Start me up

Startups emerge where an idea can become a product, research can become a business model, and a vision can become a company. But entrepreneurship requires more than just good ideas: it requires knowledge, capital, networks, a willingness to take risks, and an environment that supports the journey from research to the market. The latest issue of the university magazine HSG FOCUS explores various facets of entrepreneurship – from the European innovation region and specific DeepTech startups to the question of how startups attract investors with their stories and promises for the future.

"The question is not whether Zurich, St.Gallen or Munich are strong – true strength comes from connection": universities, startups, investors and companies are linked across cantonal and national borders. In an interview, Professor of Entrepreneurship Dietmar Grichnik, investor Andreas Göldi, startup founder Johannes Aicher and startup founder Lena Pätzmann discuss what this "Alpine axis" between Munich, St.Gallen, Zurich and other cities already has in common – and where gaps still remain. The discussion centres on the transfer of research into the economy, DeepTech, capital and the role of universities. It also addresses the question of what actually emerges from geographical proximity when talent, knowledge and money come together.

"The HSG startup NoxBlanc aims to develop the world's best mattress": NoxBlanc wants to redefine sleep – and optimise it through technology. The HSG startup is developing a high-tech mattress whose firmness and temperature can be individually adjusted. The report follows the founding team on their journey from research to a market-ready product and shows how the technology is being tested in collaboration with Swiss Olympic athletes. At the same time, it explores the less glamorous aspects of setting up a start-up: financing, product development and the question of whether consumers are prepared to spend several thousand francs on optimised sleep. The growing health implications of hot summer nights also come into focus.

"Downhill to a billion-franc valuation": Anyone founding a startup must convince investors of something that often does not even exist yet. There are no figures or real-world experience to draw on; instead, a plausible narrative about the future takes their place. Using the example of the electric truck startup Nikola, Marius Born shows how such an investment story is created and when it loses its credibility. In 2020, Nikola was at times valued higher than Ford, before research by short-seller Hindenburg Research raised massive doubts about the company and the statements made by its founder, Trevor Milton. This report by media studies scholar Marius Born explores where the line is drawn between a legitimate narrative of the future and deception. It also demonstrates why it is not just a spectacular video that can be problematic, but a business model that fails to deliver on the promised future.

"Entrepreneurial Champions Programme: HSG supports three startups with 100,000 Swiss francs each": Through the Entrepreneurial Champions Programme, HSG is supporting three startups with 100,000 Swiss francs each. ARTENA, Conelio and NoxBlanc will receive this funding for one year and will also be supported by HSG Entrepreneurship with coaching and access to a network of experts and experienced founders. All three projects are directly linked to HSG research: ranging from a Master paper and research into human-AI interaction to a spin-off from health research. The aim is to bring the start-ups to market readiness by autumn 2027. The report shows how HSG supports the transfer of research into entrepreneurship and what role mentoring, networks and its own startup community play in this, alongside financing.

YouTube Video

Conviction or Conspiracy. The Trevor Milton Saga. Documentary film, released by Trevor Milton (2025)

Following his pardon, Milton tells his story once again in his own words. This is not a neutral film, and that is precisely why it is revealing: The case continues as a narrative, and this report provides the framework for examining what the film claims and what it substantiates.

Article

Roger C. Mayer / James H. Davis / F. David Schoorman: An Integrative Model of Organizational Trust (1995)

The source for the triad of competence, integrity, and benevolence. An essay from 1995 that still explains today why trust is not a feeling, but rather an expectation based on three verifiable characteristics.

Book

Aswath Damodaran: Narrative and Numbers. The Value of Stories in Business (2017)

The standard text on the relationship between narrative and valuation. Damodaran shows how to translate a company’s story into numbers and, more importantly, where this translation falls short.

Website

B2venture Startup Resources

A collection of articles, tools and best practices relating to the founding and development of a start-up. The collection is curated and vetted by experienced investors and founders.

Book

Margaret A. Neale / Thomas Z. Lys: Getting (more of) what you want (2015)

A modern standard reference work on the topic of negotiation.

Website

Hindenburg Research: Nikola. How to Parlay An Ocean of Lies Into a Partnership With the Largest Auto OEM in America (2020)

The report that triggered the crisis. Worth reading as a case study on how to construct a counterargument: claim by claim, each backed by supporting evidence.

Book

Dietmar Grichnik / Manuel Hess: St.Galler Startup Navigator (2024)

The book brings together knowledge, tools and practical advice for the various stages of setting up a business – from the initial idea through to building a company. A concise guide for anyone wishing to approach entrepreneurship systematically.

Book

Marius Born: Building Trust in Startup Communication. Exploring the Interplay of Arguments and Stories in the Case of the Nikola Corporation (2024, Open Access)

The full version of this article. The book systematically reconstructs the Nikola case and develops a framework for analysing the interplay of argumentation and narrative. Chapter 8.5 lists six warning signs for investors.

Website

Botnanza

Botnanza operator Lukas Ziegler is an angel investor in robotics start-ups. He also advises start-ups, investors and companies on robotics and AI. Ziegler regularly posts reports on global developments in robotics and offers a newsletter.

Podcast

OMR Podcast

I learn a lot from other entrepreneurs’ experiences that I can apply to building my own business; I find the episode with BORA founder Willi Bruckbauer particularly inspiring.

Book

Salome Kurth / Caroline Lustenberger: This Book Will Help You Fall Asleep (2024)

This book explains sleep research in an accessible, everyday way and shows just how individual our sleep needs are.

Stay focused

From the feeds of universities, think tanks, and the media.
Yesterday
Financial sanctions and the global payments network
Business

Financial sanctions and the global payments network

Direct evidence on the effects of financial sanctions remains limited. This column uses correspondent banking data to study how sanctions affect access to global payment networks. The dollar and euro networks offer the most efficient connections to banks in other countries. Furthermore, financial sanctions imposed during 2021-2026 reduced targeted banks’ access to major-currency networks, making it harder for sanctioned institutions to make or receive payments. Non-sanctioned banks in heavily sanctioned countries also lost connectivity to these networks but reoriented towards alternatives, particularly the Chinese yuan. More generally, shifts away from the dollar and towards the yuan remain minimal.

Center for Economic Policy Research

Ratings, debt, and deficits: An exploration
Business

Ratings, debt, and deficits: An exploration

What matters more for sovereign credit ratings – today’s debt or tomorrow’s deficits? This column explores how ratings weigh the two and finds that ratings place much more emphasis on current debt than on projected fiscal deficits. Compared with the implications of a simple model, ratings differ in three important ways: they overweight debt relative to forecast deficits, they understate the effects of the interest rate-growth differential, and they are heavily influenced by other country-specific factors. Countries with the same debt and deficit forecasts can receive extremely different ratings, implying widely different levels of debt needed to reach a given rating.

Center for Economic Policy Research

11.10.2026
09.10.2026
08.10.2026