As a part of our aim to democratize entrepreneurship education at scale globally, we have packaged our proven 1Mby1M methodology for building technology startups into short courses on Udemy.
In addition to offering you up to 85% off the following Udemy courses this month, we are introducing our new Generative AI course, Generative AI Startup Strategy Case Studies. Through this course, we will continue to add our most informative and inspirational case studies of startups and entrepreneurs who have successfully navigated the Generative AI space.
These coupons will expire on May 31, 2023, so enroll today!
Bootstrapping:
Bootstrap First, Raise Money Later with Sramana Mitra: TRY1MBY1MMAY2023BTS
Sramana Mitra: How is it working with your brother?
Tigran Petrosyan: Many people tell me that they would never work with their siblings. When you do it right, it can be a blessing. We have done quite a lot of work early on to make sure that not only the brotherhood works, but also the business side works.
We’ve gone a very long way. You can trust each other. You know that you rely on each other and you can be safe. Having that backup all the time is critical, especially when you’re building something new and innovative. The rate of failure can be high.
>>>Sramana Mitra: After raising that $100,000, you went to the accelerator. Did the accelerator give you some money?
Tigran Petrosyan: Yes. It was $100,000.
Sramana Mitra: Is there any other investment?
Tigran Petrosyan: We had a few other angels and pre-seed. The big part came when we raised our seed round in early 2020 with Point9 Capital. It’s one of the most highly-respected European VC firms. That $3 million helped us expand our operations and build a go-to market in the US and Europe.
>>>Sramana Mitra: What emerged as your target market?
Tigran Petrosyan: This is a good question. Machine learning can be applied to all kinds of industries. Initially, our target was computer vision. Basically, those who use images to get intelligence out of images. This was our niche.
We started to build an engine to attract clients. It went through a few iterations and another six months before we realized that what we were building is much more than an annotation platform. There’s a big pain about the platform itself as a standalone software solution. We released that in early 2020.
>>>Sramana Mitra: When you applied to the Berkeley accelerator, how much time passed between your $100,00 funding to the accelerator?
Tigran Petrosyan: We got accepted to Berkeley after two months and then into the program after four months.
Sramana Mitra: How long were you in the accelerator?
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Machine Learning AI Startup Case Studies with Sramana Mitra
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Tigran and his brother were Ph.D. students when they decided to quit their Ph.D. program and build a company out of their Ph.D. research technology.
They have since raised over $15M in funding and built a customer base of ~200 in their ML Ops business. They are leveraging countries like Armenia and Bangladesh for development and data services.
>>>If you haven’t already, please study our Bootstrapping Course and Investor Introductions page.
In this case study, Cognaize Founder Vahe Andonians talks a lot about bootstrapping – bootstrapping to exit, bootstrapping with services, so on. You will also learn a nifty way of building domain knowledge on top of horizontal AI expertise. This is a valuable and extremely interesting way of building AI companies for entrepreneurs to consider.
Sramana Mitra: Let’s start at the very beginning of your journey. Where were you born, raised? What kind of background?
Vahe Andonians: I was born in Iran. When I was a couple of weeks old, we moved to the United States. Then my parents moved to Austria. I grew up in Austria. I studied there. I studied high-frequency technology. I did my first job there. From there, we went to Germany. I’ve lived in Germany now for 12 years.