In a startling development, the Dutch solar startup Soly has declared bankruptcy just over a year after securing a €30 million funding round. As a serial entrepreneur with years of experience evaluating and navigating startup pitfalls, I, Violetta Bonenkamp, can’t help but draw parallels between this situation and broader systemic challenges many European startups face. Soly’s abrupt downfall is not just a financial story; it’s a case study that touches on leadership dynamics, operational missteps, and the fragility of cleantech ventures in a rapidly evolving market.
The Rise and Fall of Soly: A Quick Recap
Founded in 2013 by brothers Patrick and Milan van der Meulen, Soly begun as a cleantech venture inspired by Al Gore’s “An Inconvenient Truth.” For over a decade, they aimed to make solar energy accessible to everyone. The company gained traction in residential and business markets, expanding to regions such as Belgium, Germany, and the UK.
In March 2023, their high point came when Soly secured a €30 million funding round, bolstered by Canadian cleantech investor ArcTern Ventures. However, the enthusiasm was short-lived. By November 2025, the company admitted defeat, filing for bankruptcy in Groningen, Netherlands.
This begs the question: What could lead a promising startup, buoyed by significant venture capital and thriving in an expanding industry, to collapse so swiftly?
Key Reasons for Soly’s Demise: Lessons for Entrepreneurs
The downfall of Soly is a cautionary tale , one that provides insights entrepreneurs can learn from. Here’s my assessment, backed by trends and data:
1. Leadership Gaps and Transition Risks
- The founders had stepped back from operational roles in recent months. While scaling a company often demands leadership evolution, abrupt leadership transitions create risks of misaligned vision and execution gaps.
- As someone who leads startups across cultures and industries, I’ve learned that a founder’s DNA often keeps a startup anchored during volatile times.
2. Capex-Intensive Industry Risks
- Like most cleantech ventures, Soly was in an asset-heavy industry, requiring significant capital not just for R&D but also for operations and installations. If funding dries up or cash burns faster than anticipated, survival becomes precarious.
- According to Tech Funding News, European cleantech funding hit peaks in 2023-2024 but saw drastic cuts due to rising interest rates and diminishing VC enthusiasm. Soly likely fell victim to this trend.
3. Regulatory Shifts and Market Uncertainty
- The solar industry is extremely dependent on government incentives and subsidies. In the Netherlands, the government’s decision to dismantle the net-metering scheme by 2027 caused a ripple effect in the industry, impacting companies like Soly.
- This highlights the importance of building adaptive business models. A niche that’s tied too tightly to a single government policy invites risk.
4. Strategy Overreach
- Soly’s rapid international expansion into markets like South Africa, Belgium, Germany, and the UK may have stretched operational resources too thin. Scaling fast is attractive to investors but must be tempered with operational depth.
5. Economic Conditions
- High inflation rates, labor shortages, and ongoing supply chain issues hurt hardware startups. Soly’s inability to mitigate these factors suggests either financial mismanagement or a lack of contingency planning.
How Entrepreneurs Can Avoid Soly’s Pitfalls: A Guide
Here’s a practical roadmap that startup founders can use to build resilience into their ventures:
1. Diversify Revenue Streams
Leaning on government subsidies is tempting but dangerous. Focus on innovation that allows your product to thrive independently of external incentives. For solar companies, incorporating add-on services like energy storage or smart home integrations provides more consistent cash flow.
2. Maintain Leadership Continuity
As Soly illustrates, departing founders without robust succession plans can destabilize growth. Ensure that whoever takes the reins internally or externally shares the same road map and values.
3. Monitor Financial Health
A meticulous tracking system for cash flow and runway is non-negotiable. Utilize software like Xero or AI-powered finance tools to identify trends and act fast on any negative signals.
4. Be Agile with Expansion
International expansion is vital, but it must be data-driven. Startups should prioritize foot-hold markets before progressing to high-investment regions.
5. Safeguard IP and R&D
For hardware-intensive industries like cleantech, your intellectual property can serve as a lifeline. Patenting unique manufacturing processes or auxiliary technology can help maintain market positioning even during downturns.
Common Mistakes Startups Make in High-Growth Phases
My years as a startup mentor and gamepreneur have shown recurring mistakes that lead to scenarios such as Soly’s:
- “Growth-at-All-Costs” Mentality: Rushing into markets without ensuring operational efficiency and profitability.
- Underestimating Market Shifts: Believing a single revenue stream will sustain the business indefinitely.
- Overfunding Without Planning: Raising large funding rounds but failing to create a sustainable financial plan for the long term.
- Ignoring Employee Morale: Rapid expansions negatively impact organizational culture; many employees report burnout under unclear strategies.
The Future of Cleantech: Insights for Founders
Despite Soly’s bankruptcy, cleantech remains a fertile ground for innovation. The International Renewable Energy Agency reports that the global solar energy market is set to more than double by 2030. But navigating this space requires strategic foresight:
- Localization Matters: Instead of a one-size-fits-all approach, tailor solar solutions to regional needs.
- Partnerships as Growth Levers: Collaborating with utilities and government agencies can provide stability.
- Invest in AI & IoT: Embrace predictive analytics and automation to provide value-added services, like optimizing energy consumption for end-users.
Final Thoughts: Soly’s Downfall as an Industry Parable
As business owners, the lessons from Soly’s downfall provide a critical reminder: resilience and adaptability are just as vital as innovation. Building startups is exhilarating but fraught with complexity. The burden of success lies not only in ambitious fundraising rounds but also in execution, agility, and a deep understanding of market dynamics.
For entrepreneurs, remember to look beyond the checks and media glitz. Surround yourself with advisors who challenge your blind spots. And, crucially, craft a business model that integrates adaptability , because markets and conditions will always change.
Soly’s story isn’t the end for the Dutch startup ecosystem, but a wake-up call. Let’s hope future entrepreneurs use this as a moment of reflection and growth.
FAQ
1. What is Soly, and what did the company specialize in?
Soly was a Dutch cleantech startup focused on making solar energy accessible to residential and business markets. Founded in 2013, it provided decentralized energy solutions like solar panels, batteries, and charging stations. Learn more about Soly’s mission
2. When did Soly declare bankruptcy, and where was it filed?
Soly declared bankruptcy in late November 2025. The petition was filed and approved at the District Court of Groningen, Netherlands. Read more about Soly’s bankruptcy announcement
3. What was the cause of Soly’s financial struggles?
Soly faced financial difficulties due to leadership transition risks, reliance on capital-intensive operations, regulatory shifts like the dismantling of the net-metering scheme, and macroeconomic factors such as rising interest rates and supply chain issues. Discover the challenges in the solar industry
4. How much funding did Soly raise, and who were the investors?
Soly raised €30 million in March 2023, led by Canadian cleantech investor ArcTern Ventures, along with contributions from Shell Ventures and ABP. Learn more about Soly’s funding round
5. Did the founders of Soly remain involved in the company post-funding?
The founders, Patrick and Milan van der Meulen, stepped back from operational roles before bankruptcy but tried to propose alternatives to insolvency. Discover the founders’ stance on bankruptcy
6. How did regulatory changes in the Netherlands impact Soly and similar companies?
The Dutch government’s decision to phase out the net-metering scheme by 2027 affected the solar industry, causing financial strain for companies reliant on subsidies. Explore policy impacts on the solar industry
7. What operational challenges contributed to Soly’s downfall?
Soly expanded rapidly to international markets like Germany, Belgium, the UK, and South Africa, potentially stretching resources too thin. Coupled with rising operational costs and economic conditions, the expansion became unsustainable.
8. What lessons can entrepreneurs learn from Soly’s bankruptcy?
Entrepreneurs should prioritize diverse revenue streams, robust succession plans, financial health monitoring, measured expansion, and adaptation to market shifts. These strategies help avoid pitfalls like over-reliance on subsidies or unsustainable scaling.
9. Is cleantech still a viable industry despite Soly’s failure?
Yes, cleantech remains a promising industry, with global solar energy demand expected to double by 2030. However, success depends on strategic foresight, innovation, and adaptability to policy and economic changes. Read about the future of cleantech
10. What was the reaction of Soly’s founders to the bankruptcy?
The founders expressed disappointment over the impact on employees and partners but remain open to exploring possibilities for a partial restart. Check out their official statement
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp’s expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the “gamepreneurship” methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic “without any funding and without any code,” this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call “gamepreneurship”. By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique “play to learn and earn” model.