When I began supporting founders in their transformation six years ago, I noticed a pattern: Most fail not because of the market or a lack of capital, but because of the personal transformation from doer to leader. Many then choose the supposedly easier path—an early exit. Yet this is precisely where the great opportunity for the German startup scene lies.
A surprising number supports this observation: Since 1945, only the 18 Decacorns* were created, meaning companies with a valuation of over 10 billion euros. What they have in common: All of these success stories were written by founders who stayed at the helm for the 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 are many complaints about bureaucracy, a lack of venture capital, and unfavorable conditions. But this doesn't explain why previous generations of founders were more successful under far more difficult conditions.
The crucial difference lies in the founders' self-image. The post-war generation understood entrepreneurship as a long-term social responsibility. Götz Werner not only built dm as a drugstore, but also shaped social debates with his commitment to a universal basic income. Aloys Wobben created Enercon, not just a wind power company, but also sustainable regional economic cycles.
Today, a different mindset often dominates: a quick exit instead of long-term development, quick returns instead of sustainable value creation. Many founders see themselves more as dealmakers than as entrepreneurs with social responsibility. This is precisely what is becoming a brake on growth. Because true 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 undergo the personal transformation from founder to CEO. They continually reinvented themselves to successfully lead their growing companies.
These entrepreneurs
- often financed themselves through their own efforts
- found creative ways to work with low-risk forms of financing
- cleverly used regulation to their advantage
- stayed on board even during difficult times
What is really missing for the next German super companies
The problem lies 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 the Series B and view their company as a long-term mission, not as a quick exit opportunity.
At the same time, we need to redefine the relationship between founders and investors. Instead of looking for opportunities to exchange ideas at the first sign of difficulties, investors should become true partners who support founders in their personal and entrepreneurial development. The best venture capital firms in Silicon Valley are leading the way: They invest not only money, but also time and energy in the development of their founders. The German VC Cherry Ventures, led by former Zalando CMO Christian Meermann, advocates similar values: "We need investors with an eye on the horizon, not the exit."
A new understanding of entrepreneurship is needed – one that does not misunderstand long-term commitment as a lack of agility, but rather appreciates it for what it is: the basis for sustainable value creation and social responsibility.
Decacorns and the Munich Chance
Munich, with its unique DNA, offers ideal conditions for this new entrepreneurship. Like no other German metropolis, the city combines traditional family businesses with a dynamic startup scene. Here, traditional 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 numbers speak for themselves: With over 1,300 startupsWith more than 70 venture capital firms and one of the highest startup survival rates in Germany, Munich offers the perfect environment for the next generation of decacorns. Direct access to established entrepreneurs and their experiences is particularly valuable: How do you build a company that will last for generations? How do you lead teams through crises? How do you combine innovation with stability?
Munich's blend of Bavarian stability and Silicon Valley spirit creates precisely the balance needed for sustainable growth. Here, founders can learn from the wisdom of established family businesses while simultaneously developing their own modern vision of entrepreneurship. This combination makes Munich the ideal breeding ground for a new, values-based entrepreneurship.
The successful way forward
The examples of the 18 Decacorns demonstrate: True entrepreneurship is the key to sustainable success. It's not quick exits or high valuations that make the difference, but the willingness to evolve alongside one's own company. The question isn't whether Germany can produce new Decacorns. The question is which founders are ready to embark on this journey. Who has the courage to think beyond the next round of financing and embrace true entrepreneurship?
In my daily work with founders, I see that many have the potential to do so. What's often lacking is awareness of their own development journey and the courage to embark on it. The story of the German Decacorns shows that the path may be 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 not only want to found, but also lead. Who are ready to undergo personal transformation and build their companies sustainably.
*According to Dorothea von Wichert-Nick, these are the 18 decacorns in Germany that were founded after 1945: Rossmann, dm, Otto, Würth, Celonis, SAP, Zalando (just under 10 billion), Nemetschek, Tchibo, BionTech, Liebherr, Asklepios, Enercon, Bechtle, MHK Group, Marquard & Bahls, Droege Group, Rational AG
