"I Should Have Trusted My Gut More" - Jan Reichelt's F*ck-Ups from 12 Years of Entrepreneurship

About this episode

Jan Reichelt has experienced highs and lows in his 12-year entrepreneurial career that would keep most founders awake at night: Nearly bankrupt, then a dream exit, followed by a second exit, and today co-founder of the venture capital fund 10x Founders. In an open conversation, he shares his biggest learnings and f*ck-ups.

Mendeley's Looming Insolvency: A Masterclass in Crisis Management

Few situations are more stressful for founders than their company facing imminent bankruptcy. Jan Reichelt found himself in exactly this position with Mendeley - and had to make one of the most difficult decisions of his career. Despite the company being on the brink of collapse, he rejected a term sheet.

This decision demonstrates how important it is to think strategically even under extreme pressure. The experience taught him that sometimes gut feeling is more important than rational considerations - a learning he still regrets not embracing earlier.

Bridge Rounds: When They Make Sense and What to Consider

Bridge rounds can be an important instrument for startups in difficult phases. They buy time to either improve performance or prepare for a larger funding round. But when are they truly appropriate?

As an experienced founder and VC, Reichelt knows: bridge rounds should never be viewed as a permanent solution. They are a tactical tool to bridge a difficult phase - but only make sense when there's a clear plan for how the time will be used.

The Role of Gut Feeling in Decision-Making

One of the most important insights from Reichelt's founding years: "I should have trusted my gut more." Especially in critical moments, like shortly before Mendeley's looming insolvency, intuition can be decisive.

But how do you find the right balance between rational analysis and gut feeling? Reichelt's experience shows: data and facts are important, but in moments of highest uncertainty, gut feeling can tip the scales.

From Founder to VC: The Step to 10x Founders

After two successful exits, Reichelt decided to move into venture capital. With 10x Founders, he now invests in startups and passes on his founder experience. This perspective enables him to understand both the challenges and opportunities that founders face.

The investment philosophy of 10x Founders is based on the practical experiences of its partners. They know what it feels like to face insolvency, make difficult decisions, and lead a company to success.

Europe vs. USA: Location Advantages and Disadvantages

A frequently discussed topic in the startup world is the question of the optimal founding location. Does Europe have structural disadvantages compared to the USA? Reichelt's international experience offers valuable insights into this debate.

While the USA has traditionally been considered the mecca for startups, Europe has caught up significantly in recent years. Nevertheless, differences exist in risk appetite, capital availability, and attitudes toward failure.

Mental Health: Finding Healthy Distance from Your Company

One of the biggest challenges for founders is not to completely tie their identity to the success or failure of their company. Reichelt had to learn how to develop a healthy distance from his own company and separate business and personal life.

This ability is crucial not only for personal health but also for the quality of entrepreneurial decisions. Those who are too emotionally attached to their company often make suboptimal decisions.

Team Building: Junior vs. Senior Hires

When building their first team, founders face the question: Should you hire junior or senior profiles? Reichelt's experience shows there's no blanket answer. The decision depends on various factors: budget, company stage, and specific role requirements.

The 10x Founders Investment Checklist

As a VC at 10x Founders, Reichelt has developed clear criteria for investment decisions. These are based on his own experiences as a founder and understanding of what truly leads startups to success.

The learnings from 12 years of entrepreneurship, from looming insolvency to successful exit, make Jan Reichelt a valuable conversation partner for anyone wanting to understand the realities of entrepreneurship.