Vladimir Bakuteev: "Cyprus has played an important role in my entrepreneurial journey"

The Cyprus Mail recently sat down with Vladimir Bakuteev, a Cyprus-based AI entrepreneur and serial tech founder whose ventures span industries such as VR, gaming, education, and artificial intelligence.

As reported on Crunchbase, his ventures collectively generate over $60 million in annual revenue, with a combined valuation exceeding $150 million.

In the interview, Bakuteev shared insights into why he chose Cyprus as his entrepreneurial base, the island’s role as a burgeoning hub for innovation, and how his latest project, MyStylus, is impacting academic writing through generative AI.

He also delved into the integration of AI across his ventures, including the VR streaming company Vestan and the gaming platform SkyCoach, while offering a glimpse into his future ambitions and the challenges of scaling multiple businesses simultaneously.

‘Cyprus is a thriving tech community, fostering collaboration and innovation’

When asked why he chose Cyprus as the base for his operations, Bakuteev highlighted the island’s thriving tech community, which he described as a “hotbed for collaboration and innovation.”

He also praised the favourable tax system, explaining that it “reduces financial pressure on startups, making it easier to scale.”

Bakuteev further emphasised the importance of Cyprus’ quality of life, pointing to its “great weather, supportive environment, and opportunities for outdoor activities like hiking and sports,” which he believes contribute to both mental and physical well-being.

“This balance between professional growth and personal health has been instrumental in driving the success of my ventures,” he added.

Discussing Cyprus as a growing hub for innovation and technology, Bakuteev noted the island’s unique advantages for tech entrepreneurs, particularly in the AI and gaming sectors.

“AI is now deeply intertwined with nearly every industry, optimising processes across entire organisations,” he said.

Gaming companies, he said, are increasingly using AI for content creation, creative development, and process automation.

Bakuteev described Cyprus as a hub where “tech-savvy entrepreneurs collaborate to solve complex challenges and foster AI competencies,” positioning the island as a significant player in the global tech scene.

On his latest project, MyStylus, Bakuteev explained its mission to transform academic and research writing through generative AI.

“We believe that many routine tasks in research and writing can be significantly optimised with modern technology,” he stated.

He also mentioned that a core feature of the platform, he revealed, is its ability to help users find and work with reliable sources.

“MyStylus places a strong emphasis on helping users select only reliable sources from diverse libraries, web resources, and databases,” he said.

Looking ahead, Bakuteev sees broader applications for the technology. “While we’re currently focused on academia, we see vast potential in areas like content creation and business research,” he said.

He added that the goal is to empower people to “explore, learn, and create without being overwhelmed by the sheer volume of information available today.”

AI efficiency drives MyStylus, VR poised for growth

When discussing how AI is transforming his businesses, Bakuteev explained that integration is a top priority wherever it drives efficiency.

“In MyStylus, for instance, 90 per cent of our code is now generated using AI, resulting in phenomenal speed and efficiency,” he shared.

To support this transition, Bakuteev’s team launched an internal AI school aimed at upskilling employees.

However, he acknowledged that the journey hasn’t been without challenges.

“The biggest hurdle has been overcoming initial resistance among employees and helping them trust these tools,” he said.

As a founder, Bakuteev sees it as his role to “champion these changes, demonstrating their value and paving the way for seamless adoption.”

Turning to Vestan, Bakuteev described the VR streaming platform as a global leader, having delivered over two million hours of content and integrated its technology into major streaming platforms.

While he remained tight-lipped about ongoing acquisition discussions, he did hint at talks with “companies like Twitch and KICK about potential integrations.”

On the future of VR, he admitted progress has been slower than expected but remains optimistic about a breakthrough.

“Major players like Meta and Apple continue to drive innovation. I believe we’ll eventually see solutions that empower content creators to maximise profitability and build significant businesses,” he said.

On SkyCoach, Bakuteev explained its unique business model as a marketplace for digital goods and services within games.

“We’re not a traditional gaming company; instead, we focus on creating an exceptional product that makes transactions seamless,” he said.

Leveraging AI, the company optimises processes such as content creation, data analysis, and code generation, which Bakuteev believes gives them a competitive edge.

The company has also recently launched PlayHub.com, “a platform designed to enable gamers to buy and sell directly to each other, creating an open market or exchange-style ecosystem.”

He emphasised that these innovative strategies, coupled with SkyCoach’s agility, position the company to remain a leader in the gaming industry.

Scaling synergy across multiple businesses

When asked how he manages and scales multiple businesses simultaneously, Bakuteev acknowledged the challenges but highlighted the advantages of overseeing diverse ventures.

“The key is creating synergy—between companies, leaders, and ideas. Imagine one company testing influencer marketing, another exploring AI in development, and another finding creative ways to promote a product,” he said.

“When you share these insights and competencies across businesses, it creates a huge advantage,” he added.

Bakuteev emphasised that his priorities shift depending on the stage of each company and the prevailing market conditions.

“Last year, this year, and likely in the coming years, my primary focus is on AI. I believe AI can radically transform everything,” he said.

By fostering expertise in AI, he aims to implement it across all his ventures to enhance productivity and speed.

To further boost synergy, Bakuteev organises retreats, strategy sessions, and collaborative activities, which he views as essential for innovation and leadership alignment.

In terms of the future, Bakuteev’s long-term goals revolve around advancing his technological businesses with AI at their core.

“AI will remain at the core of my strategies across all ventures, particularly for companies like MyStylus, which is AI-based from the start,” he said.

Cyprus remains a key part of the vision

As for Cyprus, he said that “it has played an important role” in his entrepreneurial journey, and that he is “incredibly grateful for the opportunities it offers”.

“Beyond its well-known advantages”, he continued, “Cyprus has been a supportive environment for building and scaling ambitious projects”.

He explained that while some ventures, like MyStylus, aiming for a capitalisation-focused path, require establishing entities in other regions, particularly in the US, he still sees Cyprus as his strategic base.

“It’s a place where I want to contribute back by fostering innovation, creating jobs, and actively supporting the local tech community and IT ecosystem,” Bakuteev said.

“Cyprus will continue to be an integral part of my vision, not only as a hub for operations but as a community where I hope to make a meaningful impact,” he concluded.