young companies.
The Red Bull Innovator is an ideal place to see some Q&A with Mike Baur. What does he suggest to the young entrepreneur? Red Bull Innovator asked Baur how to come up with a brilliant idea. Baur’s response was candid, but yet it was simple. Baur explained that he does not have to give hints on how to come up with a brilliant idea because it will just come to them. He also tells them that forcing themselves to find an idea isn’t the way to go. It is best when the ideas are spontaneous. It could be as simple as asking why something is not there yet. It’s finding a need and filling that need. Can you find a gap in your marketplace? How can you solve a problem?
Red Bull Innovator pointed out something fascinating. A brilliant idea is great, but how can you reach more people? Baur maintains that it’s easier than it appears because you can set up a website in no time at all. Additionally, you could use apps like WhatsApp to reach people. With an app like this, you can form a test group of about 50 people. Now you have a group that you can test your product or idea on. Reaching people is easier with the internet.
Mike Baur is the Co-Founder of the Swiss Startup Factory. Baur and his partners all have experience in finance. While many are ex-bankers, they all know that technology is driving today’s marketplace. They aid entrepreneurs in learning how to structure business from the inside out.