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. At the age of 14, he started to play in a band called the Trubeats, followed by a band called the Preachers. 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. 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 do you go about first, identifying the problem, then finding a solution, and then executing on it as a whole when it comes to strategy and execution for Segment? We made a pricing and packaging change where we rolled the two separate packages into a single package, and then changed our self-service pricing relative to our sales list price for larger contracts. So many lessons learned, so many things that you guys have done, so many experiences now, if you had the chance to go back in time, Peter, and have a conversation with your younger self and give that younger self one piece of advice before launching a business, what would that be, and why, knowing what you know now? That was a disaster for us. I do find that vacation is critically important for actually going and reflecting on things. Bradford: What kinds of things do you look at in a candidate? How did you go about that? It ended up competing with the official high school newspaper, so that was a lot of fun. 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. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. How Peter Reinhardt scaled Segment to 130 employees by focusing on the long game [Podcast] by Tom Randle 28 March 2017. Login Get Started. 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. 2016, for us, was rescued by pricing and packaging. Where? What happened was that we had a pricing and packaging problem. 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. We did that. Go figure out something else and work on that.. : Very cool. 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. By. 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. "It's like, 'Wow, a founder is a normal person too. : Makes sense. We started doing research on that. 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. Like, Classrooms should be digitized. 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. 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. Number of Past Jobs 1. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. I've just loved our journey here. 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. This abandoned high school was converted into a 31-unit apartment building. Filter by State in . Can you also send data to my data warehouse? It ended up coming more from learning how the sales process works. Then I went off to MIT and started studying aerospace engineering there. Peter Reinhardt, 18, aus Deutschland VfB Stuttgart U19, seit 2022 Innenverteidiger Marktwert: - * 23.01.2005 in Frth, Deutschland Peter Reinhardt - Spielerprofil 22/23 | Transfermarkt In 1967 16-year-old Frampton found success when he became the lead . Sales people who were reaching out to the customers and emailing them directly, tracking them within Salesforce. 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. Its like a snowball effect kind of thing? How do we get in touch with them? They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. If you solve those, they will reward you for it. Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. They dont have time to talk to customers. Eventually, we open sourced it, and we started using it as a growth hack. I think what that means is, they want to figure out which investments are going to be good. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. 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. People should have all these great feedback loops. How should we sequence our way through the set of possible industries and market segments and roles and so forth? He and his wife Erika live in San Francisco. Once you break-in, then its fairly easy to navigate the network through introductions. I've tried Salesforce and. 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. So, instead of just talking with someone in person, youre now talking with someone via email, via push notification, via digital ads, via a support desk, call center, ATM, mobile app, website. 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. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. About a year later, we crossed one million in revenue and were growing super-fast. 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. Peter Reinhardt: 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 created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. I work primarily on technical and backend things. They do normal things. Thursday, April 1st, 2021 - 12:35 am. We still had no paying customers. Twilio, a CX platform vendor with a customer service bent, acquired Segment, a marketing-oriented customer data platform, for . We realized that we had one more shot at product/market fit for something. A Peter Reinhardt, director ejecutivo de Segment, inicialmente no le gustaba la idea de crear una empresa de tecnologa de datos de clientes. : Very cool. 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. Jobs. : The most important thing to realize is that the world doesnt care how you think it should work. Peter Reinhardt: We reflect on our company goals every quarter. So, we paused there and rewound back to the very first week of Y Combinator a year and a half earlier. Calvin French-Owen: I'm Calvin, I'm another one of the cofounders at Segment. I think that in the last couple of years, over 100% growth in terms of the number of employees. Still, not everything went as planned. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? 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. This was better than pessimistic projections, though the naysayers argue that this is a small segment of the overall housing market. 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 saw a year's worth of digital acceleration during an unprecedented time. We believe in you guys. Don't miss:Chase Sapphire Preferred is offering a massive 80,000-point bonus for a limited time, Check out:How this 16-year-old turned her homemade chicken wing sauce into a business bringing in 6 figures a year. Peter Reinhardt: Yes, investors are in the business of making good investments, not just investing. Its actually a little too sunny here in San Francisco for me now. 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. It sounds like fun. Reinhardt, French-Owen and Volodarsky were "totally in awe" of Smith, who also attended MIT (and graduated in two-and-a-half years, according to his LinkedIn profile) and founded Xobni at Y Combinator in 2006. Youre probably just avoidant of it. Managing your psyche through years of failure and ever-increasing pressure is the perfect test of willpower. That has been a challenging pace to keep up with, so I lean on investors. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. I think that you have something over 500 employees. 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. By Allison Schiff. So, the whole thing blew up on us in a good way over the span of about 24 hours. Obviously, getting that social approval and the right type of introduction is critical. The world has some problems, and you have to listen and learn to listen very carefully to hear other people explain what their problems are hear other businesses explain what their problems are. We always find ourselves having to put way more effort into that than we think is necessary, and it always pays back in spades to reinforce our core company values again and again in as many different places as we can in the interview process, in the welcome package for onboarding, in the performance review at all hands every two weeks, etc. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. 2023 Forbes Media LLC. Its 500 lines of code. Then, what happened with your roommates? They decided to focus on "building something for uses that we could test quickly," Reinhardt says. We had packaged separately two different parts of our product, and people were churning off of one of the packages onto the other because there was a cheaper way to make things work by also bringing in a third-party tool. : Amazing. What does that look like? Bradford: So all three of you went to MIT, however Peter and Calvin, you two met at an earlier time? Then, how did you develop this love for aerospace? Do they have a history of delivering results, whatever those were in their function? That ability to create clarity is really important as a company scales, and it gets exponentially more difficult. Alejandro: Very nice. 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. How do you go about scaling the team? The January reading for new-home sales is due next week, but the figure rose 2.3% in December. The world has some set of problems, and if youre not solving those problems, and it really doesnt care how you think it should work. I think the tough learning or humbling learning there was like the world doesnt care what you think. 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. For you, personally, what does that reflection process look like? Peter Reinhardt: I read somewhere recently this concept of two ways of responding to problems. Alejandro: Very cool. Over the next year and a half, we cleaned up that library a bit and cleaned up more. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. Then, met [the rest of] these guys at MIT when I was studying Aerospace Engineering. : You were talking about company growth. Ilya Volodarsky: I work in the products engineering team, so both doing products and engineering. It sounds like fun. Last is, about once every two weeks, my co-founders and I get dinner. Its hard for them to assess the strategy with a clear head. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. If you solve those, they will reward you for it. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. Some initiatives work; some initiatives dont work. Heres what were going to do. Bradford: So Class Metric is the startup you took to Y Combinator. Peter Reinhardt on LinkedIn: I was thinking this would just totally kill it. Seit 1984 schreibt er aus Stuttgart vor allem ber landespolitische und wirtschaftliche Themen. At Segment, Peter Reinhardt is bringing democracy to data. Build your CRM in an afternoon with Google Scripts. Alejandro: In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? Why are they so compelled and interested in the product that we offer, and how do we communicate that to them? 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. : 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. Especially in venture, they get very few chips to place, and they want to make those chips well-placed. 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. Alejandro: Very nice. In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. 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. Go figure out something else and work on that.. 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. . Id love to use this to send data to Google Analytics and Mixpanel. We said, Well, wed love it if you would just turn on our tool and send data to us too. Theyre like, Nay. This is a BETA experience. 14. In a wide-ranging Q&A, Twilio Segment CEO Peter Reinhardt discusses Twilio's $3.2 billion acquisition of the company he co-founded, and the future of CDPs. In your case, how much capital have you guys raised for Segment? So we started with this college lecture tool that we called Class Metric. Opinions expressed by Forbes Contributors are their own. I write about tech companies, careers, and in-demand skills. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. A live webcast of the conference call, as well as a replay of the call, will be available at investors.twilio.com. So there was a little over a year and a half in there of struggle. Celebrities Peter Reinhart Net Worth Peter Reinhart Net Worth 2023, Age, Height, Relationships, Married, Dating, Family, Wiki Biography 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. Driven, curious and inclusive leader. 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? Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. Alejandro: Very cool. Do they have a history of delivering results, whatever those were in their function? 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. I look for evidence of those four things. I know that next year, the challenge is going to be twice as hard again. I think we have someone who just skipped college entirely and is one of our star engineers. All Rights Reserved. After a year of working on that, we had burned down to maybe 100k left in the bank, and we didnt have that much cash left. . In that year, we went from 10 to 20; we had a really big scare. Its difficult to differentiate and build a compelling product. Spring 2012. Your father was a carpenter, and also, your mom was an art teacher. 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. Are there any characteristics they have in common? I said, That is literally the worst idea Ive ever heard. "We were in a pretty downward spiral at that point. In 2022, Segment revenue run rate hit$144M in revenue. Yeah. . 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? 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 ended up coming more from learning how the sales process works. 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. . 2020 ideamensch. That's where we first bonded, counting fish. Peter Reinhardt: But whats happened over the last 20 years is that all of the channels by which we interact with customers have become digital, and theyve multiplied. Between fall 2011 and winter 2012, the co-founders worked 80 to 100 hours a week creating a new product for Segment a web analytics tool for companies to better understand their customers' behavior. Youre probably just avoidant of it. Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. 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. I would love to get to know you and understand this business prior to being under pressure to make a decision.. His net worth has been growing significantly in 2021-2022. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. Next year, the CEO and CTO of Segment which provides a customer service bent, acquired Segment peter! 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