Road to IPO: How Startups Win in Competitive Markets, Adapt Organizations, and Should Think About Going Public

About this episode

Everyone has ordered from Lieferando at some point. But few people know that behind it stands an international corporation called Just Eat Takeaway, which operates in dozens of countries and generated more than 5 billion euros in revenue in 2023. One of Lieferando's founders, Jörg Gerbig, is still active in the group's C-level as COO.

The journey from a local delivery startup to a publicly traded billion-euro corporation was anything but easy. The delivery market was extremely competitive from the beginning – and became even more intense with the emergence of quick commerce players like Gorillas and Flink.

Surviving in Highly Competitive Markets

How does a startup manage not just to survive in such an environment, but to dominate? Jörg Gerbig provides insights into the strategies that led Lieferando to success. The key wasn't just in product development, but primarily in the ability to continuously adapt to changing market conditions.

The competition was brutal. New players like Gorillas and Flink brought massive funding rounds and tried to conquer the market through aggressive expansion and pricing strategies. In such situations, it's crucial to know your own strengths and consistently leverage them, rather than chasing every trend.

Organizational Structure: Central vs. Country-Specific

One of the biggest challenges in growing from a local startup to an international corporation is finding the right balance between central and country-specific functions. Just Eat Takeaway operates in dozens of countries – each with its own cultural peculiarities, regulatory requirements, and market dynamics.

The art lies in deciding which processes and functions should be centrally controlled and where local autonomy is necessary. While technological infrastructure and basic operational processes are often more efficient when centralized, marketing and customer relationships frequently require local adaptations.

The Reality of Public Markets: From 20 to 3 Billion Euros

One of the biggest psychological challenges for founders and teams is dealing with dramatic valuation changes. Just Eat Takeaway was once valued at over 20 billion euros – today the market cap sits at about 3 billion euros. A tenfold decrease in value that doesn't pass by motivation unnoticed.

How do you handle such setbacks as a founder? How do you keep the team motivated when apparent success on paper shrinks dramatically? Jörg Gerbig shares his experiences on how important it is to focus on fundamental business metrics rather than daily stock movements.

Startup to Scaleup: Personal Development

The transition from startup to scaleup requires not only organizational changes but also personal development of the founders. The skills needed to start a company differ significantly from those required as COO of a billion-euro corporation.

Jörg Gerbig provides insights into his personal development journey – from early wrong decisions to leading complex international operations. Continuous learning and the willingness to constantly question one's own role are essential.

Prioritization as a Founder

One of the most difficult tasks for founders is proper prioritization. In the early phase of a company, everything seems equally important and urgent. With growth, this challenge doesn't become easier – it just changes form.

The ability to distinguish between what's important and what's urgent, and to consistently make the right decisions, often determines success or failure. This isn't just about major strategic decisions, but also about daily focus on the issues that truly make a difference.

Thoughts on Going Public

Going public brings not only capital and visibility but also new challenges. Quarterly reporting, investor relations, and constant public evaluation of the company fundamentally change the dynamics.

Jörg Gerbig's perspective on going public and the associated advantages and disadvantages offers valuable insights for all founders considering this step. Particularly interesting are his thoughts on how decision-making and corporate culture change through going public.