How do you go about scaling the team? Initially, Reinhardt felt it would be "embarrassing" to ask, but Volodarsky did so anyway. The products "quadrupled revenue," according to Reinhardt. Some initiatives work; some initiatives dont work. Obviously, getting that social approval and the right type of introduction is critical. Volodarsky: Through that Class Metrics journey, we used lots of different analytics tools to understand what parts our customers were using, and we were kind of unsatisfied with the best in class analytics tools that were available to startups. You have this multiplication of all these channels that youre talking with customers on, and its all digital and many times automated as opposed to a person. We were clearly failing to find product/market fit. The $3.2 billion price tag on cloud communications platform Twilio's acquisition of CDP Segment in October was sexy. Bradford: What kinds of things do you look at in a candidate? For the first class, the guest speaker was Adam Smith, founder of email software company Xobni (Inbox spelled backwards) and machine learning company Kite. The hardest thing is breaking into the network for the first time. Lets say, youd walk into a Nordstroms, and youd talk to someone. We were really excited about this. "Finance can be an amazing enabler for your business" says Peter Reinhardt CEO of Segment, you should "use finance as a weapon to grow". : Yeah, getting the right introduction is critical. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable, This Entrepreneur Raised $60 Million To Keep Your Mind Sharp And Memory Intact, Elli Kaplan On Raising $60 Million To Keep Your Mind Sharp And Memory Intact, This Entrepreneur Raised $165 Million To Simplify Payments In A $10 Trillion Industry, Bharath Krishnamoorthy On Raising $165 Million To Simplify Payments In A $10 Trillion Industry. Peter and another colleague saw what I was doing and came to my company to meet in person. "I didn't think there was much value in it. We always find ourselves having to put way more effort into that than we think is necessary, and it always pays back in spades to reinforce our core company values again and again in as many different places as we can in the interview process, in the welcome package for onboarding, in the performance review at all hands every two weeks, etc. So it was a really fast growth year. That was a transformational pricing change. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. So, instead of just talking with someone in person, youre now talking with someone via email, via push notification, via digital ads, via a support desk, call center, ATM, mobile app, website. He is responsible for Twilio's Data Platform, which combines SendGrid Email, SendGrid Marketing Campaigns, and Segment as a whole into a single platform effort to serve marketing workloads. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal . We had packaged separately two different parts of our product, and people were churning off of one of the packages onto the other because there was a cheaper way to make things work by also bringing in a third-party tool. Peter Reinhardt is the Founder and CEO @ Segment, the leading customer data platform with over 20,000 companies using Segment to collect, clean, and control their customer data.Prior to their $3.2BN acquisition by Twilio in 2020, Peter raised over $283M for Segment from Accel, Thrive, Meritech, GV, General Catalyst and Kleiner Perkins to name a few. He studied Aerospace Engineering at MIT and fell into the world of customer data and analysis when he and three of his college friends started Segment in 2011 as part of YC. . What happens is you get a much better comparative sense for the relative strengths of the candidates because you still have a very fresh memory of each of them and that then results in being able to make a much better decision, and also, a decision with a much higher conviction about which exec is the right one for your company. Hearing from Smith left Reinhardt, French-Owen and Volodarsky "totally floored," Reinhardt says. I lean on the board. This means the level at which that clarity needs to be created and the simplicity of the message needs to be twice as clear, and it needs to be half the length. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. : I guess I was always excited about aircraft, and I was always studying different rocket designs and reading about the missions to the moon and what was going on on Mars and just always super excited about that. Product managers that would use tools like Mixpanel and others to analyze their users. Your approach to evaluating and determining your marketing budget should be applied for each goal of an expense or investment. How was life there? So there was a little over a year and a half in there of struggle. We raised a round from LocalGlobe and some of the best angel investors in the world, including Taavet Hinrikus / Transferwise, Alice Bentinck / Entrepreneur First, Peter Reinhardt / Segment and Charm Industrial, Yancey Strickler / Kickstarter . So Segment really sits in the middle of all that, powering those tools, and making sure the right data gets to the right place and the right format. That was fun. Bradford: Tell me about that first company idea that you took to Y Combinator. I was thinking this would just totally kill it. What happened was that we had a pricing and packaging problem. How did you go about that? I guess that worked initially was, it was okay to build a lot of stuff and kill a lot of stuff as long as you actually kill a lot of stuff. I learned a bit from seeing that in action. I wrote all this code. Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future," said Peter Reinhardt, Segment's Co-Founder and CEO. Online Class Startup School Video. We Googled analytics tools, and we found Google Analytics, Mixpanel, and Kissmetrics, but we couldnt figure out which of those analytics tools was actually good or was the right fit for us. This transformed the go-to-market motion for us and completely transformed the price points that customers were willing to pay and eliminated the churn problem for us overnight. Thats when we raised the 15 million from Excel for our series A. Thursday, April 1st, 2021 - 12:35 am. Segment is the world's leading customer data platform. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Students didn't use the product as intended once they got onto their computers, they started surfing the internet and were distracted from the lecture. It ended up coming more from learning how the sales process works. We were like, We should put analytics on our classroom lecture tool. We were clearly failing on this sort of customer sales side of things, and we were just spending all of our time building, building, building. Aug 4, 2018 . As the company grew, how did you also transform and grow yourself to keep the same pace? Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . : So originally born and raised in Seattle. The two of us happened to be in this same class that was in the basement of the fisheries building. When mixture has doubled in bulk, in 1 to 2 days, convert it into a starter: Combine 12 ounces flour and 9 ounces filtered or spring water in bowl. Volodarsky: I don't have many regrets. You are the master or the owner of your own future. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? If you solve those, they will reward you for it. So many lessons learned, so many things that you guys have done, so many experiences now, if you had the chance to go back in time, Peter, and have a conversation with your younger self and give that younger self one piece of advice before launching a business, what would that be, and why, knowing what you know now? Though we found there were actually thousands of these different tools out there that do these different jobs particularly well, they all kind of require the same data under the hood. But despite about $600,000 in seed money from Y Combinator's angel investors and the team's singular focus, after they launched the lecture tool that fall, it failed. What was the lesson that you got from that? Don't miss:Chase Sapphire Preferred is offering a massive 80,000-point bonus for a limited time, Check out:How this 16-year-old turned her homemade chicken wing sauce into a business bringing in 6 figures a year. Otherwise, the company simply cant ingest it fast enough. French-Owen: The two cents version is, as we were building the other analytics products we found there were a lot of different types of job roles that people were doing at those companies. : You were talking about company growth. Lee Evans CEO and Co-founder of SurveyMe, Chris Miller Founder of The Mission Center L3C. For you, personally, what does that reflection process look like? Build your CRM in an afternoon with Google Scripts. To Reinhardt's surprise, thousands of people were interested in the product and many reached out "demanding" access to it, he says. . Net sales for the final quarter of 2022 grew 2.2% from the prior year to $4.13 billion. We did that. What does that look like? Other Posts. But the world has its problems, and it doesnt care what you think in terms of how it should operate. Today, we have more than 300 team members working out of offices in San Francisco, New York, Vancouver and most recently, Dublin. Youre probably just avoidant of it. Reinhardt: It's really not something we pay attention to. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? We had started reading a lot of Paul Grahams essays on, in and around, Y Combinator and Hacker News, which started getting me excited about that. Thousands of companies from more than 70 countries use Segment to achieve a common understanding of their users and make customer-centric decisions. "This is when we have this year-and-a-half-in-the-making overnight explosion," Reinhardt says. We were a year and a half in. By digitizing financial services, focusing on underserved segments of the population, building trust and relationships with customers and leveraging blockchain technology, fintech companies can help to make financial services more accessible and affordable for those who need them most. The co-founders got accepted. Alejandro: In that regard, you mentioned the word failing. Now, youve been at it for quite a while with the business, and everything started back in 2011. In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. Peter Reinhardt is still very much interested in things related to space. Since this interview Peter Reinhardt, CEO and Co-founder of Segment, and his team have raised another 175M USD to bring total funding to to $284 million and a valuation of over 1.5B. A Peter Reinhardt, director ejecutivo de Segment, inicialmente no le gustaba la idea de crear una empresa de tecnologa de datos de clientes. Between fall 2011 and winter 2012, the co-founders worked 80 to 100 hours a week creating a new product for Segment a web analytics tool for companies to better understand their customers' behavior. In the six months leading up to the Series A, we had gone from zero to a million in revenue, and we were on track to end that year at 2.5. : It was great. Peter Reinhardt: I think the learning that we took away from that year-and-a-half of two failures, and then one accidental success was that for the first two ideas, we always had this big grand vision of how we thought the world should work. Bradford: Finally, do you have any regrets about dropping out of school? I lean on my co-founders. Alejandro: Going back to the discussion on growth, you guys have experienced quite a significant amount of growth, as well, on the employee side of things. But is that kind of success still possible today, when many consider post-secondary education to be a staple? By Allison Schiff. Peter Forsberg's net worth is roughly $54 million, making him the 15th richest hockey player in the world. So it was a really fast growth year. Bradford: Which would have been in 2008. Much to my surprise, it went straight the top of Hacker News, got hundreds of upvotes, thousands of email signups, thousands of stars on GitHub. He's the author of five bread-baking books, including "The Bread Baker's Apprentice," which won both the James Beard and IACP Cookbook of the Year awards, as well as the International Gourmand Award for Best Baking Book in the World. Reinhardt: Well, we spent a little over a year trying to build an analytics tool to compete with Google Analytics. We built the landing page and posted it on Hacker News. Then, over time, as the stakes have gotten higher, weve gotten better at figuring out how to determine whether something is really going to move the needle, which surprisingly, that didnt come from learning more about product management. I lean on the board. Banking-as-a-Service companies are in for a tough ride this year. Today, Reinhardt announced he was leaving . Whether its thorium reactors, online education, or space travel, Peter enjoys nothing more than diving deep into a new field of study. Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong's multicultural history. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. I look for evidence of those four things. Heres what were going to do. We raised a bit of money coming out of demo day for Y Combinator, about 600k. Dateability aims to be the first dating app for the long-term disabled and chronically ill to offer a modern and compassionate user experience to a diversity segment that has traditionally been invisible and underserved in the world of online dating. : I love it! The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. Number of Past Jobs 1. Go figure out something else and work on that.. We basically hired this one guy, sight unseen, after seeing him on Github sharing code and responding to issues, day after day, learning new things and solving problems. We actually built a lot of stuff that ended up not being useful. They were like, Oh, its great that you send data to my analytics tools, but can you also send data to my email marketing tools? Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. Finally, Im sure this was a big breakthrough for you guys from understanding the value of being able to listen to your target audience. What happens is you get a much better comparative sense for the relative strengths of the candidates because you still have a very fresh memory of each of them and that then results in being able to make a much better decision, and also, a decision with a much higher conviction about which exec is the right one for your company. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647) 253 . Peter Reinhardt is CEO and co-founder of Segment. I said, That is literally the worst idea Ive ever heard. My co-founder is like, You know what? Net Worth: $54 Million. But you didn't drop out of MIT until 2011, correct? Feb 8, 2021. In their prior roles, have they shown that they want to understand the customer and that they will go over and beyond for the customer and the broader communities around their companies previously? It's a massive net positive. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. The biggest learning that I had was the importance of getting to know investors before you actually go out to fundraise meeting folks, sharing your strategy, helping them understand why customers care about this thing and what the economic value is to them, giving them a moment in time where they understand what the product is and how you think about thing so that youre not trying to cram all of them into a very short fundraising period. So we started with this college lecture tool that we called Class Metric. Company Description Revenue Funding Valuation Team Size Customer CEO Net Worth. I wrote all this code. Perhaps they will also appreciate it. Proud father. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. : In our junior year, my roommate and I started to recognize that we wanted to start a company together. I said, That is literally the worst idea Ive ever heard. Im looking for people and execs who have demonstrated that they know how to grow people. Welcome to the Segment's second annual Customer Data Platform Report, an in-depth look into how organizations are using CDPs - exploring the data they're collecting, and the apps they're using to manage that data. : But whats happened over the last 20 years is that all of the channels by which we interact with customers have become digital, and theyve multiplied. Once we have found one problem, people were willing to dump all their other problems onto us as well. Finally, we get to this moment we realize our analytics tool has failed. It was not at all the growth trajectory that we wanted to be on. Total revenue grew 55.0% YoY to $300.1 million and was driven by growth in Oil and Natural gas segments. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. "We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. Number of Current Jobs 1. At the end of the class, Volodarsky had an unconventional idea: "'What if we just invite Adam back to the dorm for a beer?'" With all but two investors still on board, the team decided to release a version of the internal programming tool they had created build their previous products, which they had called Analytics.js. Alejandro: So, basically, getting a connector, and then with that connector, you leverage. And if you got any value either from this episode or from the show itself, share it with a friend. Thats hard work. As of 2023, Peter Frampton's net worth is roughly $20 million. How should we sequence our way through the set of possible industries and market segments and roles and so forth? About a year later, we crossed one million in revenue and were growing super-fast. : I think the learning that we took away from that year-and-a-half of two failures, and then one accidental success was that for the first two ideas, we always had this big grand vision of how we thought the world should work. Then, what happened with your roommates? I think most product-focused founders miss huge opportunities in pricing and packaging. I think if you just run straight at the problem and dig as deep as you possibly can into the problem, gather all the data that you possibly can, talk to as many people as you possibly can, the solution is probably not actually that hard. I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. We should have been able to figure out analytically from the data that this wasnt working during our summer test. Peter Reinhardt, 18, aus Deutschland VfB Stuttgart U19, seit 2022 Innenverteidiger Marktwert: - * 23.01.2005 in Frth, Deutschland Peter Reinhardt - Spielerprofil 22/23 | Transfermarkt But the data problem Segment aims to solve, although vitally important, is often considered less so, says Peter Reinhardt, co-founder of Segment and CEO of a new entity . Heat some water, preferably in a kettle, so you can pour it into this pan later. . Ideating and pursuing side projects, no matter how simple they are, is incredibly important. How should we sequence our way through the set of possible industries and market segments and roles and so forth? Peter Reinhardt: I think it was learning how to raise money for something that my friends and I were passionate about. If you can leave a review as well, that would be fantastic. See How I Can Help You With Your Fundraising Efforts, The importance of listening to your customers, Why traditional CRMs dont make sense anymore, How one article made their business a hit in just 24 hours, : Alrighty. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. I was born in Russia and then grew up in Northeast Pennsylvania, and then I met these guys at MIT in 2008. We started building a ton of infrastructure. If it is then, at least, in the B2B world selling software to other businesses, I think you can do a lot of good product/market fit testing with relatively few conversations. We had six or eight months of runway. Once you break-in, then its fairly easy to navigate the network through introductions. Hoy tiene sede en San Francisco, California, y tuvo . This abandoned high school was converted into a 31-unit apartment building. I'm currently acting as Segment's CTO, so I work a lot with AWS setup, the data pipelines, the architectural, building out new pieces of the system. We work in different parts of the company now, but that dinner is a helpful time to reflect on whats working, whats not working, and what each of us can improve and do better. Reinhardt: It was literally like 30 days after we had raised our 500K seed round that we realized, "Oh, we have to call back all these investors and tell them it's a bad idea.". "I'm excited to bring my passion for tackling climate . Alejandro: Very nice. As a new year starts, we return to our work routine, facing the prospect of a recession. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. If you like the show, make sure that you hit that subscribe button. I loved the book. Its actually a little too sunny here in San Francisco for me now. Peter has . Public Records for Peter Reinhardt Found. Finally, Im sure this was a big breakthrough for you guys from understanding the value of being able to listen to your target audience. After noticing how it was being used, Taylor recommended they take it commercial and make that Segment's product. French-Owen: Actually, Peter, I think you said this once. Perhaps they will also appreciate it. All Rights Reserved. Its hard, so you have to delay the early ones and pull forward the late ones. Peter Reinhardt on LinkedIn: An internationally renowned expert on bread and baking, Peter Reinhart is an instructor at Johnson & Wales University and a TED Talks speaker. Alejandro: Very cool. Peter Reinhardt, co-founder and CEO of Segment, shares his story on building different products and eventually finding product market fit. Peter Reinhardt: We had just raised this money about two weeks before we deployed it, so we had to call back all the investors and say, This thing you just invested in, were really sorry, but its a terrible idea. We reflect on the annual plan once a year. We were clearly failing on this sort of customer sales side of things, and we were just spending all of our time building, building, building. Can you also send data to my advertising tools? If you can leave a review as well, that would be fantastic. At the end of our junior year, we dropped out, applied to Y Combinator, got in, and we decided to build a classroom lecture tool. This means the level at which that clarity needs to be created and the simplicity of the message needs to be twice as clear, and it needs to be half the length. You have this multiplication of all these channels that youre talking with customers on, and its all digital and many times automated as opposed to a person. Then theres a separate mentality you can take, which is, as soon as you see a problem, you go 10x-deep directly as hard as you possibly can at the problem until the problem doesnt exist anymore. Twilio, a CX platform vendor with a customer service bent, acquired Segment, a marketing-oriented customer data platform, for . Youd talk to a sales rep, and they would help you, and they would have memory in their own head or in their CRM of what your preferences were for clothing or what you last bought, etc. I think we have someone who just skipped college entirely and is one of our star engineers. Heres what were going to do. Peter, thank you so much for being on the DealMakers show today. Disclamer: the number about Peter Reinhart's Instagram salary income and Peter Reinhart's Instagram net worth are just estimation based on publicly available information about Instagram's monetization programs, it is by no means . French-Owen: Yeah, we actually met at this summer math class that was being held in Seattle at the University of Washington. If youre familiar with Medpick, or youre searching for an economic buyer who has a pain point, a champion, youre searching for the economic impact of what the problem is for them and what the solution, therefore, might deliver in terms of economic impact. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. : In that regard, you mentioned the word failing. Peter is EY EMEIA People Advisory Services Leader, overseeing a diverse team of over 5,000 professionals who work passionately to provide a holistic approach to EY clients' people-related challenges. CEO Peter Reinhardt. My co-founder is like, You know what? : Very cool. "Turns out it's a very, very crowded market.". Ive never found misalignment with an investor where theyre like, Oh, I dont want to talk to you if youre not fundraising. Theyre like, Oh, great. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. It's super helpful to them. Edit this . Theyve raised quite a bit of money too. After a year of working on that, we had burned down to maybe 100k left in the bank, and we didnt have that much cash left. Managing your psyche through years of failure and ever-increasing pressure is the perfect test of willpower. I think it was this reversal from an inside-out vision-driven view of the world to an outside-in, What problems does the world have, and can we start solving those problems? Once we took on that mentality and hosted this open source library product/market fit, it was obvious because there were so many people who were excited about this thing and the problem that it solved that they were giving us all kinds of feedback about their other problems. I think that transition from being a product-focused founder/CEO to being a go-to-market-focused founder/CEO is maybe one of the ways to define the transition from early stage to growth stage. We found 32 entries for Peter Reinhardt in the United States. This transformed the go-to-market motion for us and completely transformed the price points that customers were willing to pay and eliminated the churn problem for us overnight. Alejandro: Once you started on the execution of this, and you got this great feedback, it took a little bit of time until finally, you got the Series A in place. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. I do find that vacation is critically important for actually going and reflecting on things. Right? Prior to starting Segment, Peter was a Research Assistant at the Naval Postgraduate School, where he wrote and designed flight software for the NPS-SCAT Cubesat, a platform which tests solar cells while theyre in orbit. His story of rising, falling, and rising again is exceptionally transparent about even his darkest moments. Then, over time, as the stakes have gotten higher, weve gotten better at figuring out how to determine whether something is really going to move the needle, which surprisingly, that didnt come from learning more about product management. "Together, Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future," said Peter Reinhardt, Segment's co-founder and CEO. They called it Segment and applied to Y Combinator. That's where we first bonded, counting fish. That, to me, is a skill that Im constantly working on. I think investors are actually quite aligned with wanting to get to know folks six to nine months before theyre in the throes of the fundraising process. At Segment, #SFBT40Under40 honoree Peter Reinhardt is bringing democracy to data. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. : The most important thing to realize is that the world doesnt care how you think it should work. 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