French-Owen: Actually, Peter, I think you said this once. by. 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 lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. Segment did not raise any money in its starting years. It was not at all the growth trajectory that we wanted to be on. But is that kind of success still possible today, when many consider post-secondary education to be a staple? Net Worth. Then, how did you develop this love for aerospace? Peter Reinhardt: Yeah, getting the right introduction is critical. We built the landing page and posted it on Hacker News. You probably see the problem. Taking what could be their last chance with the money they had left, the co-founders paused and started to reflect on what they were taught at Y Combinator. We have the 100k left in the bank. 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. 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. Want to Read. Hello everyone, and welcome to the DealMakers show. : 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. The local information and communication technologies segment is set to grow 5% this year, according to IDC. 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. Alejandro: In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? My co-founder is like, You know what? Peter Reinhardt spent the last decade as CEO at Segment helping to build the customer data platform, selling it to Twilio for $3.2 billion along the way. We actually built a lot of stuff that ended up not being useful. Proud father. French-Owen: At the time it was something completely different. I was thinking this would just totally kill it. "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. 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. 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. 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. He and his wife Erika, who he met at MIT, live together in San Francisco. In your case, how much capital have you guys raised for Segment? Other Posts. 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. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. 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. "We were a year and a half in. Why Twilio is buying customer data start-up Segment for $3.2 billion, Building a $500 million empire out of junk, How this 39-year-old earns $26,000 a year in California. I learned a bit from seeing that in action. You are the master or the owner of your own future. : 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. It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. The estimated Net Worth of Peter S Reinhart is at least $8.47 Million dollars as of 4 June 2010. 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. 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. "We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. : The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? Finally, we get to this moment we realize our analytics tool has failed. How did you go about that? There are dozen and dozens and hundreds of analytics companies. : We reflect on our company goals every quarter. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. For the first class, the guest speaker was Adam Smith, founder of email software company Xobni (Inbox spelled backwards) and machine learning company Kite. Opinions expressed by Forbes Contributors are their own. Right? Calvin French-Owen, co-founder of . The thing that has been most consistent for me, one of those dimensions, is creating clarity and value, which is the company grows by a factor of two over the course of a year. Its hard work to pick the few things that really matter. As a result, the co-founders were able to retain all but two investors. Alejandro: So, basically, getting a connector, and then with that connector, you leverage. "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. 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. 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. Once you break-in, then its fairly easy to navigate the network through introductions. 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. Alejandro: The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? It's been almost four years now, and we've grown from just the four founders to 160 employees. 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. Peter Reinhardt CEO and Cofounder at Segment Internet San Francisco, California. We built the landing page and posted it on Hacker News. I look for evidence of those four things. Online Class Startup School Video. 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. Peter Reinhardt: "I co-founded Segment in 2011 along with Calvin French-Owen, Ilya Volodarsky and Ian Taylor. Ilya Volodarsky: I work in the products engineering team, so both doing products and engineering. Honestly, we kept trying to put out this analytics product, and we kept getting crickets. by Y Combinator 5/18/2017. Each week in their MIT "Founder's Journey" class, the founder of a successful start-up would speak and answer students' questions. 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. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. Eventually, we open sourced it, and we started using it as a growth hack. : The most important thing to realize is that the world doesnt care how you think it should work. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. 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. The other, obviously, is just scaling culture. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. Peter Forsberg's net worth is roughly $54 million, making him the 15th richest hockey player in the world. But that changes with the new Xeon W series. We have the 100k left in the bank. Now, youve been at it for quite a while with the business, and everything started back in 2011. Last is, about once every two weeks, my co-founders and I get dinner. We also have Peter Reinhardt, CEO of Twilio segment, joining us for Q&A. . Segment's co-founder and CEO; 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 Y Combinator. The January reading for new-home sales is due next week, but the figure rose 2.3% in December. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? What I mean by that is, rather than meeting one exec candidate one week or two candidates the next week, and then one candidate the next week, and three candidates the next week, what we try to do is bunch the candidates up so that I meet three candidates in a day for three days in a row. Peter Reinhardt - https://twitter.com/reinpk - is cofounder and CEO of Segment - https://segment.com/ Segment helps companies capture data from every custome. Jobs. The hardest thing is breaking into the network for the first time. 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. That has been a challenging pace to keep up with, so I lean on investors. Once we have found one problem, people were willing to dump all their other problems onto us as well. . By Bread Alone: A Baker's Reflections on Hunger, Longing, and the Goodness of God. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. My dad had his own business in terms of a small-scale contractor. After noticing how it was being used, Taylor recommended they take it commercial and make that Segment's product. "It was pretty obvious that it was not going to work. 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 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. Why are so many SaaS founders taking money from Founderpath.com instead of VC`s? When we first started we figured, "hey, we're students, we should be solving student problems." Developers at progressive, high-growth brands have used them to manage their data flows, and in both cases once deployed, they're deeply entrenched. Then, I think when you get those right execs, then they can build out whole teams. 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. So, how much is Peter Reinhardt worth at the age of 72 years old? Still, not everything went as planned. Segment. If you want me to do your fundraising for you, click here. I look for evidence of those four things. Segment captures and controls the movement of customer data through APIs, which can be leveraged for an organization's marketing activities. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. Its hard, so you have to delay the early ones and pull forward the late ones. Peter Reinhardt: Yes, investors are in the business of making good investments, not just investing. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. : Then eventually, you had to put this out there. We still had no paying customers. Further east is none other than long-time resident media tycoon Kerry Stokes, chairman of Seven West. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. So, our mind was already there, and when we decided to not work on Class Metrics anymore we kind of pivoted into the analytic space. 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. Otherwise, the company simply cant ingest it fast enough. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. 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. Last is, about once every two weeks, my co-founders and I get dinner. 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? It wasn't Segment yet, right? If they can provide some kind of meaningful value there, you should weight that way, way more than any kind of past experience that they've had. For information about how Segment handles your personal data, please see our privacy policy. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal . 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. How do we get in touch with them? . Kendall Vanderslice (Goodreads Author), Peter Reinhart (Foreword) 4.48 avg rating 25 ratings 2 editions. Bradford: What kinds of things do you look at in a candidate? Lets say, youd walk into a Nordstroms, and youd talk to someone. : I read somewhere recently this concept of two ways of responding to problems. 2016, for us, was rescued by pricing and packaging. In that year, we went from 10 to 20; we had a really big scare. I think oftentimes, people maybe go a little bit too down the rabbit hole of thinking that its just numbers, numbers, numbers after Series A. I actually think for the really big companies that are unlocking their ways into bigger and bigger sequential markets like the vision and how youre building into that from a product roadmap perspective is still super important. This week, we are thrilled to host Peter Reinhardt, CEO & Co-founder of Charm Industrial! 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 think the tough learning or humbling learning there was like the world doesnt care what you think. Then, I think when you get those right execs, then they can build out whole teams. 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. The fourth is maybe a little more unusual, which is, create clarity. Why? 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. 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