A New Way Forward For Switzerland As Shown By Mike Baur
Big banks in Switzerland have not had a lot going for them lately since the crash of 2008 and a changing of public perception on them. But that may be good news for Switzerland which has needed some change to diversify their economy, and they have so many young people who are ready to join the tech revolution. This revolution involves many startups and new brands that investors are interested in including Mike Baur who recently founded the Swiss Startup Factory incubator for that very purpose. He believes that if these young entrepreneurs can make successful pitches to investors that they can be real game changers for the Swiss business community.
Mike Baur was part of Swiss banking for over 20 years of his life. At age 16 he became an intern at UBS Bank, a position that young men at the time would enter in hopes of one day reaching an executive status. Baur was told by a manager there that he just needed to follow the path outlined on a piece of paper and he could reach retirement by a certain age. Baur was certainly driven to succeed at this job and was promoted within just years of starting it. He got his bachelor’s degree at the University of Bern, and during his time at UBS became an advisor to some of Switzerland’s wealthiest businessmen. But then 2008 came and UBS began scaling back its operations. Baur decided to leave the bank not long before it closed and took a job with another bank, Clariden Leu. He was made an even higher manager here and looked as if he was going to get his banking career back on track, but in 2014 he left banking again and this time for good. One year later Clariden Leu was closed and merged with Credit Suisse.
Mike Baur began his new venture in startup investing after meeting with several other financial experts and explaining how it could yield a good return. Together with Goldback Group and CTI, the Swiss Startup Factory was formed and later Fintech Fusion and Think Reloaded also became part of the conglomerate. The SSUF takes entrepreneurs through a three-month program filled with challenges and coaching to see if they can survive in a highly competitive market. If they can, they receive funding and get office space to work out of. So far thousands of new brands have been listed in the SSUF portfolio.