Croatian Pioneer in Machine Tool Innovation: Spotlight on Worcon
Reimagining Technology in Croatia: A Shining Light Amidst the Clouds
These days, it's refreshing to see an inspiring generation of young minds emerging in Croatia, focused on pushing boundaries and creating innovative tools for the global market. With no time for politics, many of this new breed are too young to remember the Homeland War, which ended in 1995. Their ambitions lie solely in the pursuit of their ideas and turning them into reality in this fast-paced, ever-evolving world of technological advancements, venture capital, and AI.
Recently, I had the pleasure of meeting Tin Keskic, CEO of Worcon, in his Varazdin Technology Park office. I'll admit, I approached our meeting with a touch of apprehension. How, as a decent writer, could I possibly make Worcon's key products - a B2B marketplace and project management system for the machining industry - captivating for the average reader?
It turned out to be a simple matter of just listening to Tin, whose charm and inviting laughter accompanied us throughout the meeting.
"The idea," he said, "is just 1-5% of the game. You can have the greatest idea in the world, but if you can't execute it, you've got squat. Let's call the idea X and the execution Y. If your idea is worth 10,000 and your execution is only 1, your business is worth 10,000. And if your idea is poor and only worth 1, but your execution is 10,000, you have the same. Now imagine you have an idea worth 10,000 multiplied by execution of 10,000. X times Y equals 100 million."
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As we delved into Worcon's journey, it became clear that the ideas may have been great, but little progress would have been made without the executions - or persistence, dedication, and diligence.
Tin attributes much of his success to his hands-on experiences. Starting with his grandfather, a carpenter, and his father who worked with steel, he subsequently nurtured a passion for electronics, robotics, and engineering. One day, thinking about the difficulty of finding parts online, he hit upon the concept of creating a B2B platform of suppliers.
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In the early days, funds were tight, and for the most part, his own paycheck funded the business, which he invested in paying his first employee. Cold calling and thousands of emails were the only ways forward, and he was often late with payments. Despite the hurdles, he forged ahead, fueled by youthful passion and determination.
Over time, he allowed suppliers to list their services for free but soon learned that a free offer was viewed with suspicion. Instead, he began offering a competitive listing price for suppliers while offering free listings of jobs required by buyers. Starting modestly in Croatia and the surrounding region, the number of suppliers began to grow steadily and become more global. Today, there are approximately 1,500 paying suppliers worldwide.
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The Worcon B2B platform's concept is straightforward: A buyer needs a tool or part constructed, and the suppliers bid for the job directly with the client. Job quotations typically take less than 24 hours. The business is thriving, with two rounds of venture capital funding and a third round of funding expected this year to help finance rapid expansion, including sales offices in Milan and Munich and a total workforce of 20.
Tin's persistence and commitment ultimately led him to identify a gap in his native Croatia's manufacturing sector: many companies lacked systemization in their business operations. An astute observation, indeed. Worcon's answer to this challenge is MachineDesk, a project management system for CNC shop floors. MachineDesk assists the client in every step, from materials ordering and price tracking to deadline preparation and automatic ordering of parts. The project and deadline are entered into the system, after which calculations are made regarding the time and materials required, pressure points on additional labor, automatic ordering of parts, and commodity price tracking. MachineDesk ensures accountability and enables the client and supplier alike to track progress in real-time.
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WhileMachineDesk is currently the focus, there are exciting plans for expanding the Worcon portfolio in the future, including leveraging AI to revolutionize the industry by reading 3D models and offering AI-powered prototyping services to help companies meet their demands swiftly. This technology could potentially be sold to larger companies looking to improve their operations.
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Tin's biggest success to date is securing those two rounds of funding, which saved him from financial ruin. His biggest disappointments have been dealing with fake investors and unexpected competition from U.S.-based companies. However, Worcon has persevered and found two great investors, and the company is now thriving.
Tin's advice for aspiring Croatian startups? Just begin and be unafraid to seek help and funding. Persistence and staying in the game are crucial. Tin is willing to lend his knowledge and expertise to other startups, helping them refine their pitch decks and navigate the fundraising process.
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Looking back, Tin is satisfied with the path Worcon has taken, even if things have not always gone according to plan. In five years, he plans to exit from Worcon and work on new startups, with machine-related cryptography performance perhaps being one of his future pursuits.
Worcon has already made its mark with the introduction of the industry portal and printed magazine Manufacturing Bay. To follow its journey and see what other exciting Croatian startups are up to, visit Worcon's official website or the TCN Made in Croatia section for more stories of Croatian excellence and innovation. So, here's to a factory floor revolutionized by AI, taking Croatia's innovation to new heights!
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The craft of executing a great idea is what truly contributes to the success of a business, as Tin Keskic, CEO of Worcon, demonstrated in the journey of his B2B platform. His hands-on experiences in electronics, robotics, and engineering helped him envision the platform and overcome initial financial hurdles.
Worcon's creation of MachineDesk, a project management system for CNC shop floors, aimed to fill a gap in Croatia's manufacturing sector by providing systemization in business operations. The system offers multiple benefits such as real-time progress tracking and automatic ordering of parts.
The finance sector and the business community have recognized the benefits of Worcon's innovations, as shown by the company's two successful rounds of venture capital funding and plans for further expansion into Europe.
Technology plays a significant role in Worcon's plans for the future, with the potential application of AI for prototyping services and the possibility of working with machine-related cryptography performance in new startups. This continuous pursuit of innovation is what makes Croatia a shining light in the tech industry amidst the clouds.
