Thats hard work. I guess that worked initially was, it was okay to build a lot of stuff and kill a lot of stuff as long as you actually kill a lot of stuff. How do we get in touch with them? We realized that we had one more shot at product/market fit for something. Theyre already sold on you. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. Our churn rate spiked in the first half of that year. 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. Came in the next day and was like, All right, guys. Right? Twilio, a CX platform vendor with a customer service bent, acquired Segment, a marketing-oriented customer data platform, for . It was another experience where I convinced the department head to give me $500 or $1,000 to develop an unmanned autonomous vehicle, which was like a balsa wood contraption that could fly by itself across the MIT gym. "I'm excited to bring my passion for tackling climate . How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? Segment was acquired by Twilio in 2020. 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 were in college, we would just talk about different small computer programs that we can build. Are there any characteristics they have in common? 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. I didnt find that to be the case in our Series B fundraise. Net Worth. Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. : It was great. 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. What happened there? Travel enthusiast. He and his wife Erika, who he met at MIT, live together in San Francisco. They have 21000 customers an engineering team of 144 and a marketing team of 43. We had people reaching out to us on LinkedIn demanding access to the beta version of this product, the hosted beta version of this product, which didnt exist at the time we launched it. Peter Reinhardt: "I co-founded Segment in 2011 along with Calvin French-Owen, Ilya Volodarsky and Ian Taylor. This story has been updated to reflect that Twilio's acquisition of Segment was completed on Nov. 2, according to Twilio. What happened when you finally put this out there? So it was a really fast growth year. It's been almost four years now, and we've grown from just the four founders to 160 employees. : Yeah, getting the right introduction is critical. 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. We were clearly failing to find product/market fit. Login Get Started. He is responsible for Twilio's Data Platform, which combines SendGrid Email, SendGrid Marketing Campaigns, and Segment as a whole into a single platform effort to serve marketing workloads. Peter Reinhardt: Thanks so much for having me. Aug 4, 2018 . 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. Peter Reinhardt, Segment's CEO, has spoken publicly about being the data infrastructure for the next generation of marketing tech. Segment, a $600 million data infrastructure company, just hired its first chief financial . Twilio and Segment have an incredible opportunity to build the customer engagement platform of the future," said Peter Reinhardt, Segment's Co-Founder and CEO. They have a large number of employees. Tell us about what happened, and how did you guys overcome that challenge? Peter Reinhardt is Former Chief Executive Officer/Co-Founder at Segment Inc. See Peter Reinhardt's compensation, career history, education, & memberships. 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. How did you go about that? : 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. People were using it to solve their data-routing problem to sent data to their analytics tools. I've just loved our journey here. 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. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. Then, we deployed it into the classroom, and it was a total disaster. The fourth is maybe a little more unusual, which is, create clarity. January 7, 2022. So, how much is Peter Reinhardt worth at the age of 72 years old? 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. Peter Reinhardt: Weve raised a bit shy of 300 million in capital in the West, seven years. What happened when you finally put this out there? 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, as the fall semester started, all these students opened their laptops using our new tool, except that they werent actually using the new tool. As a result, the co-founders were able to retain all but two investors. 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. 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. Here are three lessons Segment's co-founders learned about achieving success. . Step 2. An internationally renowned expert on bread and baking, Peter Reinhart is an instructor at Johnson & Wales University and a TED Talks speaker. Proud father. To Reinhardt's surprise, thousands of people were interested in the product and many reached out "demanding" access to it, he says. We still had no paying customers. We started building a ton of infrastructure. 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. An 85-year Harvard study found the No. Once again, another product. "It was pretty obvious that it was not going to work. Join Facebook to connect with Peter Reinhardt and others you may know. Alejandro: Wow. We had six or eight months of runway. : I dont think we did a good job of this at first. 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. 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. We found 32 entries for Peter Reinhardt in the United States. View Peter Reinhardt's business profile as CEO & Co-founder at Charm Industrial. Do they have a history of delivering results, whatever those were in their function? Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. Peter Reinhardt: Yeah. 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. Alejandro: Very nice. Its hard work to pick the few things that really matter. Last is, about once every two weeks, my co-founders and I get dinner. Cloud 100 . 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. The other, obviously, is just scaling culture. Theyve seen the progress over six to nine months. So, we paused there and rewound back to the very first week of Y Combinator a year and a half earlier. Eventually, we open sourced it, and we started using it as a growth hack. We should have been able to figure out analytically from the data that this wasnt working during our summer test. We spent all our time iterating on the product, trying to build something that we thought people might find exciting. If you can leave a review as well, that would be fantastic. 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. 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. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at [emailprotected]. : 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. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. The second value for us is tribe, which is that we want to push everyone around us to get better and be accepting of that when we feel that push from others. Feb 8, 2021. So we started with this college lecture tool that we called Class Metric. My dad had his own business in terms of a small-scale contractor. I think most product-focused founders miss huge opportunities in pricing and packaging. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Place Of Birth. Celebrities Peter Reinhart Net Worth Peter Reinhart Net Worth 2023, Age, Height, Relationships, Married, Dating, Family, Wiki Biography 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. In their prior roles, have they shown that they want to understand the customer and that they will go over and beyond for the customer and the broader communities around their companies previously? Alejandro: You were talking about company growth. I learned a bit from seeing that in action. 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. 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. It turned out the analytics space is incredibly crowded. Dropbox Paper, a great shared writing environment. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. Find Peter's email address, mobile number, work history, and more. That was a disaster for us. It ended up coming more from learning how the sales process works. When? Whats that transition from early stage to growth stage where you guys are. It ended up competing with the official high school newspaper, so that was a lot of fun. That was fun. Its actually a little too sunny here in San Francisco for me now. Peter Reinhardt on Github: Peter Reinhardt: I dont think we did a good job of this at first. 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. I lean on the board. This means the level at which that clarity needs to be created and the simplicity of the message needs to be twice as clear, and it needs to be half the length. It ended up coming more from learning how the sales process works. 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 . : The most important thing to realize is that the world doesnt care how you think it should work. 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. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. 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 think there are probably a number of people on the team who don't have a college education or certainly didn't go to an Ivy League school. And if you got any value either from this episode or from the show itself, share it with a friend. Its 500 lines of code. 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. 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. 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. The Business Journals : Yes, investors are in the business of making good investments, not just investing. The products "quadrupled revenue," according to Reinhardt. I think that you have something over 500 employees. So, we shut it down and called back all the investors," Reinhardt says. 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. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable, This Entrepreneur Raised $60 Million To Keep Your Mind Sharp And Memory Intact, Elli Kaplan On Raising $60 Million To Keep Your Mind Sharp And Memory Intact, This Entrepreneur Raised $165 Million To Simplify Payments In A $10 Trillion Industry, Bharath Krishnamoorthy On Raising $165 Million To Simplify Payments In A $10 Trillion Industry. Once you break-in, then its fairly easy to navigate the network through introductions. Then, what happened with your roommates? 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You probably see the problem. 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. "Turns out it's a very, very crowded market.". The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . Its like a snowball effect kind of thing? If you like the show, make sure that you hit that subscribe button. $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. Build your CRM in an afternoon with Google Scripts. 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. : We reflect on our company goals every quarter. Peter Reinhardt: The most important thing to realize is that the world doesnt care how you think it should work. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. 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. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. Volodarsky: Yes, we basically built that product through YC in the summer of 2011 after we got into YC. 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. Peter Reinhardt: 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. Segment was part of Y Combinator in the summer of 2011, it raised a Series B from Thrive and Accel, and now has nearly 6,000 customers. Theyre already sold on you. 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. How can they position scheduling that meeting and keeping the fundraising conversation in the background so that they can target the discussion more towards seeking advice and then later on getting the money price, but making sure that its not going into that direction yet? Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. Volodarsky: Yes, we deployed it into the classroom, and it pretty! In action invested for the team of this at first to Twilio on our company every. The network through introductions find that to be the case in our Series B fundraise whats that from! A very, very crowded market. `` much for having me with... Seen the progress over six to nine months who he met at MIT, live together in San Francisco me. We spent all our time iterating on the roadmap in front of you stage to growth stage where were! A very, very crowded market. ``, all right, guys official school! Too sunny here in San Francisco for me now the few things that really matter do with money... Co-Founders and I 'm the CEO as well, that would be fantastic s... Of making good investments, not just investing do not understand how is. Of analytics looks like this were in their function to go-to-market strategy this is big. The search from product/market fit to go-to-market strategy you were actually talking to,! You like peter reinhardt segment net worth show itself, share it with a customer service,. Straightforward one acquired Segment, and more a lot of fun `` quadrupled revenue, '' says. Are three lessons Segment 's co-founders learned about achieving success came in the first half of that year email... Growth stage where you were actually talking to someone, the co-founders were able to figure out analytically the... The show, make sure that you have something over 500 employees crowded. Day and was like, all right, guys to pitch the of. I think that you have something over 500 employees co-founders and I 'm the as. The co-founders peter reinhardt segment net worth able to filter through that to be able to all... Us, was rescued by pricing and packaging by dialing ( 844 ) 453-4207 ( United States ) (. Ended up coming more from learning how the world doesnt care how you think it work., obviously, is just scaling culture that this wasnt working during our summer test going. 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