They say imitation is the highest form of flattery but in the world of business it can also be the fastest path to success. With technology affording unprecedented levels of opportunity to budding entrepreneurs, business owners often look to the paths of others in order to model their own pursuit of success. One such story that is often looked to in this light is that of Andrey Andreev, the tech entrepreneur behind a host of prominent businesses. We’ve worked to summarize the entrepreneur’s life and success below in order to help those looking to emulate it in their own way.
Life before business
As the founder of a myriad of successful companies centered around modern tech, it’s perhaps no surprise that the entrepreneur comes from a background that was heavily connected to technology. Born in Moscow, both of the businessman’s parents were scientists, with his father having a particular focus on technology. Not only did the family connection to the field help ignite an interest in the young Andreev, but it also ensured a steady supply of technology-related toys with which to play. In the past, he has spoken about the way these toys crowded their apartment growing up, giving him early exposure to a field that would one day become his passion.
That passion, however, was not necessarily forged through formal schooling. Though the entrepreneur attended the University of Moscow for a brief stint, he opted to drop out at age 18 and move to Spain. While that move might inspire comparisons to other self-made billionaires in the field of tech, the decision to leave the university was not motivated by a desire to work on a company of his own creation, but rather an urge to travel and see the world. He took advantage of the time to travel across Europe, exposing himself to a range of personalities and sights that might otherwise have been inaccessible.
Early companies
Though Andrey Andreev is perhaps best-known at present for his success with a range of social discovery apps, his first forays into business were along other paths altogether. The first company he founded, known as Virus, was a Russian-based online store that sold computers and related accessories. Founded in 1995, the successful business was sold a mere two years later, with proceeds helping to pay off loans incurred while traveling. The sale would set a tone for the businessman’s life and establish an early example of his eye for creating companies destined to increase in valuation.
After Virus, and before his entrance into the world of social discovery, the serial entrepreneur went on to create two more companies that would command attention in the early days of the internet. The first was known as SpyLog, a business which helped webmasters track incoming data to their websites such as visits and user habits. After that business came Begun, a contextual advertising company founded three years before the introduction of Google AdWords, which some see as a successor to Andreev’s work in the space. Begun ended up being successful enough that Google attempted to purchase it in 2008, an indication of the value that the advertising giant placed on its competitor’s expertise in the field.
Entrance into social discovery
While the above list of companies would be a sizable range of achievements for any businessperson, it serves only as a prologue for the accomplished entrepreneur. It was his creation of the world’s first freemium dating service, Mamba, Russia’s largest dating site, and later the dating and friendship-focused freemium social network Badoo, that helped cement the tech giant’s status as a leading player in his industry. With operations in 190 countries, and a user base topping 430 million people, Badoo has grown into one of the most recognizable companies on the internet today.
That company’s focus on dating and meeting people ties into a theme shared by many of the businesses that Andrey Andreev has created over the years — connecting users. As an integral part of the creation and operation of the feminist app Bumble, one of the fastest-growing social discovery apps in the world, he has shown that he has an ongoing instinct for helping people find both romantic partners and friends through the internet. Through his collective efforts in the space over the years he has built up a global social discovery empire comparable to any of his largest competitors.
Takeaways for entrepreneurs
When viewing the life of the businessman as a whole, one thing that stands out is his relentless pursuit of new ideas, even in vastly different fields. In an age where business ideas can go from inception to implementation in ever-shorter time frames, many entrepreneurs are looking to the example set by Andreev as a blueprint for how to succeed in commerce. With a focus on creating numerous different ideas in rapid succession, his strategies can be a useful tool to create a monetized product in a range of industries.
Of course, one of the prominent components of the entrepreneur’s journey is the percentage of his endeavors that have resulted in viable businesses. While the tone of the modern business world is often shaped by advice to “fail quickly,” the tech tycoon stands as an example of what can be achieved by a different approach — “fail rarely.” That concept stands in contrast to other companies that have reached prominence on the internet, such as Facebook, whose founders achieved success with the creation, or in many cases purchase, of a single idea but never went on to repeat the accomplishment. The takeaway buried within this idea may well be that, though it’s often good to create something and figure out what it is later, it may be even better to set each business venture up for success by playing to one’s strengths and passions.
Looking back over the careers of accomplished individuals can sometimes serve as an academic exercise more than anything. After all, the world of business is constantly changing and what may have worked in the past may not be applicable to future ventures. Still, there is something to be gained from an analysis of a career such as the one Andrey Andreev has had to date, even if it is only a lesson in the power of tenacity and staying focused on one’s goals. Through such an analysis, and a careful implementation of the business leader’s approaches, many entrepreneurs may find that the past can indeed help to inform their own futures.
More about Andrey Andreev at https://www.thetimes.co.uk/article/andrey-andreev-interview-from-russia-with-love-sunday-times-rich-list-whgbhsllh
