Michael, the CEO and co-founder of Twinzo, recently shared his entrepreneurial journey in the world of digital twins. Twinzo, his second venture, emerged as a spin-off from his first company, Infotech, in 2014. After almost nine years of self-financing, they are now seeking external funding to expand the market presence of their digital twin product. This technology allows users to integrate various data sources to create real-time digital twins.
Diverse Applications of Digital Twins
Digital twins offer diverse applications, and Twinzo specializes in 3D live digital twins. The flexibility of digital twin solutions allows for customization, catering to the complexity and needs of specific applications. B2B and industrial sectors must consider factors like customization, cloud-based, or on-premises solutions based on their business and infrastructure requirements.
Evolving Business Models
The business model for digital twins is evolving. Initially focused on self-financing through project-based work, Twinzo realized the need to build a partner network to efficiently serve global corporations. This approach enables them to concentrate on the platform and adapt to diverse regional and industry needs.
Visualizing Complex Industrial Use Cases
Twinzo’s platform empowers industries to visualize complex scenarios. With features like indoor positioning, logistics tracking, and real-time production monitoring, companies can enhance operational efficiency. Users can access this data via various IoT devices, making it a versatile tool across industries.
Challenges in B2B Segment and Data Privacy
In the B2B segment, startups face challenges when dealing with large corporations and their cautious IT departments. Reliability and data security are top concerns. Engaging with multiple stakeholders, including procurement, IT, and management, is vital to meet their expectations.
Challenges in B2G Business Model and Internationalization
Internationalizing a B2G business can be complex due to diverse local interests and regulations. Navigating government procurement processes and financial commitments requires a deep understanding of local practices to succeed in this sector.
Challenges in B2C Metaverse Commerce
Selling metaverse products to end consumers in a B2C market presents unique challenges. Users are not accustomed to paying for metaverse services, and startups may face complexities in working with large brands and monetizing their offerings.
Future Plans and Entrepreneurial Advice
Twinzo’s future plans include launching a user onboarding platform for more user control. Michael’s advice to entrepreneurs is to focus on finding a specific product-market fit by listening to the market, as the market is always right.