[1] Ikonomov was born in Malko Tarnovo, then in Ottoman Empire, where he first studied.

He graduated from the Military school in 1887 and served for 15 years as an officer in the Bulgarian Army and reached the rank of captain.

On the eve of the Ilinden-Preobrazhenie Uprising, Ikonomov was involved in the activities of the IMRO.

After the uprising, in 1906 he entered again with a detachment in Ottoman Thrace, but due to illness he returned to Bulgaria.

In the birth house of Ikonomov in Malko Tarnovo is today an Ethnographic Museum.