Sofia Fominova is a co-founder of Truligent – a software-focused private equity firm. Having been an entrepreneur for the past 10 years, Sofia has built multiple businesses prior to co-founding her current venture.
Day-to-day, Sofia enjoys taking a hands-on approach to scaling market-leading companies. She spearheads Truligent’s go-to-market team, establishing global distribution channels for the core portfolio (including Supercode, Superforce, and other businesses). In particular, Sofia is passionate about tackling climate change – which manifests in her activity as a Co-Founder of Net0, a software that accurately measures CO2 emissions for offsetting purposes.
Sofia earned two Master’s Degrees from the University of Westminster (MSc Marketing Management and another MSc in Entrepreneurship, Innovation and Enterprise). Sofia’s entrepreneurial achievements have been recognised by globally renowned organisations such as the Worshipful Society of Marketors in the UK.
What is Truligent all about?
Truligent owns and operates multiple software companies. We use the same playbook to scale companies in different markets. Our portfolio companies range from simple, single feature SaaS solutions to more complex enterprise platforms. Portfolio companies include Net0, a carbon tracking and offsetting emissions software; Superforce, a management software solution for deskless workers; Supertrace, a solution for making supply chain transparent; Supercode, a QR code generator that enables businesses to create unique QR codes in seconds; and many others.
How has the pandemic affected you or your new business?
We started Truligent in the first lockdown and since then have been focusing on building our portfolio companies. For us, the pandemic has been a great opportunity to focus on what we love doing the most and be very productive. It also gave us the chance to organise our team remotely so we could find the best talent that is not confined by borders.
Tech is the perfect place to build and rise during a pandemic. Being in such an opportune space, we knew we could contribute so much to various industries with our solutions in this rapidly changing world. We started looking into the future of work, supply chain, and the space that makes the enterprise more sustainable and environmentally friendly.
We also managed to raise our first round of investments during the pandemic which was a very unique experience and different from what a more standard investment round would involve. We were truly grateful though for how open people were to communicate online only and how quickly the tech industry adjusts.
What was the biggest problem you encountered starting up and how did you overcome it?
Our business model is rather unique, and it took us some time to realise that we shouldn’t try to fit into an existing category of business, and instead, we should create a new one. This gave us limitless options to shape a thriving workforce ecosystem and develop software that segued perfectly into the reality of home working.
It takes time to educate the market. Hence, it’s always better to invest efforts in finding partners who already understand the business model and proposition, instead of re-educating those who don’t.
What were the top mistakes you made starting your business and what did you learn from it?
Spending too much time talking to VCs who are trying to meet every startup without intention to invest. My time is much better invested in building a product or talking to customers.
What is one thing that you do daily to grow as an entrepreneur?
I challenge myself to always think bigger. While our objectives are ambitious, we adapt to the growth that comes along with it and we don’t stop there.
How do you manage running a business while traveling?
My husband and I run Truligent together which makes it a bit easier when it comes to travelling. We love travelling and we find it fun to combine work and travel. For example, we always try to meet interesting people, partners, potential investors, and clients while travelling no matter where we go. Being open to connect and being open to new ideas is the key. Most of the ideas we came up with were while travelling and talking to people from different industries and countries. This gives us a wider networking circle and places no boundaries on the international connections we would not have made staying at home. We are intentional about how we spend our time and who we meet with.
For me personally, it is important to plan my schedule beforehand and ensure that I set up realistic goals and I have enough time to complete everything I want on time. If I have calls I can take them from a quiet office with good WiFi. Since my partner and I have different roles and responsibilities, and often different schedules and meetings, I also always make sure that I clearly communicate my schedule. We always respect each other’s time and ensure that our timetables coincide well.
What has been your most effective marketing strategy to grow your business?
Linkedin outreach and the Sales Navigator tool, as well as LinkedIn groups where I love joining relevant industry conversations. Networking has shifted now that we are staying at home and we are all adapting to online conferences as opposed to in-person conventions and seminars.
What’s your best piece of advice for aspiring and new entrepreneurs?
You’re embarking on the hardest journey possible and being an entrepreneur never gets easier. But find the courage to never give up and the outcome will be deeply satisfying and rewarding financially.
Also, think about the path to $100m annual revenue from day 1. You can do things that don’t scale initially, but eventually, you need to see a path for your business to generate hundreds of millions in recurring revenue.
What’s a productivity tip you swear by?
Carefully planning the schedule in a calendar, setting up weekly goals and prioritising tasks on a daily basis. I also have a sand clock on my desk that I turn over and that helps me focus for 30 minutes without checking the phone, chatting to colleagues, and getting distracted. Then I take a short break and I switch the clock back again. Last, but not least, I love going for power walks to reflect my attention on something not work-related for a few minutes and when I get back to work, it feels like I always have more energy and more fresh ideas.
What is your favorite quote?
“… you can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever.”
– Steve Jobs.
What is your definition of success?
Establishing multiple revenue streams that generate sufficient free cash flow that will enable me to execute on the most ambitious, world-changing ideas.
How do you personally overcome fear?
Believe in your power to overcome anything. Make sure that you have enough runway to figure things out, and when you do, there is a way to overcome any obstacle.
Sales.io for organising the sales process. Intercom for convenient communication with customers and inbound leads. Ahrefs for SEO and to ensure that our content marketing contributes well to the growth of the business.
How can readers get in touch with you?
I am very active on Linkedin and just getting into Twitter, so the best way would be to send me an invitation to connect on LinkedIn or just say hi on Twitter. My Twitter handle is @MrsAksenova. For more official requests, sofia@truligent.com is best.
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