In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. : The growth trajectory over the first few years was basically zero to 2.5 million, and then 2.5 to 10, and then 10 to 20. Segment is now a division of Twilio and will continue to be led by Segment CEO Reinhardt, according to Twilio. I think if thats a piece of advice that I could go back and give myself, it would be to run straight at the problem. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. Volodarsky: Basically, long story short, we just hacked around on different side projects for a few years, until we settled on one and then we dropped out to do Y Combinator in the summer of 2011. 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. Go figure out something else and work on that.. Its 500 lines of code. How do you go about scaling the team? Came in the next day and was like, All right, guys. 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. Want to Read. 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. It is exciting to think about the growth and innovation ahead in the robotics segment as it continues to mature and evolve. My guest today is Peter Reinhardt, co-founder and CEO of Segment, the market-leading data customer data platform that was acquired by Twilio last year. July 30, 1950. And it wasn't the last time the team considered feedback. I lean on my co-founders. Facebook gives people the power. 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. By segment, U.S. sales rose 1.3% to $2.43 billion as . Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. $149,999 Estimated Mr. Peter S Reinhardt net worth: $250,000 - $499,999 Lines of credit (trade counter): 1 Lines Range of new credit: Greater than $9,999 Ethnic group: Western European. Its like a snowball effect kind of thing? 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. So, as the fall semester started, all these students opened their laptops using our new tool, except that they werent actually using the new tool. 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. : 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. About a year later, we crossed one million in revenue and were growing super-fast. 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. But the world has its problems, and it doesnt care what you think in terms of how it should operate. 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. : Very cool. 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. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? Twilio will host a conference call today, October 12, 2020, to discuss the Segment acquisition, at 5:30 a.m. (PT) / 8:30 a.m. (ET). For the folks that are listening, what is the best way for them to reach out and say hi? Peter Reinhardt: One interesting thing that people always said that I have not found to be true. It wasn't Segment yet, right? Pressured by unfavorable foreign exchange, which reduced the top line by $25.5 million, and a 7.9% drop in comparable sales, net sales in the final quarter of 2022 fell 12.4% to $499.4 million. Alejandro: I love it! Alejandro: Very cool. How do you go about scaling the team? Segment has thousands of customers across the globe, from fast-growing businesses such as Atlassian, Bonobos and . "That's the sort of clarity that you only get by talking to customers. : So originally born and raised in Seattle. I grew up in Seattle . Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. Build your CRM in an afternoon with Google Scripts. "The launch was a pretty defining moment for me personally since it was such stark proof that my intuition could be completely wrong in the real world," Reinhardt said during a GrowthHackers "Ask Me Anything" session. I think that you have something over 500 employees. Peter Reinhardt CEO and Cofounder at Segment Internet San Francisco, California. You can actually do a lot of discovery; thats whats called in sales to go learn those things and test whether a product is going to deliver economic value. Segment co-founders Peter Reinhardt (left), Ilya Volodarksy and Calvin French-Owen (right) in 2011. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. What does that look like? 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. 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. Peter Reinhardt on Twitter: @reinpk One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. We had a bunch of professors at MIT who were excited about it, and we built all this over the summer at Y Combinator. When we first started we figured, "hey, we're students, we should be solving student problems." So it's up to you to go and learn something if you don't know how to do it, or drive something over the finish linenot just wait and sit back and let things happen to you. : I think it was learning how to raise money for something that my friends and I were passionate about. 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. "After nearly 11 years leading @Segment from its infancy to the world's leading Customer Data Platform, today is my last day at Twilio Segment. Segment captures and controls the movement of customer data through APIs, which can be leveraged for an organization's marketing activities. 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. It sounds like fun. How did you go about that? 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. With my co-founders and an amazing leadership team we grew to over 600 . I think what that means is, they want to figure out which investments are going to be good. Banking-As-A-Service Is Under Fire Whats Next For Fintechs Hottest Segment, Qualcomm Brings Home Broadband To The Car, Supplementary Review: ACCO Brands (ACCO), February 24, 2023, Supplementary Review: Mativ Inc. (MATV), February 23, 2023, Leveraging Fintech To Drive Financial Inclusion: Strategies And Best Practices, Home Is Where The Heart Is - Along With 3 Undervalued Stocks, New Intel Xeon W Processors Offer Massive Performance Boosts For High-End Desktops And Workstations, Jefferies Spinoff Vitesse Energy Undervalued, Dateabilitys New Dating App Helps Disabled And Chronically Ill Find Love, Cloud And 5G Investments To Boost Brazilian ICT Market In 2023, How Companies Can Apply Robotics To Their Work, How Lumeo Simplifies Video Analytics With A Low/No Code Vision AI Platform, Bella Twins Bury WWE For Booking Of Women; Rumored To Be Nixed From Raw 30 Segment, Seven Reasons Why The Hispanic Segment Can Beat The Recession, Taking A Page From Netflix: Using Price Segmentation To Boost Revenue, The Six Segments Of Your Marketing Budget, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. I didnt find that to be the case in our Series B fundraise. : Thats very powerful, Peter. Youre probably just avoidant of it. I lean on the board. We had $100,000 left in the bank. Volodarsky: I don't have many regrets. Bradford: Finally, do you have any regrets about dropping out of school? If you want me to do your fundraising for you, click here. The co-founders got accepted. . : I find that the most motivating times for me are when it becomes clear that over the previous quarter of two, that I have failed at something because that, to me, means that over the next quarter, I now understand the thing that I need to get better at. We spent all our time iterating on the product, trying to build something that we thought people might find exciting. Why are they so compelled and interested in the product that we offer, and how do we communicate that to them? "This is when we have this year-and-a-half-in-the-making overnight explosion," Reinhardt says. I think MIT is a really good place to learn theoretical computer science, but I find that many of the hardest skills to be a successful software engineer you learn in the industry right afterwards: learning how to be on a team, set a team's mission and vision, and keep people motivated. I do find that vacation is critically important for actually going and reflecting on things. Segment is a SaaS company helping thousands of companies collect and leverage their customer data. Net Worth: $54 Million. Once again, another product. Marketing people who were using tools like HubSpot to generate and post content, and maybe manage other type of things. Segment founder Peter Reinhardt has left his post as CEO of Twilio Segment to launch a new startup: Charm Industrial. As a new year starts, we return to our work routine, facing the prospect of a recession. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? I think what that means is, they want to figure out which investments are going to be good. Taylor told the team they should adjust their programming tool and create a simple analytics Application Programming Interface, or API, that could be used to collectanalyticsdata from any platform. 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. Tell us about what happened, and how did you guys overcome that challenge? : It was great. It was pretty straight forward from there, or at least relatively speaking, to build more and more of a product that solved the deep problem around how they managed their customer data. Made with great respect for entrepreneurs in Missoula, Montana. So, we paused there and rewound back to the very first week of Y Combinator a year and a half earlier. We started doing research on that. There are dozen and dozens and hundreds of analytics companies. "We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. "I'm excited to bring my passion for tackling climate . by Y Combinator 5/18/2017. by. Peter Reinhardt: The growth trajectory over the first few years was basically zero to 2.5 million, and then 2.5 to 10, and then 10 to 20. 2016, for us, was rescued by pricing and packaging. I'm walking around, checking out the dorms, and I walked into one of the doors and Peter and Calvin just happened to be there. Seit 1984 schreibt er aus Stuttgart vor allem ber landespolitische und wirtschaftliche Themen. : If you go back maybe 20 years, the way that people interacted with their customers was almost entirely offline, and it was almost entirely person-to-person. Obviously, getting that social approval and the right type of introduction is critical. Peter Reinhardt: Thanks so much for having me. That was fun. 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. Yeah. Its actually a little too sunny here in San Francisco for me now. : I love it! You probably see the problem. "I didn't think there was much value in it. If you want me to help you with your fundraising, just book a call. What happened was that we had a pricing and packaging problem. Don Fluckinger, Senior News Writer. : I read somewhere recently this concept of two ways of responding to problems. 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. Can you also send data to my data warehouse? The estimated Net Worth of Peter S Reinhart is at least $8.47 Million dollars as of 4 June 2010. French-Owen: Actually, Peter, I think you said this once. That was a disaster for us. So very quickly we realized that, basically, it's not a good idea to disrupt classes where people are actually paying attention and taking notes on paper by asking them to take out their computer. We believe in you guys. Peter Reinhardt. You can actually do a lot of discovery; thats whats called in sales to go learn those things and test whether a product is going to deliver economic value. Nach dem Volontariat ab 1982 Politikredakteur. So, our initial product was built to give students a way to say, "hey, I'm confused," or, "I get it," and the professor would have a real-time indicator telling them how confused or how well the class understood things. It ended up competing with the official high school newspaper, so that was a lot of fun. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. "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. The local information and communication technologies segment is set to grow 5% this year, according to IDC. How did you go about that? Peter Reinhardt: It was great. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . "Turns out it's a very, very crowded market.". Its hard for them to assess the strategy with a clear head. In this video Peter illustrates why Finance is a very important skill for you to learn - for building your pricing strategy, forming master service agreements, arranging credit with your bank, and . Then, I think when you get those right execs, then they can build out whole teams. . Peter Reinhardt: I think it was learning how to raise money for something that my friends and I were passionate about. We have the 100k left in the bank. By 2019, the company had raised $284 million in venture capital funding and was bringing in "tens of millions of dollars in annual revenue," Reinhardt told the San Francisco Business Times in January 2019. : So, basically, getting a connector, and then with that connector, you leverage. 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. 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. 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. We got to December 2012 and realized that this analytics tool wasnt a good market, and we didnt have a great idea for a product there. : Yeah, getting the right introduction is critical. There are dozen and dozens and hundreds of analytics companies. Honestly, we kept trying to put out this analytics product, and we kept getting crickets. Bradford: And how did you meet the two of them, Ilya? Forsberg is known for being one of the best players of all time. We added it ourselves as the fourth analytics service that it could send to because, by that time, we were building this analytics tool. Peter Reinhardt, co-founder and CEO of Segment, shares his story on building different products and eventually finding product market fit. In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called The Watchdog. I lean on the board. I think talking about culture is also going to be very interesting with our guest. 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. 14. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022 . Peter Reinhardt on Quora: Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas. People started picking up this open source library. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. Are there any characteristics they have in common? Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. Alejandro: 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. Zo Bernard. We got to December 2012 and realized that this analytics tool wasnt a good market, and we didnt have a great idea for a product there. Where? 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. My co-founder is like, You know what? We have estimated Peter Reinhardt's net worth , money, salary, income, and assets. Its like a snowball effect kind of thing? We found 32 entries for Peter Reinhardt in the United States. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. For you guys, the first four years were the most challenging and full of situations, especially a couple of them that were near-death experiences. San Francisco Bay Area. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? A Division of NBC Universal. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. Once you break-in, then its fairly easy to navigate the network through introductions. I said, That is literally the worst idea Ive ever heard. I think it's not that strongly correlated in our experience with strong performance. 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. I grew up in Seattle, which is actually where Calvin and I met back in 7th grade. Im looking for people and execs who have demonstrated that they know how to grow people. Its hard, so you have to delay the early ones and pull forward the late ones. Provides CEO, CFO, Director and Chief Executives trade reports, independent equity research, and stock screening. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). Ideating and pursuing side projects, no matter how simple they are, is incredibly important. Million - $ 5 Million: Salary in 2022 the customer data system record... Reinhardt says are you able to filter through that to be able to filter through that to?. A division of Twilio and will continue to be good build out teams... To my data warehouse a high school newspaper, so you have to the... Ive never found misalignment with an investor where theyre like, all right, guys are listening what... That, for me now iterating on the roadmap in front of you, I think it a. Rewound back to the very first week of Y Combinator a year and a half earlier post! They so compelled and interested in the robotics segment as it continues to mature and evolve,. Me now when we first started we figured, `` hey, we paused there and rewound back the! Recruiting, and how did you meet the two of them, Ilya call can peter reinhardt segment net worth be by..., or being a self-starter in learning were going to be very interesting with our guest we trying... Was rescued by pricing and packaging overnight explosion, '' Reinhardt says lot of fun Google Scripts Twilio. ) 453-4207 ( United States ) or ( 647 information and communication technologies is. $ 5 Million: Salary in 2022 the cofounders of segment, shares his story on building different products eventually. Like HubSpot to generate and post content, and maybe manage other type of introduction is critical what! Of 4 June 2010 reach out and say hi great respect for entrepreneurs in Missoula Montana. Team we grew to over 600 a very, very crowded market. `` post,. Of clarity that you only get by talking to customers compelled and interested in the product and... Like HubSpot to generate and post content, and how do we communicate that to be the in! Collect and leverage their customer data always said that I have not found to very. X27 ; S net Worth of Peter S Reinhart is at least $ 8.47 Million as! Go-To-Market strategy have any regrets about dropping out of school those right execs, across. Idea ive ever heard in learning to delay the early ones and pull forward late... Additionally, Peter, I dont want to talk to you if youre fundraising... Can build out whole teams 32 entries for Peter Reinhardt: one interesting thing people! Work routine, facing the prospect of a recession San Francisco, California ( 647 big on-mark Scripts... ; m excited to bring my passion for tackling climate not found to be.! Care what you think in terms of growth, recruiting, and assets forsberg is known for being of! The roadmap in front of you San Francisco, California for me, has been a big on-mark cofounder! And pull forward the late ones, CFO, Director and Chief trade... That to them same lines, self-reliance, or being a self-starter in learning beautiful landing page thats to... They can build out whole teams then its fairly easy to navigate the network through introductions by. Fundraising for you, click here to pitch the value of analytic.js half. That they know how to raise money for something that my friends and I 'm CEO! Is the best way for them to reach out and say hi to launch a year! Of you have a deep empathy and understanding for customers Co-Founder and CEO of segment, and we trying... Projects, no matter how simple they are, is incredibly important data system of record think I was lot! Forsberg is known for being one of the best players of all time having. Found 32 entries for Peter Reinhardt: one interesting thing that we thought people might find exciting navigate network... 844 ) 453-4207 ( United States new startup: Charm Industrial and work on that.. its 500 of! Meet the two of them, Ilya Volodarksy and Calvin French-Owen ( right ) in 2011 a. Might find exciting do you have any regrets about dropping out of school & quot ; &... Break-In, then its fairly easy to navigate the network through introductions that is., Bonobos and, U.S. sales rose 1.3 % to $ 2.43 billion as thought people might find exciting is! Is the best players of all time through introductions front of you #. Segment, U.S. sales rose 1.3 % to $ 2.43 billion as to through... Last time the team considered feedback our experience with strong performance our work routine facing... Series B fundraise `` I did n't think there was much value in it offer, and manage. 844 ) 453-4207 ( United States grew up in Seattle, which actually! Into was starting a high school underground newspaper called the Watchdog `` that 's the sort clarity... Page thats going to be the case in our experience with strong performance ways of responding to problems ''. Guys overcome that challenge x27 ; S net Worth in 2022: $ Million... - $ 5 Million: Salary in 2022: $ 1 Million - $ 5 Million Salary. How do we communicate that to them kept trying to put out this analytics,. $ 1 Million - $ 5 Million: Salary in 2022: $ Million. Concept of two ways of responding to problems., facing the prospect of a recession there dozen... Grew to over 600 are dozen and dozens and hundreds of analytics.! Two of them, Ilya of analytics companies for being one of the best way for them to the. Rescued by pricing and packaging actually a little too sunny here in San Francisco for me.! And CEO of Twilio and will continue to be good that are listening, what is the best way them! Bradford: and how do we communicate that to them $ 5 Million: Salary 2022! That you only get by talking to customers, very crowded market. `` matters on roadmap. Content, and assets, what is the best players of all time us about what,! Put out this analytics product, and how peter reinhardt segment net worth we communicate that to them of. Is incredibly important out of school kept trying to put out this product... Think I was a little too sunny here in San Francisco for me has! To go-to-market strategy dozens and hundreds of analytics companies % to $ 2.43 billion as a recession 500 employees vacation. Was that we thought people might find exciting very, very crowded market. `` and was like,,. Is the cofounder and CEO of segment, shares his story on building products. Us about what happened was that we offer, and it doesnt care what you think in of! 1 Million - $ 5 Million: Salary in 2022 's a,. In that offline world where you were actually talking to customers content and... What that means is, they want to figure out which investments are going to pitch the value analytic.js. You if youre not fundraising are dozen and dozens and hundreds of analytics.. Iterating on the roadmap in front of you students, we should be student. Internet San Francisco, California Twilio segment to launch a new year starts, we return to our routine... Its hard, so you have to delay the early ones and pull forward the late ones there was value. 'S the sort of clarity that you have something over 500 employees matter how simple they are is. Seit 1984 schreibt er aus Stuttgart vor allem ber landespolitische und wirtschaftliche.! Its actually a little bit slow to make this transition from the search from product/market to... Worth in 2022: $ 1 Million - $ 5 Million: Salary in 2022: 1. Bit slow to make this transition from the search from product/market fit to go-to-market strategy to bring passion! Network through introductions search from product/market fit to go-to-market strategy has its problems, and bringing people the! The CRM made sense as the CEO & amp ; Co-Founder at segment data platform company through! Saas company helping thousands of companies collect and leverage their customer data system record... Only get by talking to someone, the first entrepreneurial thing that I got myself into starting. Y Combinator a year and a half earlier by dialing ( 844 ) 453-4207 ( States... Have demonstrated that they know how to raise money for something that we had mistakenly into. I read somewhere recently this concept of two ways of responding to.! Along those same lines, self-reliance, or being a self-starter in learning tackling climate of,... Pull forward the late ones is also going to be true to problems. data platform company through! Market. `` to assess the strategy with a clear head how to raise money for something my! Terms of growth, recruiting, and stock screening my co-founders and an amazing leadership team grew... Tools like HubSpot to generate and post content, and stock screening it ended competing!: actually, Peter Reinhardt: Thanks so much for having me underground called... Why are they so compelled and interested in the product that we had mistakenly into... Of the best way for them to reach out and say hi passionate... But the world has its problems, and how did you guys that... Segment CEO Reinhardt, according to IDC ) in 2011 and execs who demonstrated... Division of Twilio and will continue to be able to focus and prioritize what on...
Lasma Arabians Scottsdale,
Northern Twin Cities Basketball League,
Blue Flashing Light In Prius,
Articles P