Technology is necessary for any business. Through it, we can accelerate the changes a community needs and evolve. It is very common that leading companies in industries fail to take advantage of the next wave of innovation in their respective industries if they do not embrace technology. This is one of the reasons why successful and legendary companies fail, by not innovating or using technology in their favor, have sunk in misery.
Until recently, startups looked with admiration to the big companies aspiring to be like them someday, but in a market so changing by innovation, the reality is that now it is the big companies want to learn from the startups. And this is evidenced more and more when large companies acquire new startups in their early stages because they have been able to decipher or quickly solve a problem through the development of a technological solution.
Starting Out And Staring Up
Mike Baur knows one of the most important elements of startup culture is the use of speed as a great competitive advantage over any other large company. They use it to adapt a new market strategy, to adapt to the new needs of customers. That is why he started investing in the startup culture, leaning away from his 20-year banking experience. When he started the Swiss Startup Factory, he got really invested in the whole system of the company building through the new dynamics and techniques. He believes one of the reasons why more startups come up now than 20 years ago is because most entrepreneurs are part of the Millennials generation, which has great flexibility to easily adapt to new technologies, new products, and market strategies.
Taking advantage of these ideas, the Swiss company provides coaching, mentoring and advisory to new companies. Many large companies stick to what has worked for them for years, ignoring changes in the market and the needs of consumers. Startups have the ability to identify changes in the market, adjusting to new situations and taking advantage of opportunities that used to belong to large companies. They even question the feasibility of their initial product and, if necessary, modify it to make it profitable and scalable.
Unlike large companies looking for multiple excuses to justify their mistakes instead of making decisions and executing, the startup culture promotes immediate decision making, and quick changes. Surely, here will be much more Mike Baur to see.