Munich Startup: Please introduce yourselves briefly.
Harald Wagner, Baystartup: Our name comes from “Bayern” and “Startups” – because: we see ourselves as the central contact point in Bavaria for startups and investors who find startups exciting. Every year we organize the Munich Business Plan Competition and the Northern Bavaria Business Plan Competition.
We also offer individual startup coaching, particularly in preparation for investor meetings, and we also introduce startups to investors. Our financing network consists of approximately 400 private investors and approximately 150 contacts in the field of venture capital (VC) providers, corporate VCs and public VCs. Established companies and startups we bring together as part of nationwide startup-industry cooperations and provide conceptual advice in developing appropriate strategies for collaboration between startups and mid-sized companies. We are proud that we can act as an absolutely neutral body between startups and other stakeholders. This is possible through our shareholding structure, which is based on two support associations. Furthermore, we are partners of the Founder Land Bavaria initiative of the Bavarian Ministry of Economics.
Support for business planning, financing and growth
We manage all of this with a team of 22 people and offices in Munich and Nuremberg. We receive important support from the Bavarian Ministry of Economics and our sponsoring partners from the business sector, such as the LfA Förderbank Bayern, HypoVereinsbank and many others. This allows us to offer the services mentioned free of charge to startups.
Every year, we support several hundred founders and startup teams throughout Bavaria with business planning, financing and first steps toward growth.
Munich Startup: What is your focus when working with startups?
Harald Wagner: Basically, we are set up to help all innovative startups in Bavaria. We are industry-agnostic, but our focus is on tech-based startups with high financing and growth potential.
The focus of startup coaching is usually on refining the business model and constantly rethinking it so that the startup has the best growth opportunities. Innovation lies not only in the product, but also (almost) always in the business model!
Munich Startup: “To be successful, a startup must…”
Harald Wagner: …stay close to the customer from the beginning, whether that’s businesses or consumers. The most technologically innovative product won’t sell if it doesn’t have real customer value or if the startup doesn’t know which decision-makers need to be reached. So a startup should gather feedback from potential customers early and regularly and know its industry! The target industry can change very quickly.
Munich Startup: Why does a good startup need someone like Baystartup behind it at all?
Harald Wagner: We come into play when it comes to optimizing business planning and initiating early funding rounds, from seed to Series A. With business planning, we primarily offer feedback, experience and “an outside perspective,” whether through the jury of the business plan competitions or in coaching. When it comes to financing, we know which investors could be a good fit and what potential capital providers expect from the startup. Not least, we maintain investor contacts and provide targeted access rather than “cold contacts.” This especially applies to business angels, of which only very few are publicly known. Our rigorous selection process ensures that we get feedback from investors quickly.
Contacts with industry and mid-sized companies
What some may not know: With our startup expertise, we have been supporting industry and mid-sized companies for many years in finding suitable startups for collaborations. Startups can receive early feedback on their product and market opportunities.
Munich Startup: What is the biggest mistake a startup can make?
Harald Wagner: Overlooking the customer and continuing to push their own product or service without knowing who the (potential) buyers are.
Munich Startup: The trend of the year is…!
Harald Wagner: …in view of the volatile times right now: solid, clearly monetizable business models – all the more so if they have social or ecological value.
Munich Startup: What makes the Munich startup scene so special?
Harald Wagner: Of course, many things come together here:
- The great technology and growth potential of the startups,
- the easily accessible and numerous potential customers for B2B startups,
- the investors active in Munich as well as
- the wide selection of highly qualified employees from universities and other companies.
This makes the Munich startup ecosystem particularly sound and geared toward sustainable success.
Contact with Baystartup
Munich Startup: Who should startups reach out to if they want to get in touch with you?
Harald Wagner: Basically, anyone from the Baystartup team they meet at, for example, startup events here in Munich. Otherwise, all information can be found on our website.
Startups interested in individual financing coaching or collaboration with industrial companies will also find our 2-pagers on our website for applying to the financing network or for an industrial cooperation.
