Premature Scaling, Wrong DNA & Policy Failures: Lukasz Gadowski on His Career's Most Expensive Mistakes

About this episode

Lukasz Gadowski ranks among Germany's most prominent internet entrepreneurs and investors. In this special long-form episode, he provides deep insights into his journey – from the early days with Spreadshirt and Delivery Hero to his current investments in flying taxis, battery technology, and lasers. He speaks candidly about his most expensive mistakes, structural problems in the European startup ecosystem, and his vision for Europe's technological future.

Europe vs. USA: The Structural Gap

A central theme of the conversation is why Europe structurally lags behind the USA. Gadowski identifies several causes: While the USA has a unified capital market and consistent industrial policy, Europe remains fragmented. A common European capital market could enable genuine tech giants, but political and regulatory hurdles stand in the way.

The "Champions League" of technology currently takes place mainly in the USA. That's where the major platforms and infrastructures emerge that later scale globally. Europe falls behind not only in funding but also in systematic approaches to innovation.

The Shift from Consumer Internet to DeepTech

Gadowski's own evolution reflects a broader trend: the shift from consumer internet to DeepTech investments. After his successes with internet-based business models, he now focuses on flying taxis, lasers, batteries, and energy. These areas require a completely different approach than the fast-paced internet economy.

While consumer startups often succeed with rapid iteration and pivot strategies, DeepTech requires long-term perspectives and deep technical understanding. Gadowski emphasizes how important it is to systematically dive into new technology generations and have the courage to commit for years ahead.

Innovation and the Innovator's Dilemma

A recurring theme is the difficulty of innovation within established corporations. The classic "Innovator's Dilemma" often prevents Old Economy companies from truly advancing new technologies. They're too embedded in existing structures and business models to dare radical changes.

Here Gadowski sees an opportunity for startups and new players: They can pursue new paths unencumbered by legacy systems and develop disruptive technologies. At the same time, however, the right political support and framework conditions are needed.

The Most Expensive Mistakes: Premature Scaling and Hardware Risks

Gadowski speaks openly about his costly learnings. Premature scaling – growing too fast without a solid foundation – is among the classic mistakes he made in his career. Especially in the hardware sector, risks and investments are significantly higher than with software solutions.

A concrete example is his investment in Cirque, where various factors led to high losses. Such experiences taught him to distinguish more carefully between different roles: Are you an investor or co-founder? Depending on the position, risks and influence possibilities are completely different.

Portfolio Management and Systematic Analysis

Today, Gadowski approaches new topics more systematically. He analyzes technology generations, identifies moonshots, and develops long-term strategies. Portfolio management plays an important role here: How deep should you go into individual investments? What role do you take?

His current focus areas include energy and the next generation of power grids. He sees enormous potential here, but also the necessity to understand and influence political and regulatory frameworks.

Advice for Young People

For young people aspiring to a similar career path, Gadowski has concrete recommendations: He advises educating oneself in five core areas – finance, technology, economics, art, and law. Theory and practice should go hand in hand.

Emotional stability is particularly important to him. He calls meditation a "trump card" – a skill that can provide decisive advantages in the hectic startup world. The combination of professional competence and mental strength is, in his view, the key to long-term success.

Gadowski's story shows: Entrepreneurship is a marathon, not a sprint. The most valuable learnings often come from the most painful mistakes – if you're willing to learn from them and continuously develop yourself.