Typing Mind is a third-party tool designed to provide users with a superior ChatGPT experience. Created by independent developer Tony Dinh, it supports various large models, including OpenAI's GPT and Anthropic's Claude. It features basic functionalities such as chat sessions, multi-session lists, and prompt templates, and it is convenient to use without the need for installation.
This tool also supports private deployment and offers data privacy protection. Its business model includes paid License Key purchases, cloud data storage services, and paid private deployment services. This "shell" product has already achieved a milestone of $1 million in revenue.
Recently, entrepreneur Tony Dinh officially shared significant progress made by his company TypingMind. Since its launch in March 2023, TypingMind has achieved an annual revenue of $1 million in just 20 months. Tony stated that this milestone is a result of the hard work of him and his team, and it makes him very proud.
TypingMind was initially launched as a one-time purchase product, but Tony gradually realized the importance of developing a subscription business. To encourage more users to switch to the team version and build an internal AI platform, he spent a lot of time on market expansion. Currently, although one-time revenue still accounts for the majority of the company's income, this portion only makes up about 50% of the total monthly revenue. Tony believes this change helps achieve a more stable cash flow and customer relationships.
To better conduct B2B business, Tony started holding video meetings to build strong relationships with clients. Although this sales method has a longer cycle, often taking months, once successful, the contract value and client stability make the effort worthwhile. His team has made significant progress in sales, successfully signing several large deals, including a contract for 3,000 seats.
During communication with clients, Tony realized he still has room for improvement in establishing deeper personal connections. He plans to hire a professional salesperson in the future to handle client communications, allowing him to focus on the product itself and related issues. Additionally, Tony plans to promote TypingMind in his home country of Vietnam, even though he knows that large local companies tend to be slow to adopt new technologies.
To expand market share, Tony explored a model of collaboration with distributors. By partnering with local distributors who understand the market, TypingMind can provide services to more businesses, especially those that are not familiar with AI technology. This cooperation model has already achieved success in some regions, and Tony looks forward to further expanding this network.
To ensure smooth B2B operations, Tony has spent over $20,000 in the past few months on compliance certifications, including important certifications like SOC2, HIPAA, and GDPR. These efforts aim to enhance TypingMind's professional image and strengthen customer trust.
Blog: https://news.tonydinh.com/p/nov-2024-my-first-million
Product Entry: https://www.typingmind.com/
Key Points:
💰 TypingMind successfully achieved $1 million in annual revenue within 20 months.
🤝 The company signed several large B2B contracts, initiating a new business model.
🛡️ To smoothly conduct B2B business, Tony invested in multiple compliance certifications.
