Munich Startup: Please introduce yourselves briefly.
Harald Wagner, Baystartup: Our name comes from "Bavaria" and "startups" – because we see ourselves as a central point of contact in Bavaria for startups and investors who find startups exciting. We host the Munich Business Plan Competition and the Northern Bavaria Business Plan Competition every year.
We also offer individual startup coaching, especially to prepare for investor meetings, and present startups to investors. Our financing network consists of approximately 400 private investors and approximately 150 contacts from the sector, venture capital (VC) providers, corporate VCs, and public VCs. Established companies and startups, we bring them together within the framework of nationwide Startup-industry collaborations and provide conceptual advice on developing suitable strategies for collaboration between startups and SMEs. We are proud to act as a completely neutral entity between startups and other stakeholders. This is made possible by our shareholder structure, the two Support associations We are also partners in the Bavarian Startup Country Bavaria initiative of the Bavarian Ministry of Economic Affairs.
Support with business planning, financing and growth
We manage all of this with a 22-person team and offices in Munich and Nuremberg. We receive significant support from the Bavarian Ministry of Economic Affairs and our sponsoring partners from the business world, such as LfA Förderbank Bayern, HypoVereinsbank, and many more. This allows us to offer these services free of charge to startups.
Every year, we support several hundred founder and startup teams throughout Bavaria with business planning, financing, and the first steps toward growth.
Munich Startup: What do you focus on when working with startups?
Harald Wagner: Fundamentally, we are positioned to help all innovative startups in Bavaria. We are open to all industries, but our focus is on tech-based startups with high funding and growth potential.
The focus of startup coaching is usually on refining and constantly rethinking the business model so that the startup has the best growth opportunities. Innovation lies not only in the product, but (almost) always in the business model as well!
Munich Startup: “To be successful, a startup must…”
Harald Wagner: ...be close to the customer from the very beginning, whether they're a company or a consumer. Even the most technologically innovative product won't sell if it doesn't have truly relevant customer benefits, or if the startup doesn't know which decision-makers to reach. A startup should therefore gather feedback from potential customers early and on, and be familiar with its industry! The target industry can change very quickly.
Munich Startup: Why does a good startup even need someone like Baystartup behind it?
Harald Wagner: We come into play when it comes to optimizing business planning and initiating early financing rounds, from seed to Series A. In business planning, we primarily offer feedback, experience, and an "outside perspective," whether through the judging of business plan competitions or through coaching. When it comes to financing, we know which investors might be a good fit and what potential investors expect from the startup. Last but not least, we maintain investor contacts and provide targeted access instead of "blind leads." This is especially true for business angels, very few of whom are publicly known. Our rigorous selection process ensures that we receive feedback from investors quickly.
Contacts with industry and small and medium-sized businesses
What some people don't yet know: With our startup expertise, we have been helping industry and SMEs find suitable startups for collaborations for many years. This allows startups to receive early feedback on their product and market opportunities.
Munich Startup: What is the biggest mistake a startup can make?
Harald Wagner: Ignoring the customer and continuing to promote your 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 – even more so if they have a social or ecological benefit.
Munich Startup: What characteristics make the Munich startup scene so special?
Harald Wagner: Of course, many things come into play:
- The great technology and growth potential of startups,
- the easily accessible and numerous potential customers for B2B startups,
- the investors active in Munich and
- the large selection of highly qualified employees from universities and other companies.
This makes the Munich startup ecosystem particularly well-founded and geared towards sustainable success.
Contact Baystartup
Munich Startup: Who do startups approach when they want to talk to you?
Harald Wagner: Basically, everyone from the Baystartup team that they meet, for example, at the startup events here in Munich. Otherwise you can find all information on our website.
Startups interested in individual financing coaching or in cooperation with industrial companies will also find our 2-pager for applying to the financing network or for an industrial cooperation.
