Reaching the finish line against the odds

The lecture hall was filled to capacity once again, and Professor Li was eagerly anticipating the event: “It is an honor to welcome Valerie here. She is incredible.” And that’s no exaggeration: she founded a franchise at the age of 24, appeared on the cover of Forbes magazine and was named one of the top 50 most influential women in the German tech scene in 2021. As the students were able to experience that afternoon, she is also authentic and approachable. The conversation with Li began with Bures-Bönström taking the audience back to the start of her success story.

Math and physics as a ray of hope

She grew up in Berlin and faced her first stroke of bad luck at an early age: “My mother passed away when I was young. That changed me as a person.” Her strategy for coping was to dream. One of her early role models was Pippi Longstocking, and like the little red-haired girl, she developed unexpected strength and the courage to be different. This was despite – or perhaps because of – her poor performance at school: “I was a terrible student, only in math and physics I could shine,” she recalls. With below-average A-levels, there was practically no alternative for the next stage: “I had no chance of getting a place at my desired university in Nuremberg, but at that time no one in Berlin wanted to study computer science, so they welcomed me with open arms.” She completed her diploma in a two-year sprint – normally, a degree takes five years. “That experience was extremely important for me – I started to believe in myself,” she says.

To earn money, she programmed and sold websites before starting an internship at JP Morgan in Frankfurt. "We developed data analysis systems. That was the latest innovative trend at the time,” she says and laughs: “Today, AI does that in seconds.” She experienced a warning sign at just the right time during a job interview at a large German bank: “They really wanted to hire me, so the only three women who worked there at the time conducted the interview with me.” However, this did not have the desired effect: “They couldn’t inspire me to work in such a large company – I couldn’t imagine ending up there.” So she decided to pursue her doctorate because, “Professor Li is actually my role model, as I wanted to become a professor.” But fate had other plans this time too.

No time to breathe

“I got pregnant unexpectedly,” says Valerie Bures-Bönström. So she returned to Berlin. There was just a little time to catch her breath, because she and her former husband, Niclas Bonström, founded Mrs. Sporty. The idea: a fitness chain for women, supported by former world-class tennis player Steffi Graf. “Our investor Mark Mastrov knew Andre Agassi, who advised his wife to get involved.” Initially, the co-founder was less than enthusiastic about the idea, but as they worked together, the tennis star became an inspiration: “Steffi Graf is a mental machine.” In 2007, she wanted to strike out in a new direction and leave her role as COO at Mrs. Sporty, but things turned out differently: “I was offered the opportunity to become CEO.” Her analytical thinking helped her in her new role. For Bures-Bönström, clear processes, best practices and effectiveness reviews are essential. She was one of the first to introduce Salesforce, a cloud-based customer relationship management software. For this reason: “Without fixed processes, you make the same mistakes over and over again.” Her success proved her right: under her leadership, membership grew to 300,000 in 550 clubs in ten countries.

As we all know, success does not come without challenges: “Expect headwinds when you do something new and different,” warns Bures-Bönström. It’s like in sports: some records stand for a very long time until someone breaks them. Once the barrier has been broken, many succeed. One trait that helps is: “You have to be a little crazy. Fitters only attract fitters,” says Bures-Bonström. And every stage ends with the starting point of a new one. “It’s a marathon, not a sprint.” She initially remained loyal to the fitness sector and founded VAHA, a company that developed interactive training mirrors – a booming market during the pandemic. Then the successful founder took up the next challenge.

Investing in a revolution

She switched to the other side as a business angel via a headhunter. “However, my angel tickets were never successful,” she says and laughs. The opportunity to learn about the work of venture capital firm XAnge on the other hand was exciting and her curiosity won out: “I love checking facts against all odds.” She quickly discovered that her role as a partner offered her completely different opportunities than those of a business angel. It takes ideas that can be sold in ten years. In addition, the investor’s influence is much greater because the investments are also high: from 500,000 to 10 million euros. Seeing a higher number of start-ups ultimately makes the selection process easier. She pays particular attention to the character of the founding teams: “I try to see people’s potential and how they can develop,” she explains, adding: “And it has to be something completely new, a revolution.”

In the concluding Q&A session, she gave the curious students some useful advice on how to start a revolution: “Especially in the early stages, you are the product, so stay in control and don’t become a victim of your emotions.” It is necessary to be able to work on several things at once, learn from others and understand founding as a team sport. “No one can do it alone, so find out who really helps you move forward and who doesn’t.” She herself has the mindset of a professional athlete when it comes to her diet, sleep and travel. “If your work drains your energy, then it’s the wrong one. If it gives you energy, then you’re on the right track.” The keys to success are perseverance and efficiency: “You need staying power. If you fall, get back up again the next day. The world doesn’t take a break for you, it keeps turning.”

A good life

Professor Li also elicited a few personal details from Bures: for example, she knows nothing about music and considers television a waste of time. She finds Cape Town a place where she can switch off. She also had a book recommendation for all future entrepreneurs: ‘Big Magic’ by Elizabeth Gilbert. She gets in a bad mood when she does not have time for her daily dose of exercise. Last, but not least, she does not worry about her legacy: “The only thing I want when I die is to have had a damn good life.”