KfW's 2026 edition: 40% of 2025 German founders kept the day job. The "hybrid founder" finding reframes who the word "founder" actually refers to in Germany.

KfW 2026's most hopeful finding: 40% of founders are under 30. But 22% are still in Studium. The series finale asks if this is a generational shift or stage-of-life artefact.

Three editions, three years, one pattern: Vollerwerb flat at 206k, takeover share stuck at 17%, own-equity financing peaks at 74%. KfW's longitudinal diagnosis.

KfW's 2026 report shows 690,000 German founders in 2025 — but Vollerwerb stayed flat at 206,000. Germany has more side-hustlers, not more startups.