Volocopter
German eVTOL developer that filed for insolvency in December 2024 after canceling Paris Olympics test flights - second German flying taxi bankruptcy after Lilium.
German electric vertical takeoff and landing (eVTOL) developer that filed for insolvency in December 2024, becoming the second German flying taxi startup to face bankruptcy after Lilium. Founded in 2011, Volocopter had raised significant capital from investors including Mercedes-Benz Group, Geely, Intel Capital, and BlackRock.
The company suffered a critical setback when it had to cancel test flights planned for the Paris 2024 Olympics after failing to obtain aircraft engine certification in time. CEO Dirk Hoke had warned of insolvency earlier in 2024 and requested state guarantees that never materialized.
Volocopter filed for insolvency on December 26, 2024, with Tobias Wahl appointed as insolvency administrator. The company's Volocity model had achieved only 75% of EASA certification requirements. Geely, the Chinese automaker already invested in Volocopter, reportedly explored acquiring approximately 85% of the company. The case exemplifies the certification valley of death in hardware-intensive deeptech: years of development and capital consumed before regulatory approval, with no revenue until certification is achieved.
Key Leaders at Volocopter
Paul Buchheit
Engineer
Created Gmail during 20% time
Krishna Bharat
Engineer
Created Google News during 20% time after 9/11
Larry Page
CEO (2011-2015)
Instituted OKR-driven culture that phased out 20% time
Marissa Mayer
VP of Search Products
Created the APM program in 2002, implementing stem cell hiring strategy
Key Facts
Volocopter Appears in 6 Chapters
Google's 20% time policy (2004-2013) created organizational slack that produced Gmail, AdSense, and Google News, then disappeared when OKR-driven culture prioritized measurable quarterly goals.
20% time innovation →Google operates as Alphabet's core subsidiary, representing 95%+ of revenue and profit with independent leadership following 2015 restructuring.
Alphabet separation →Google became the tech industry's primary talent source; companies hiring extensively from Google import its practices, contributing to industry-wide homogenization.
Talent export →Google runs multiple independent teams working on different search algorithm approaches, with genetic drift operating within each team and selection operating across teams.
Parallel team strategy →Google's APM program (created 2002) maintains stem cell capacity by hiring undifferentiated talent, rotating through products, then allowing specialization based on fit and need.
APM stem cells →Google's data network effects: billions of queries refine algorithms better than competitors with millions, creating self-reinforcing dominance through preferential user choice.
Data network effects →