Mike Baur is a Swiss businessman who transitioned from banking to the startup industry when he was around 40 years old. He started out in private banking when he was just 16 years old. He was an apprentice at UBS Group AG and one of the human resource managers of this company gave him some paperwork which showed how he could advance his career up through his retirement years.
For over 20 years Mike Baur followed this plan and regularly advanced his career through getting promotions. However, the global recession struck in 2008 and in the aftermath UBS Group had to be rescued by the Swiss government. This bank started to downsize and lose customers. Mike Baur decided to leave this bank and he found another executive-level job at Clariden Leu, another private bank. He only stayed for six years, though, before deciding to leave the banking industry altogether.
After the global recession governments around the world, including in Switzerland, started to heavily regulate banks so that they couldn’t bring down entire economies ever again. However, Mike Baur said that even a huge salary wasn’t worth it to stay in banking. It’s now very frustrating for people in this industry because everything they do is met with mounds of red tape to cut through.
Mike Baur decided to help entrepreneurs get tech companies through their startup phase. He co-founded a company called Swiss Startup Factory. He and the other founders put their own money into Swiss Startup Factory so that they could achieve the vision of what they wanted this company to be as an independent firm. He says that he loves what he now does and is passionate about helping start new and exciting businesses.
When it comes to sharing new business ideas or worry about them being stolen by others, Mike Baur says that you always ought to share. It is the only way to get really valuable feedback on your ideas. He says sometimes you transfer your passion for a new idea to the person you’re talking to and before you know it you have a team put together.
Sometimes even great ideas don’t work out, he says. When this happens an entrepreneur needs to get back up, analyze what went well and what didn’t, and then get ready to fail again only not just as much. Eventually you learn what works and what doesn’t and you end up with a great business.