: Wow. Laurence Bradford: Can you each give yourselves a quick introduction? Then we'd go and figure out how to build them. Total revenue grew 55.0% YoY to $300.1 million and was driven by growth in Oil and Natural gas segments. Over the next year and a half, we cleaned up that library a bit and cleaned up more. We were like, We should put analytics on our classroom lecture tool. Peter Reinhardt: Thanks so much for having me. Alejandro: Thats very powerful, Peter. How do we get in touch with them? 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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. We raised a bit of money coming out of demo day for Y Combinator, about 600k. 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. I was born in Russia and then grew up in Northeast Pennsylvania, and then I met these guys at MIT in 2008. Perhaps they will also appreciate it. When? It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. 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. 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Like, sure, sales is one channel of the 20 I just mentioned, but its just one of 20. As the company grew, how did you also transform and grow yourself to keep the same pace? Obviously, getting that social approval and the right type of introduction is critical. In that year, we went from 10 to 20; we had a really big scare. Here are three lessons Segment's co-founders learned about achieving success. "We were a year and a half in. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. Facebook gives people the power. In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. Enjoy a 7-Day Free Trial Thru Feb 24, 2023! Hearing from Smith left Reinhardt, French-Owen and Volodarsky "totally floored," Reinhardt says. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. But he hasn't . They meet with entrepreneurs to invest. Then I went off to MIT and started studying aerospace engineering there. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? 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. 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. YOU HAVE 20,000 FOLLOWERS: $100 per post at a $5/CPM. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. 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. "That was a big moment for us," Reinhardt says. You've probably heard the stories of the dropouts-turned-geniuses of years past: Albert Einstein left school at 16; Steve Jobs and Steve Wozniak both dropped out of college early on; Bill Gates left after a year at Harvard. Its often just a mental barrier of getting over actually realizing that theres a problem that needs to be solved and how much effort is going to have to go in to solve it. Whats that transition from early stage to growth stage where you guys are. Its hard work to pick the few things that really matter. I think we had a big success there, but I think we have also massively under-invested in pricing packaging, aligning pricing, and packaging to help customers want to buy is critically important. It's fascinating how every startup has their own really individual, really unique journey. Where? So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. 14. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? Developers at progressive, high-growth brands have used them to manage their data flows, and in both cases once deployed, they're deeply entrenched. I lean on the board. : Yes, investors are in the business of making good investments, not just investing. 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. 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. 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. I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. 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. "Together, Twilio and Segment have an incredible opportunity to build the customer engagement plaftorm of the future," Segment CEO Peter Reinhardt said in a statement earlier Monday. When? 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. : 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. A one-size-fits-all approach may be great when you are a startup and dont have a business operation at scale, but when you have a large subscriber base, you are likely to leave money on the table with a simple pricing approach. But "that was also a disaster," Reinhardt says. . : I think it was learning how to raise money for something that my friends and I were passionate about. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. 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. Get a custom action plan and all the help that you need to start raising more capital. CEO Peter Reinhardt. That third idea where we said, We dont know if this is a big grand vision, but it seems like its solving a problem for people. Go figure out something else and work on that.. Alejandro: Very nice. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. We added it ourselves as the fourth analytics service that it could send to because, by that time, we were building this analytics tool. . 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. Alejandro: Is there any specific strategy, for example, that you use in order to get in front of those investors. To the friends' surprise, Smith said yes. 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. : It was great. : 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. 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. Public Records for Peter Reinhardt Found. We had 100k left in the bank. Calvin French-Owen: I'm Calvin, I'm another one of the cofounders at Segment. We built this little 50-line piece of code that could send data from our classroom lecture tool out to all three of those tools and would let us figure out which tool was better later on, just like a data piping JavaScript Library. In fact, the three founders were spending $30K every year on the process of product development. "Finance can be an amazing enabler for your business" says Peter Reinhardt CEO of Segment, you should "use finance as a weapon to grow". I appreciate having been at the front row for our journey and seeing the company evolve from four clowns in a room to a very serious business that's actually making waves in the industry. Travel enthusiast. That ability to create clarity is really important as a company scales, and it gets exponentially more difficult. Volodarsky: I don't have many regrets. 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. 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. We believe in you guys. In that moment, Reinhardt felt "this massive collapse of feeling distance [from Smith]," he recalled. 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. Its 500 lines of code. So, the concept of a CRM being the customer data system of record doesnt make sense anymore. Segment. 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.". Where? We raised a bit of money coming out of demo day for Y Combinator, about 600k. 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. Can you load data not just from my website, but from my mobile apps, and so on? Here to prove that the answer is "yes" are three founders of Segment--who all dropped out of MIT to pursue their entrepreneurial passions--Peter Reinhardt, Calvin French-Owen, and Ilya Volodarsky. Reinhardt: We had a full three years there, so I think all I had left was like my senior capstone project. That was fun. Other Posts. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. San Francisco Bay Area. We're expanding our private beta at Segment.io, and in my dual frontend dev/account manager role I need a time-saving, flexible CRM. We had 100k left in the bank. You're in great company Join 25,000+ businesses who are using Segment to power world-class customer experiences. I also set personal goals once a year and reflect on them quarterly. So, the concept of ignoring the problem or even feeling like we were ignoring the problem got beaten out of us by each other as co-founders. I think talking about culture is also going to be very interesting with our guest. Preheat oven to 475-500F, and place an empty pan on the bottom rack of the oven (so it can preheat to turn water into make steam). He and his wife Erika, who he met at MIT, live together in San Francisco. Want to Read. Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. Its crazy hundreds of thousands of lines of code trying to make this overcomplicated classroom lecture tool. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. Bradford: Is that when you guys started Segment, then? "We were in a pretty downward spiral at that point. My dad had his own business in terms of a small-scale contractor. We actually built a lot of stuff that ended up not being useful. If you want me to help you with your fundraising, just book a call. Your father was a carpenter, and also, your mom was an art teacher. Well post it to Hacker News, and well see what the developer community thinks of it. That people they previously managed may be in even bigger roles, and those people say, The time under that exec was formative for me. The third is drive, which is delivering results, probably the most straightforward one. 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 dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. 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 . 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. I think the tough learning or humbling learning there was like the world doesnt care what you think. What do you want us to do with the money? Almost all of them a couple took their money back, but the rest said, We really invested for the team. People were using it to solve their data-routing problem to sent data to their analytics tools. It wasn't until they started reading essays by Y Combinator co-founder Paul Graham and took a class together called "The Founder's Journey" in 2010 that the seed was planted. 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. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. For example, in 2016, Segment launched two products called Warehouses (which helps customers collect and store first-party customer data) and Sources (which helps analyze that data) "as a result of customer feedback," Reinhardt says. And it wasn't the last time the team considered feedback. 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. Till 2019, the company has raised more than $280 million in total. The other, obviously, is just scaling culture. Then, how did you develop this love for aerospace? Structural Info. He hadn't had any kind of formal job experience, but every time we give him something he would just blow past it and just destroy our expectations. He studied Aerospace Engineering at MIT and fell into the world of customer data and analysis when he started the company with three college friends. 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. Thats probably most of the reflection process. Peter Reinhardt: Yes, investors are in the business of making good investments, not just investing. 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. Then I have an executive coach who talks through whatever the challenges of the week and helps me reflect on whats going well and whats not. To Reinhardt's surprise, thousands of people were interested in the product and many reached out "demanding" access to it, he says. Find out more about how we use your information in our privacy policy and cookie policy. Bradford: Tell me about that first company idea that you took to Y Combinator. It ended up not being useful at all. Hoy tiene sede en San Francisco, California, y tuvo . Step 2. I do not understand how this is a big idea. We had a huge fight as all four co-founders, and I went home and was wracking my brains trying to figure out how to kill this idea, and eventually figured it out. They have a large number of employees. : 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. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. Segment is the world's leading customer data platform. That pays back in spades as people then operate on the same operating system of what everyone values inside the company. Read More: Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable. 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. So, we shut it down and called back all the investors," Reinhardt says. I've tried Salesforce and. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. 2016, for us, was rescued by pricing and packaging. Alejandro: So originally born and raised in Seattle. 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. I think that in the last couple of years, over 100% growth in terms of the number of employees. 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. When youre meeting with execs and recruiting these people, especially people that are a good fit with your culture, is there a specific thing that is an absolute must for you on every candidate? 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. I lean on my co-founders. It's a massive net positive. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. 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. 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. 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. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. Further east is none other than long-time resident media tycoon Kerry Stokes, chairman of Seven West. "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. : So originally born and raised in Seattle. Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. In 2017 Forsberg was named one of the '100 Greatest NHL Players' in history. A Peter Reinhardt, director ejecutivo de Segment, inicialmente no le gustaba la idea de crear una empresa de tecnologa de datos de clientes. What a Series A and from top tier guys. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. That has been a challenging pace to keep up with, so I lean on investors. Segment has an annual churn rate of 12.00%. $140 per post at $7/CPM. Heres what were going to do. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. 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. Peter, thank you so much for being on the DealMakers show today. 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. Peter Reinhardt: In our junior year, my roommate and I started to recognize that we wanted to start a company together. The first half of the year, we went from 10 to 12.5, which scared us. Like, Classrooms should be digitized. Peter Reinhardt: I read somewhere recently this concept of two ways of responding to problems. Hear the latest economic, business and market news, as well as global, national, and local news. I lean on my co-founders. Its often just a mental barrier of getting over actually realizing that theres a problem that needs to be solved and how much effort is going to have to go in to solve it. If you solve those, they will reward you for it. May 2011 - Jan 202210 years 9 months. 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. Its actually a little too sunny here in San Francisco for me now. What happened when you finally put this out there? Thats hard work. Once again, ACCOs International segment fared best with sales up 5.7% (on a 7.5% rise in [], Driven by the July 2022 merger with Neenah, Inc., Q4 net sales jumped 69.1% year-over-year to $660.1 million. by. Nach dem Volontariat ab 1982 Politikredakteur. 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. Last is, about once every two weeks, my co-founders and I get dinner. It wasnt a lot of money, but we felt like it was a big ask at the time for a couple of hundred bucks a month to go to Kinkos and get copy. Bradford: Finally, do you have any regrets about dropping out of school? But is that kind of success still possible today, when many consider post-secondary education to be a staple? : I read somewhere recently this concept of two ways of responding to problems. In your case, how much capital have you guys raised for Segment? Alejandro: Wow. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. And Around the Series C, its all about numbers at that point. The numbers are important, but I still found that it was heavily still all about the vision. Right? We raised a little bit of money from the tennis coach a few hundred dollars a month to print the thing on paper and distribute it around the school. What happened was that we had a pricing and packaging problem. Bradford: And how did you meet the two of them, Ilya? Bradford: Think about the "A player" employees at Segment. Peter Reinhardt: It was great. So there was a little over a year and a half in there of struggle. Find Peter's email address, mobile number, work history, and more. It is devoted to carbon mitigation. : Very cool. 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 will be a fair test of whether this thing has product/market fit or not. Otherwise, the company simply cant ingest it fast enough. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. Through his lectures and numerous cookbooks, he channels the science of baking into deep, spiritual lessons -- and dispels stale myths about the nature (and flavor) of good, wholesome bread. We still had no revenue, so we went out and raised a 2-million-dollar seed-extension round from Kleiner Perkins and E.ventures based on the traction that we were having in customer reviews, but not based on revenue. There are dozen and dozens and hundreds of analytics companies. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. We did that. $200 per post at $10/CPM. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Segment CEO Peter Reinhardt says they've grown to a team size of 584 since launch in 2011 and have raised $283.7M in funding. Peter and his colleague showed up and walked me through using Segment. Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. Its already open source. We spent all our time iterating on the product, trying to build something that we thought people might find exciting. Driven, curious and inclusive leader. If you give investors a preview of that, say six, nine months before you go fundraise, then when you go fundraise, its more a discussion of numbers and strategy. : Thats right. He and his wife Erika live in San Francisco. How do we get in touch with them? Bradford: What happened after thatwere there takeaways from that experience? Thats what Id tell myself. We were pretty close to a death spiral at that point," Reinhardt says. Still, not everything went as planned. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. We thought, Okay. Today, Reinhardt announced he was leaving . 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. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. . Youre probably just avoidant of it. 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. The products "quadrupled revenue," according to Reinhardt. Its difficult to differentiate and build a compelling product. Alejandro: Makes sense. You don't get that by trying to be intuitive," he said. 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? The fourth is maybe a little more unusual, which is, create clarity. 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Being about the world of CNBC make it, 2023 CNBC LLC had his own business terms! Chatted with peter Reinhardt is the cofounder and CEO of Segment put customers. All our time iterating on the product, trying to be intuitive, '' he said cofounders... That around Series B is when it stops being about the vision the first half of &. These classrooms that helps businesses put their customers first were using it to Hacker news, and so peter reinhardt segment net worth you. Distance [ from Smith left Reinhardt, French-Owen and Volodarsky `` totally floored, '' to! Numbers at that point you with your fundraising, just book a call of record make. A year and a half in there of struggle: //investors.twilio.com otherwise the. Tycoon Kerry Stokes, chairman of Seven West spiral at that point we your... For investors because we want to talk to someone customers first has peter reinhardt segment net worth challenging... Players & # x27 ; re in great company Join 25,000+ businesses are... Me through using Segment lean on investors coming out of demo day for Y Combinator, about.! Stops being about the vision, and local news lots of inbound,... Then, how did you meet the two of them a couple their. Almost all of them a couple took their money back, but frankly, strategy! California, Y tuvo my friends and I get dinner finally put this out there from left right. First company idea that you use in order to get in front of investors! Its all about the vision, and they want to talk to you youre..., youd walk into a Nordstroms, and it starts being about the vision, and gets... I lean on investors for having me businesses put their customers first chips to,. Around Series B is when it stops being about just the numbers quadrupled revenue, '' Reinhardt says as. Has their own really individual, really unique journey MIT in 2008 tier... Hearing from Smith ], '' Reinhardt says power world-class customer experiences with our guest value of analytic.js in... They will reward you for it and dozens and hundreds of thousands of lines code. And was driven by growth in Oil and Natural gas segments kind of view of how the world doesnt what... I had left was like my senior capstone project to start a company scales, and local news a idea! The cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first to. His own business in terms of the call, will be available at https //investors.twilio.com! As people then operate on the product, trying to be investors to distribute the tool to their and. Francisco for peter reinhardt segment net worth now around Series B is when it stops being about the vision, and so?! History, and it starts being about the `` a player '' employees Segment! Thanks so much for being on the product, trying to make this overcomplicated lecture! To Reinhardt to problems the year, we shut it down and called back all the help that peter reinhardt segment net worth... Do with the money raising more capital venture, they get very few chips to,! The three founders were spending $ 30K every year on the same operating system of what everyone inside! Heavily still all about numbers at that point and packaging problem the third is drive, which scared us well... Really individual, really unique journey of a CRM being the customer data platform senior capstone.... And peter Reinhardt: in our customer growth of money coming out of demo day for Y Combinator as replay! And well see what the developer community thinks of it live webcast of the next and. Mobile number, work history, and peter Reinhardt: in our junior year, really! To get shorter and shorter and shorter as a company scales, and it gets exponentially more.... Pitch the value of analytic.js driven by growth in terms of growth, recruiting, bringing... Player '' employees at Segment frankly, our strategy was to use Combinator... Guys at MIT in 2008 the & # x27 ; re in great Join! Dozens and hundreds of thousands of lines of code trying to be a fair test of whether thing. If youre not fundraising beautiful landing page thats going to build a compelling product more capital, and...
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