When I started accompanying founders in their transformation six years ago, I noticed a pattern: Most don’t fail in the market or due to lack of capital, but due to the personal transformation from doer to leader. Many then opt for the seemingly easier path – the early exit. Yet this is precisely where the great opportunity lies for the German startup scene.
A surprising statistic supports this observation: Since 1945, only 18 decacorns* have emerged in Germany – companies valued at over 10 billion euros. What unites them: All these success stories were written by founders who stayed at the helm long-term. From Dirk Roßmann, who led Rossmann for 49 years, to Reinhold Würth, who developed his company into a global player over 75 years.
The blind spot of the new startup generation
In the current debate about Germany as a startup location, there is much complaint about bureaucracy, lacking venture capital, and unfavorable conditions. But this doesn’t explain why earlier founder generations were more successful under far more difficult circumstances.
The decisive difference lies in the self-understanding of founders. The post-war generation saw entrepreneurship as a long-term social responsibility. Götz Werner built dm not just as a drugstore chain, but shaped social debates through his commitment to unconditional basic income. Aloys Wobben created not just a wind power company with Enercon, but sustainable regional economic cycles.
Today, a different mindset often dominates: quick exit instead of long-term building, fast returns instead of sustainable value creation. Many founders see themselves more as dealmakers than as entrepreneurs with social responsibility. This becomes a growth brake. Because real scaling requires more than clever financing. It requires entrepreneurs who are willing to take responsibility – for employees, society, and future generations.
What the decacorns from Otto to dm did differently
The 18 German decacorns had one thing in common: They were led by entrepreneurs who dared to make the personal transformation from founder to CEO. Who reinvented themselves again and again to successfully lead their growing companies.
These entrepreneurs
- often financed themselves from their own resources
- found creative ways to work with low-risk financing forms
- used regulation skillfully to their advantage
- stayed on board even during difficult phases
What’s really missing for the next German super companies
The problem runs deeper than the often-cited external factors. It’s about a fundamental reorientation of startup culture. We need founders who have the courage to think beyond Series B and understand their company as a long-term mission, not as a quick exit opportunity.
At the same time, we must redefine the relationship between founders and investors. Instead of looking for replacement opportunities at the first difficulties, investors should become true partners who support founders in their personal and entrepreneurial development. The best venture capital firms in Silicon Valley lead by example: They invest not just money, but also time and energy in the development of their founders. The German VC Cherry Ventures, founded by ex-Zalando CMO Christian Meermann, represents similar values: “We need investors focused on the horizon, not the exit.”
A new understanding of entrepreneurship is needed – one that doesn’t misinterpret long-term commitment as a lack of agility, but recognizes it for what it is: the foundation for sustainable value creation and social responsibility.
Decacorns and Munich’s opportunity
Munich in particular offers ideal conditions for this new entrepreneurship with its unique DNA. Like no other German metropolis, the city combines traditional family businesses with a dynamic startup scene. Here, tradition champions like BMW, Siemens, and Allianz meet innovative scale-ups like Celonis, Personio, and IDnow. This symbiosis creates a unique ecosystem for sustainable growth.
The figures speak for themselves: With over 1,300 startups, more than 70 venture capital firms, and one of Germany’s highest startup survival rates, Munich offers the perfect environment for the next generation of decacorns. Particularly valuable is direct access to established entrepreneurs and their experience: How do you build a company that lasts generations? How do you lead teams through crises? How do you combine innovation with stability?
Munich’s mix of Bavarian continuity and Silicon Valley spirit creates exactly the balance needed for sustainable growth. Here, founders can learn from the wisdom of established family businesses while developing their own, modern vision of entrepreneurship. This combination makes Munich the ideal breeding ground for a new, values-based entrepreneurship.
The successful path forward
The examples of the 18 decacorns show: Real entrepreneurship is the key to sustainable success. Not quick exits or high valuations make the difference, but the willingness to develop together with your own company. The question is not whether Germany can produce new decacorns. The question is which founders are ready to take this journey. Who has the courage to think beyond the next financing round and live true entrepreneurship?
In my daily work with founders, I see that many have the potential to do this. What’s often missing is awareness of their own development journey and the courage to embark on it. Yet the history of German decacorns shows: The path is challenging, but it’s worth it.
The time for this transformation is now. The conditions for startups have never been better. What we need is a new generation of entrepreneurs who don’t just want to found, but also to lead. Who are ready to undergo personal transformation and build their companies sustainably.
*These are, according to Dorothea von Wichert-Nick, the 18 decacorns in Germany that were founded after 1945: Rossmann, dm, Otto, Würth, Celonis, SAP, Zalando (just under 10 billion euros), Nemetschek, Tchibo, BionTech, Liebherr, Asklepios, Enercon, Bechtle, MHK Group, Marquard & Bahls, Droege Group, Rational AG