Self-driven success
Self-driven success
Before founding a company that became known throughout Switzerland, he studied mechanical engineering with
clear passion: Walter Fust talks about his career, his calling and his lifelong connection to ETH Zurich.
You say that your intention to attend ETH Zurich goes back as far as your primary school days in Niederuzwil. How did that come about?
WALTER FUST – I’ve always had an affinity for technology and numbers, and did well at school. When I was in eighth grade, I stood at my father’s bedside one morning to get his signature for my application to the cantonal school in St. Gallen. He asked, “What’s this all about and how long does it take?” “Four and a half years,” I replied. “And what will you be then?” I told him I planned to study at ETH. My father, who was a “grafter”, wanted me to become an electrician and work in his small business, so he wasn’t thrilled about my plans. After much back and forth, he finally signed the form. If he hadn’t, I would have signed it myself!
You started at ETH in 1960.
I felt very lucky to study at ETH. And I saw mechanical engineering as my calling, so the programme came easily. ETH was everything to me in Zurich, I only left the city to travel.
“I want to support the next generation, and do so where it truly makes a difference. The young at ETH make a strong impression on me.”
But you were already doing your mail-order sales at the time.
Yes, after dealing in mopeds and cars when I was younger, I got into mail-order sales while at ETH, selling electric ovens. This allowed me to fully support myself financially and taught me a lot about advertising, which proved useful later. I also started finding out how to invest capital wisely at a young age. Instead of having lunch, I’d study the stock market over coffee – you have to take an interest to really understand things! That’s how I became one of the few people at ETH who could afford a car. I’d park my MG right in front of the mechanical engineering lab.
After graduating, you decided to start your own business, even though you had enticing offers from industry. What was it that drove you?
I always felt that I wasn’t cut out to be a typical employee. My father dealt in washing machines, and I thought this could be a lucrative business. While doing my military service in Bern, I studied the competition and saw opportunities. So, I decided to start my business in Bern, even though it was nerve-wracking – I was already married with children. Despite being boycotted by all the well-known brands and facing cartel-like competition, my two employees and I instantly had great success. Our competitors tried to paint me as an unreliable discount seller, which is why I later named the company “Dipl. Ing. Fust”– a signal to customers that they could trust us.
© Samuel Trümpy
In 1978 you took your company public.
That was an interesting moment, because we’d never disclosed any figures before. My motto was always “stay silent, stay silent, stay silent, and keep your smile to yourself,” which made people underestimate me. As late as January before going public, people were saying, “Fust won’t last through the summer.” It wasn’t until I had to publish the figures that the industry realised they couldn’t stop me.
Later, you became involved in the machinery industry, including at Starrag. Yet even during your busiest times, you never lost touch with ETH.
Exactly. Starrag was initially a majority shareholder of Inspire, the technology transfer centre founded by ETH and Swiss industry, where I served on the board for 20 years. ETH is still in a very strong position today, which is a huge benefit for Switzerland. Its most important role is providing capable people for industry, and it excels at that.
Through the Pioneer Fellowship programme, you support young entrepreneurs at ETH. What’s your motivation?
I want to support the next generation, and do so where it truly makes a difference. The young at ETH make a strong impression on me. It’s not about quantity, but quality – about brilliant minds. There’s a lateral way of thinking at ETH that’s missing in the outside business world.
You’re still as busy as ever. Do you have time for anything like hobbies?
I’ve always enjoyed travelling and hiking. I never hike without a goal, which is why I probably know Switzerland on foot better than almost anyone. How many people, for example, have hiked along the River Thur from its source to where it flows into the Rhine? I’ve walked along every Swiss river and around every lake.
About
Walter Fust (*1941) founded Dipl. Ing. Fust AG, a major electrical retail company, which he sold to the Coop Group in 2007. From the late 1980s, he was the majority shareholder and long-serving chairman of the mechanical engineering company Starrag (now StarragTornos), had stakes in other firms and was active in the real estate industry. He has two sons and a daughter.
