From Bootstrapped Startup to Finnish Tech Unicorn: RELEX Solutions' Rise w/ Johanna Småros, RELEX Solutions

This week, we have the pleasure of speaking with Johanna Småros, co-founder of RELEX Solutions, one of Finland's leading unicorns. In our conversation, we delve into the unique path of RELEX Solutions, which was bootstrapped for more than 10 years and built “The Finnish Way” - practical and transparent. Tune in to today’s episode to learn more about the intricacies of global supply chain solutions, the Finnish entrepreneurial ecosystem, and why it's important to “stop stupid things”. Brought to you by Helsinki Partners Venture Nordics Program Now in its second edition, this 7-day program is designed for international VCs and LPs. It features exclusive networking events, introductions to Finnish LPs and VCs, curated meetings with top-performing companies, and a free ticket to Slush 2024, including LP track and access to exclusive side-events. Learn more and apply by 18/8! TIMESTAMPS / KEY TAKEAWAYS 0:00 - Intro 02:53 - Johanna pursuing engineering encouraged by her family; road to becoming a researcher at Helsinki University of Technology 06:18 - The shift from academia to practical implications; starting RELEX with co-founders Mikko Kärkkäinen and Michael Falck 11:07 - The supply chain scene in 2005 and building the infrastructure with forecasting and replenishment solutions 15:13 - RELEX’s market entry in Finland: every client is an R&D project 17:05 - Scaling up with Finland as an R&D hub; “You have to generalize almost at the start, which gives you an upper hand because then you're versatile.” 20:09 - Complexities faced when starting RELEX; “it's not very helpful to have three tires in stock,” Johanna’s shift to sales, venturing into countries outside Finland 23:17 - Choosing the right partners; “we were never like friends in that sense.” 25:57 - The supply chain scene today with advancements in AI technology 28:36 - From bootstrapped to private equity: one of the only Finnish companies that has raised over €800 million 30:19 - Building and scaling a company in Finland: language and picking funders 33:13 - The Finnish entrepreneurial ecosystem 36:15 - The five elements of the RELEX culture; the future of RELEX 41:29 - Billion Dollar Questions ABOUT JOHANNA It all started when Johanna joined the Logistics Research Group at Helsinki University of Technology in the late 1990s. During her years in academia, she studied several aspects of supply chain management, including inter-company collaboration, forecasting and replenishment, e-commerce, and value-added services. Her doctoral dissertation focused on collaboration between grocery retailers and suppliers, which then led her to the practical solutions that RELEX Solutions later provided for the world. ABOUT RELEX SOLUTIONS Together with two fellow researchers, Mikko Kärkkäinen and Mikael Falck, Johanna founded RELEX in 2005. RELEX has provided a means for turning research innovations into practice and further developing them by making use of the latest developments in technology, such as in-memory computing. RELEX helps retailers and consumer brands drive profitable growth across all sales and distribution channels by maximizing customer satisfaction and minimizing operative costs. Leading brands like Ahold Delhaize USA, Stokke, Kwik Trip, and Rossmann trust RELEX to optimize their supply chain and retail planning. MORE ON: https://www.relexsolutions.com/ - PODCAST INFO: Podcast website: https://billiondollarmoves.com Watch on Youtube: https://tinyurl.com/sarahchenglobal Join the community: https://sarah-chen.ck.page/billiondollarmoves FOLLOW SARAH: LinkedIn: https://linkedin.com/in/sarahchenglobal Instagram: https://instagram.com/sarahchenglobal Twitter: https://twitter.com/sarahchenglobal