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What Does the Data Reporting Industry Have to Offer? Vasiliy Fomin Breaks it Down

The young entrepreneur shares his unique journey into the data reporting space.

digital marketing, technology, notebook

Data reporting may not sound like the most exhilarating field, but for Vasiliy Fomin, it’s been an integral part of his outstanding success. If you’re reading this and wondering what in the world data reporting even means, you’re not alone.

However, data reporting is basically exactly what it sounds like – it’s the process of collecting and formatting raw data and translating it into a digestible format. When it comes to the business world, this is what many corporations use to assess the ongoing performance of their organization – it helps them determine if they’re doing well or they need to make some changes.

So how did Vasiliy turn data reporting into a successful business? For starters, he’s basically a prodigy of entrepreneurship. To give you some background, Vasiliy, now 23 years old, started his first business at only 13 years old (yes, 13). He created and ran one of the largest and most popular servers in the world for the popular online game among kids and teens called Minecraft. 

“We sold digital goods to in-game users, similar to how major AAA games sell in-game power-ups and cosmetics,” Vasiliy remembers. It turned out to be an incredibly successful business.” 

The business made its first $1 million in sales by Vasiliy’s 16th birthday. Eventually, he made a strategic move to sell the company and pursue other endeavours. Cue: Data reporting. Now, Vasiliy runs a data aggregator that bundles information from a variety of sources into a single API.

This allows businesses, both large and small, to power their offerings to consumers. And guess what? His data reporting company generates millions of dollars in annual revenue. 

“We experienced a startling amount of growth when we launched in 2017, and the effect has only grown more pronounced since then,” says the entrepreneur. 

Vasiliy chose the data reporting industry because, believe it or not, it’s one the fastest-growing industries in America. Consumers and businesses alike are always on the hunt for information, whether they’re purchasing cars or trying to look someone up, which makes the up and coming industry profitable beyond measure for those who jump on the opportunity.

Therefore, there are data reporting companies steadily popping up as the industry continues to expand. Despite the competition, Vasiliy’s business is unique in that they have a deep relationship with all of their resellers and partners. Why? Because the success of the business depends directly on the success of the clients. So they really take the time to provide them with as many resources and opportunities as possible. 

Additionally, the product is simply superior to the alternatives because they partner with multiple providers that are able to get the most up-to-date Information. Moral of the story is, data reporting may be an underrated industry that entrepreneurs are overlooking while Vasiliy continues to rise to the top, and all before he even hits his mid-twenties.

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Written by Philip Schulte

Philip Schulte is a Los Angeles based entrepreneur. He has been featured in many notable publications such as Forbes and IBT, and has worked with many prominent individuals and brands. Schulte is the Founder of PR Plugs, a full-service marketing and management agency.

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