Due to intense competition and the inadequacy of resources, many startups fail. Generally, this shatters the entrepreneurial spirit of individuals behind these startups. It is equally difficult to find mentors, and a constant source of backup capital during the first few months of existence. Addressing these challenges was the idea behind the formation of the Swiss Startup Factory by Mike Baur in 2014. The company is based in Zurich, and mentors upstart entrepreneurs using an accelerator program. This program identifies upcoming entrepreneurs who have viable business ideas, and assists them to reach their full potential.
Gains Made by the Program
Despite being relatively new, the Swiss Startup Program continues to attract accolades from far and wide. It has been a runaway success because of the strong commitment that it has towards the delivery of an exciting mentorship and incubation opportunity to upstart entrepreneurs in the field of technology. This success is attributed to the fact that Baur has endeavored to create properly grounded partnerships in the fields of business and finance. Tens of upstart entrepreneurs have already graduated from the program, and are succeeding in their specific areas of specialty.
How the Program Runs
The accelerator program lasts three months. During this time, the upcoming entrepreneurs are prepared for the complexities of the business and technology world. Their entrepreneurial, public relations, and managerial skills are nurtured so that they can become all-round entrepreneurs. What’s more, working space is availed to them since this is a major challenge that upstart entrepreneurs typically encounter.
The upcoming entrepreneurs are also trained on issues pertaining to invoice management, payroll management, bookkeeping, VAT and tax reporting, financial health reviews, financial statement, and cash flow reporting. More often than less, upstart fail because such issues getting downplayed. A comprehensive analysis of the aforementioned concepts is what has enabled the Swiss Startup Factory to mentor successful startups such as Carhelper, Struckd, Blinkers, and Beacons Mind.
Mike Baur in Brief
Mike Baur is a successful corporate banker, who has served in major financial institutions in Switzerland and beyond. Before embarking on his banking career, he attended the University of Rochester and the University of Born where he received his business management and finance degrees. His career in the banking industry spans 20 years. He started the Swiss Startup Factory as a result of his desire to mentor upstart entrepreneurs. This is what has catapulted the Fribourg native to immense success. Baur is actively involved in the operations of the accelerator program.