June 06, 2023
PHD to Adtech Entrepreneur
In an exclusive interview, we sat down with Aleks Farseev, former Social Sciences Professor and Computer Science Ph.D., who has transformed his passion for Artificial Intelligence into entrepreneurial success. Co-founder of Somin.AI, a SaaS solution that leverages the power of AI to revolutionize digital ad performance, Aleks shares his inspiring journey and valuable insights for the tech community. Discover how Somin.AI, a Gartner Cool Vendor of 2020 and GSD portfolio company, is disrupting the Adtech industry with its unique product offering.
Supercharging Ad Performance with Somin.AI
Somin.AI, derived from “SoMiners” or “Social Minors,” offers a groundbreaking SaaS solution that empowers businesses to automate and optimize their digital ad campaigns using the power of Artificial Intelligence. The platform consists of four modules: SoAds for targeted advertising, SoMonitor for competitor analysis, SoCraft for content generation, and SoInfluence for influencer leveraging. What sets Somin.AI apart is its ability to leverage multimodal AI learning, processing both images and text simultaneously, similar to ChatGPT.
“Aleks’s success with Somin.AI is a testament to his vision, expertise, and unwavering commitment to solving real-world problems through the power of Artificial Intelligence. I am honored to have played a part in supporting his entrepreneurial endeavors and look forward to witnessing the continued growth and impact of his remarkable journey.” Derek Distenfield, Founding Partner and Managing Director of FG Ventures
The Journey from Idea to Execution
Aleks shares his pivotal journey from ideation to execution, highlighting the importance of shifting from a research-focused mindset to problem-solving as a priority in entrepreneurship. He learned the significance of market validation and customer feedback, emphasizing the need to prioritize solving real-world problems over complex solutions. Entrepreneurs are encouraged to fall in love with the problem, identify genuine market needs, and develop effective solutions that address those needs.
Diversifying Risks and Being Proactive
Aleks emphasizes the importance of diversifying risks to safeguard your business from potential setbacks. Drawing from his experience, he advises against overreliance on a single market, channel, industry, or partner, as geopolitical events or unforeseen circumstances can impact your client base. Being realistic, proactive, and prepared for worst-case scenarios is crucial in maintaining resilience as an entrepreneur.
Equity Determination and Investor Marketing
In the realm of fundraising, Aleks sheds light on the factors influencing equity determination, including regional benchmarks, product innovation, revenues, growth rate, and scalability. He shares his unique strategy of building relationships with investors through regular email newsletters, engaging them with data-driven visuals. Additionally, Aleks highlights the effectiveness of running targeted ads and retargeting on platforms like LinkedIn to create a perception of being a large and active company. Sales skills, coupled with personal meetings with investors, are essential for closing deals, provided initial interest has been generated through strategic outreach.
Building Resilient Businesses: Key Lessons from Aleks Farseev’s Entrepreneurial Journey
Aleks’s journey serves as a valuable lesson for entrepreneurs, underscoring the importance of risk diversification, proactive decision-making, adaptability, and perseverance in the face of challenges. By adopting these insights, tech entrepreneurs can build more resilient and successful businesses.
Watch the candid discussion with Aleks Farseev exploring all his entrepreneurial journey and insights.
