On July 1, we were pleased to welcome Dr. Thomas Kreye, founder and CEO of Just Software AG, for a special guest lecture in our bachelor’s course Gründungsmanagement.
On the very day of his 18th company anniversary, Dr. Kreye took our students on a personal and highly engaging journey through the founding story of Just Software. Starting as a non-profit social network, the company eventually pivoted toward enterprise software and has since grown steadily, though not without its challenges.
Dr. Kreye’s background in M&A at Goldman Sachs gave the lecture an extra dimension, especially as he shared how he left investment banking to pursue his passion for building digital products. He offered our students an accessible and visual introduction to the finance world, including insights into investment options, business planning, insolvency rules, and the basics of balance sheets, while always connecting the theory back to real startup situations.
A key theme was the long and difficult path to product-market fit. In the early years, customers often left quickly due to low engagement, slow implementation and unclear value. Still, with perseverance, ongoing iteration, and a supportive investor, Just Software transformed its product and business model over more than a decade. Since 2020, the company has shown strong growth and achieved profitability in 2022. Dr. Kreye also shared how the team discovered their deeper purpose, leading to their guiding principle: #loveyourwork. He emphasized the power of word-of-mouth, the flywheel effect of small consistent wins, and the importance of understanding not just what a company does, but why.
In the final part of the session, students worked on a case exercise to estimate the current value of Just Software’s product Just Social, and discussion their upcoming strategic challenges. Thank you Thomas, for the honest and inspiring look behind the scenes of building and growing a startup over nearly two decades!
