The MAD Podcast with Matt Turck Bootstrapping a Decacorn on $15k with Celonis CEO Alexander Rinke
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Feb 8, 2024 In this engaging discussion, Alexander Rinke, Co-founder & Co-CEO of Celonis, shares his journey from a university project to a startup valued at $13 billion. He delves into the transformative power of process mining and AI in optimizing business workflows. Rinke discusses how he initially secured enterprise clients on a tight budget and the strategic decisions for expanding into the U.S. market. He also highlights the integration of generative AI in their tools to enhance operational efficiency and his vision for future growth.
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Understanding Process Mining's Power
- Process mining reveals how interconnected business processes actually operate through data from IT systems.
- It uncovers inefficiencies, customer pain points, and opportunities for cost-saving and sustainability improvements.
Bootstrapped Start with $15K Capital
- Celonis was started by three students using only $15,000 from mandatory company incorporation capital.
- They built their first prototype in three weeks, despite no funding or prior industry connections.
Pivotal SAP Partnership Story
- Alexander drove over 100,000 kilometers in one year visiting German customers.
- He seized a chance to meet SAP co-founder Hasso Plattner after a speech, leading to a pivotal partnership.