CEO Insights Magazine

Technology undeniably plays a vital role in our everyday lives, yet artificial intelligence has brought about unprecedented changes across the globe. Recently, there has been a surge in AI applications across various industries, growing model sizes, enhancing productivity, streamlining processes, and improving decisionmaking. Much of this AI advancement is thanks to the dedication of scientists and researchers who have devoted innumerable hours to research and development, exploring innovative ways technology can serve us. A prominent figure in this revolution is Prof. Aleks Farseev, a distinguished academician, researcher, and entrepreneur. His expertise spans Digital Marketing AI, Social Media Analytics, and Ad/ MarTech Venture Capital. Through his AI platform SOMIN based in Singapore, Aleks has significantly simplified and deepened the process of building communications and digital strategies for marketers.

In an exclusive interview with CEO Insights Asia, Prof. Farseev sheds light on his overall industrial journey, the constant business challenges he encounters and how he mitigates them, and much more:

Could you give a brief account of your professional journey?
Before starting my entrepreneurship journey, I was mostly into academia working as a university professor. We were engaged in extensive research in artificial intelligence for social media analytics (similar to what Meta and Google research do, but on the academic side), which helped us become one of the most successful research groups in the world in social media user profiling - a deep understanding of user behavioral traits based on their social media posts. This helped me win the Person of the Year award from Web Science Trust and VaSCo award from the National University of Singapore. I was also granted a full-time professor position in research and was invited by NUS, NTU, Bournemouth University, and other universities to give speeches about the technologies we develop and their application in marketing. However, I was yearning to find a way to apply this technology to help people.

Finally, I decided to start SOMIN, a firm envisioned to help marketers through AI. That time it was not GenAI, but machine learning models that we were developing. However, we had already seen a lot of potential in it, especially in marketing. Marketers build strategies to establish a good audience understanding. Instead of replacing them, AI can support them to make efficient decisions faster. This ideology and vision excited us at that time and even drove the organization's growth to date.

 
How do you utilize these experiences to help establish a firm ground for SOMIN as a Generative AI firm in the tech sector?
As a researcher committed to pioneering advancements, I've always believed in our ability to develop cutting-edge technology that others may find challenging to replicate. From the outset, our company embraced an AI-first philosophy, even before the surge in AI popularity. Initially, we prototyped solutions and refined them based on product-market fit feedback, enabling us to remain agile and swiftly bring numerous innovative ideas to life. We have collaborated with esteemed clients across the spectrum, from major global agencies like iProspect (Dentsu Group), Havas Media (Havas Group), OMD (Omnicom Group), Digitas (Publicis Groupe), MullenLowe (Interpublic Group), and Wavemaker, Mindshare, Mediacom (GroupM), to local industry players like Mediacorp, Neo360, RedMan, and Blaklabs. At the same time, we've worked with multinational giants such as Procter & Gamble, Mothercare, and Ferrari. The moment we’ve managed to secure partnerships with distribution partners, like Microsoft and Google ISV, it has further given a boost to rapid testing and market growth.

We were one of the pioneers to deploy GenAI long before it was famous. We deployed GANs to build Asia's first AI-generated influencer for Puma - Maya. Furthermore, we also started using GPT3 to produce marketing content even before ChatGPT came out. Over the years, we have built a strong reputation of being at least one and a half years ahead of our peers, helping us grow faster.

Throughout your journey, what are the major challenges that you have come across, and how do you mitigate these challenges?
One of the significant challenges we encounter is the reluctance of customers to embrace new technologies due to fears of being replaced and the perceived complexity and time commitment of learning new systems without guaranteed benefits. As innovators, it is our responsibility to educate and demonstrate to our clients how AI can open new possibilities rather than replace human effort. We strive to empower our clients by helping them understand that technology can enhance their capabilities and lead to better outcomes.

For example, at SOMIN’s product, called SOMONITOR, we have eschewed the traditional approach of developing a chatbot-like AI agent. Instead, we have crafted an assistant system that aids in interpreting dashboards by generating content analysis summaries, allowing users to make the final strategic decisions. This tool not only enables clients to devise more profound customer strategies than before but also serves as an educational platform for junior staff, promoting thoughtful and high-quality work.

What are the opportunities you anticipate in Generative AI, going forward?
The education technology sector presents significant opportunities for advancement and automation, particularly in language and coding instruction. AI assistants can now generate additional examples in real-time, enhancing pre-recorded courses to more closely replicate the experience of attending a physical class, all from the comfort of one's home. While this technology will not replace teachers, it will empower them to manage AI tools effectively. Furthermore, establishing a robust legal framework for generative AI is critical for protecting data, customers, and providers alike, with IBM at the forefront of these developments. We are on the cusp of seeing several viable business models emerge around generative AI, which will not only monetize this technology but also amplify its utility.

Prof. Aleks Farseev, Co-Founder & CEO, SOMIN
Aleks, the Co-Founder & CEO of Singapore-based SOMIN, combines his vast expertise in social media analytics, digital marketing AI, and AdTech VC with a solid academic foundation in AI to revolutionize the marketing industry. Under his leadership, SOMIN strategically utilizes AI to build communication strategy, helping advertisers create efficient digital marketing campaigns. Beyond his role at SOMIN, Aleks actively advises startups and lectures at top business and technical schools worldwide, leveraging his industry expertise and research background to influence the next generation of marketing innovations.

•Hobbies: Professional Accordion Player,performed on top stages across the World
•Favorite Cuisine: Chinese
•Favorite Book: Fall in Love with the Problem, Not the Solution by Uri Levine
•Favorite Travel Destination: London,San Francisco