> Telecom is a capital intensive industry These companies aren't really telecom companies though. Twilio owns no physical switches or telecom equipment, or at

> Telecom is a capital intensive industry These companies aren't really telecom companies though. Twilio owns no physical switches or telecom equipment, or at least they didn't when I worked there and I would be very surprised if they do now. There is no physical capital required to implement the business model of Twilio or MessageBird. Note that there are still good reasons to take on large amounts of venture capital despite not needing to spend it on traditional telecom equipment.