I know that next year, the challenge is going to be twice as hard again. If you solve those, they will reward you for it. Peter Reinhardt: It was great. Studium Politikwissenschaft, Germanistik und Katholische Theologie in Tbingen und Mnchen. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. Join Facebook to connect with Peter Reinhardt and others you may know. 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. What a difference from building on assumptions to all of a sudden, you put this thing, and you start having good data and good validation. 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. What a Series A and from top tier guys. 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We had six or eight months of runway. : Makes sense. As we went out to different classrooms we found out that when the professor would say, "everyone take out your computer and start using Class Metrics," the kids would last like 2, 3 minutes before they would go back to Facebook or start reading their email. Travel enthusiast. 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. Bradford: Finally, do you have any regrets about dropping out of school? The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . : You had a very good problem and, obviously, explosive product/market fit, but also, its tricky because now youre getting all these different people, different feedback, and requests. : About six months after we launched the open source library, we had a good bit of free traction some customers using the product for free. Finally, we get to this moment we realize our analytics tool has failed. 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. My dad had his own business in terms of a small-scale contractor. Peter Reinhardt: 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. I learned a bit from seeing that in action. Marketing people who were using tools like HubSpot to generate and post content, and maybe manage other type of things. Alejandro: So originally born and raised in Seattle. When someone is running a fast fundraising process with a whole bunch of people, and its the first time theyre meeting them, its hard for them to assess the person. Why? Segment raised a Acquired of $175M at a $1.5B valuation in April 2019, Segment raised a Acquired of $2M at a $10.5M valuation in October 2013, Segment has 584 total employees and 133 sales reps that carry a quota. Driven, curious and inclusive leader. I think we have someone who just skipped college entirely and is one of our star engineers. I look for evidence of those four things. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. Stokes, who is worth $5.69 billion according to this year's AFR Rich List, has lived in the . Analysts that would go straight to the data. They dont have time to talk to customers. 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. Once again, another product. We had a bunch of professors at MIT who were excited about it, and we built all this over the summer at Y Combinator. : Very nice. I wrote all this code. Cloud 100 . : You were talking about company growth. I didnt find that to be the case in our Series B fundraise. They meet with entrepreneurs to invest. 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. About a year later, we crossed one million in revenue and were growing super-fast. That's where we first bonded, counting fish. Step 2. 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. Further east is none other than long-time resident media tycoon Kerry Stokes, chairman of Seven West. 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. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. Reinhardt, French-Owen and Volodarsky were "totally in awe" of Smith, who also attended MIT (and graduated in two-and-a-half years, according to his LinkedIn profile) and founded Xobni at Y Combinator in 2006. 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. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. You don't get that by trying to be intuitive," he said. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. Where? I think there might be a big business in this open source library. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? Heres what were going to do. I think what that means is, they want to figure out which investments are going to be good. In 2022, Segment revenue run rate hit$144M in revenue. Perhaps they will also appreciate it. Came in the next day and was like, All right, guys. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? People started picking up this open source library. If you solve those, they will reward you for it. This will be a fair test of whether this thing has product/market fit or not. Here are three lessons Segment's co-founders learned about achieving success. Especially in venture, they get very few chips to place, and they want to make those chips well-placed. Finally, Im sure this was a big breakthrough for you guys from understanding the value of being able to listen to your target audience. 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. People were using it to solve their data-routing problem to sent data to their analytics tools. They have a large number of employees. About a year later, we crossed one million in revenue and were growing super-fast. Celebrities Peter Reinhart Net Worth Peter Reinhart Net Worth 2023, Age, Height, Relationships, Married, Dating, Family, Wiki Biography : So, we thought a little bit over the next month or so and decided, We really should have been able to figure out that this tool wasnt working during our summer test sessions, and we should have been able to figure it out by looking at our web analytics. Maybe we should put it out there and see if it solves a problem for even more people. Yeah, it turns out it solves a big problem for people. 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. Then, I think when you get those right execs, then they can build out whole teams. Peter Reinhardt, CEO of Segment.com, made the following comment on his blog when discussing how the firm's noisy open office was lowering the productivity of its engineers: "We can't immediately ditch our open floor plan (although we're looking at various options for our next office. : In that regard, you mentioned the word failing. Segment views itself very similarly to SendGrid. Reinhardt: It's really not something we pay attention to. In a wide-ranging Q&A, Twilio Segment CEO Peter Reinhardt discusses Twilio's $3.2 billion acquisition of the company he co-founded, and the future of CDPs. For us, that is the big transition were going through now, which is how do we figure out the go-to-market strategy and details of who we go after? 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? In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called. The first half of the year, we went from 10 to 12.5, which scared us. Peter Reinhardt: One interesting thing that people always said that I have not found to be true. Peter Reinhardt: You can reach me on Twitter at @reinpk. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. Alejandro: I love it! One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. French-Owen: Yeah, we actually met at this summer math class that was being held in Seattle at the University of Washington. 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. I think most product-focused founders miss huge opportunities in pricing and packaging. People should have all these great feedback loops. I do find that vacation is critically important for actually going and reflecting on things. So, we shut it down and called back all the investors," Reinhardt says. $700,000. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. : Wow. Seit 1984 schreibt er aus Stuttgart vor allem ber landespolitische und wirtschaftliche Themen. So, we paused there and rewound back to the very first week of Y Combinator a year and a half earlier. : 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. Alejandro: Very cool. Peter and his colleague showed up and walked me through using Segment. That was fun. Peter Reinhardt: I read somewhere recently this concept of two ways of responding to problems. So there was a little over a year and a half in there of struggle. The Snapdragon Auto 5G Modem-RF Gen 2 platform brings more processing, networking, and connectivity performance in a smaller and more power-efficient form factor, which are all key requirements for the automotive segment. May 2011 - Jan 202210 years 9 months. Bradford: And how did you meet the two of them, Ilya? That was a disaster for us. If you can leave a review as well, that would be fantastic. 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. Its a test of managing your own psyche as much as an athletic competition. Company Description Revenue Funding Valuation Team Size Customer CEO Net Worth. Can you also send data to my data warehouse? 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. So, getting really clear what the customer about what the exact explicit problem that they have and the economic pain that its creating for them, and then how your product is explosively going to solve that economic pain. Date Of Birth. Peter Reinhardt: We reflect on our company goals every quarter. By the spring of 2011, the friends had landed on the idea for a "classroom lecture tool" that would let students flag any points of confusion to professors. At Segment, Peter Reinhardt is bringing democracy to data. I think that you have something over 500 employees. Segment. We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. My dad had his own business in terms of a small-scale contractor. Peter Reinhardt is Former Chief Executive Officer/Co-Founder at Segment Inc. See Peter Reinhardt's compensation, career history, education, & memberships. . The products "quadrupled revenue," according to Reinhardt. Alejandro: Very nice. We started doing research on that. The idea was to give students this button to push to say, Im confused. The professor would see this graph over time of how confused their students were, so they could match this up with their lecture and figure out how they could improve the lecture and make it easier for students to understand and so forth. by Y Combinator 5/18/2017. For us, Y Combinator was that key foot in the door, into the network of Silicon Valley and the investor scene as you meet some of the investors all at once, YC obviously has connections. The company has raised $300 million from top tier investors such as Accel, Google Ventures, Meritech Capital Partners, Thrive Capital, NEA, Kleiner Perkins, and General Catalyst to name a few. Jobs. Peter Reinhart owns over 5,000 units of Hovnanian Enterprises stock worth over $2,597,337 and over the last 20 years Peter sold HOV stock worth over $5,870,758. Bradford: Think about the "A player" employees at Segment. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. 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. Find Peter's email address, mobile number, work history, and more. Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. Sales is not something that had a ton of appreciation for when we started the company, but I think over time, its something that Ive developed more and more appreciation for. 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. Can you load data not just from my website, but from my mobile apps, and so on? Peter Reinhardt, Segment's CEO, has spoken publicly about being the data infrastructure for the next generation of marketing tech. : Yeah. "Turns out it's a very, very crowded market.". Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. Calvin French-Owen, co-founder of . What happened there? In 2017 Forsberg was named one of the '100 Greatest NHL Players' in history. Oct 25, 2018, 6:00 AM. In that year, we went from 10 to 20; we had a really big scare. There are people who, when they see a problem, tend to shy away from it and be like, Oh, I dont want to deal with the problem. It may be totally subconscious. We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. They do normal things. Its hard for them to understand the broader space. I would love to get to know you and understand this business prior to being under pressure to make a decision.. Segment's new CFO Sandra Smith and CEO Peter Reinhardt. 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. It's been an amazing ride with all the really smart people we're able to work with now. Why? The world has some set of problems, and if youre not solving those problems, and it really doesnt care how you think it should work. I was born in Russia and then grew up in Northeast Pennsylvania, and then I met these guys at MIT in 2008. Im happy with Google Analytics and Mixpanel. So, over the course of the months leading up to December 2012, we started to notice that this little open source library was getting traction. 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