Founded in 2015 by four engineers and doctoral students from the Technical University of Munich, Germany's Lilium aimed to revolutionize sustainable air travel with electric vertical take-off and landing (eVTOL) air taxis.

The Eagle Lilium Jet, the company's first prototype, was a two-seater, unmanned aircraft that conducted its inaugural test flight in April 2017. In 2019, they tested a five-seater model.

Before its NASDAQ listing in 2021, Lilium had secured over $1 billion from investors, with China's Tencent being a major backer.

In July 2024, the company received a significant boost when it signed a contract with a Saudi Arabian company to purchase 100 six-seater aircraft, its largest deal to date. Deliveries were slated to begin in 2026.

However, Lilium filed for bankruptcy in October 2024 after failing to secure additional funding from the German government. Depleted of funds, the company could no longer sustain its operations. The high costs of research and development, coupled with delays in obtaining regulatory approvals for its aircraft, eroded investor confidence in the company's ability to achieve its goals.

This narrative underscores that a promising idea alone is insufficient. Successful innovation requires a high level of execution that balances innovation, cost, and regulatory compliance. A parallel approach, ensuring the simultaneous development of these elements, is crucial for sustaining operations and effectively transforming innovations into reliable, practical products. This, in turn, builds credibility and facilitates continued funding.