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Facebook gives people the power. What happened was that we had a pricing and packaging problem. Laurence Bradford: Can you each give yourselves a quick introduction? We raised a bit of money coming out of demo day for Y Combinator, about 600k. 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? Infrastructure company Segment known for managing the customer data of huge brands from IBM to Glossier was acquired by cloud communications provider Twilio for $3.2 billion in stock in November. 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 local information and communication technologies segment is set to grow 5% this year, according to IDC. : 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. Like, sure, sales is one channel of the 20 I just mentioned, but its just one of 20. : I think the world that we see ourselves and all our customers moving towards is one where all of the data across all of their customer touchpoints is collected and synthesized into a modern customer data system of record, and thats what were trying to build. How do you go about scaling the team? He and his wife Erika live in San Francisco. I think that in the last couple of years, over 100% growth in terms of the number of employees. Peter has over 25 years of experience in professional . Banking-as-a-Service companies are in for a tough ride this 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. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. "It's like, 'Wow, a founder is a normal person too. Bradford: When you're interviewing candidates, do you take into consideration their college education? Thats what Id tell myself. : 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. Step 2. 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. He and his wife Erika, who he met at MIT, live together in San Francisco. His story of rising, falling, and rising again is exceptionally transparent about even his darkest moments. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. With a year left at MIT, the friends took a leave of absence and moved into a three-bedroom apartment in San Francisco to live and work to get their business off the ground. Volodarsky: Yes, we basically built that product through YC in the summer of 2011 after we got into YC. Peter, the people that are listening are probably wondering How do I get the attention from an investor because obviously investors are in the game of investing. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. 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? Marketing people who were using tools like HubSpot to generate and post content, and maybe manage other type of things. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. 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. Lee Evans CEO and Co-founder of SurveyMe, Chris Miller Founder of The Mission Center L3C. 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. Lets say, youd walk into a Nordstroms, and youd talk to someone. 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. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. Then I went off to MIT and started studying aerospace engineering there. : 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. : Yes, investors are in the business of making good investments, not just investing. Heres what were going to do. We found 32 entries for Peter Reinhardt in the United States. 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. Thursday, April 1st, 2021 - 12:35 am. Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. Related by Industry: Business Products & Software Services, Located in San Francisco-Oakland-Fremont, CA Metropolitan Area. What weve really learned is that the process of figuring out whether or a product is going to have product/market fit prelaunch is very similar to the process of testing for qualification in the sales process. Tell us about what happened, and how did you guys overcome that challenge? The January reading for new-home sales is due next week, but the figure rose 2.3% in December. This abandoned high school was converted into a 31-unit apartment building. 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. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. Net Worth. 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. : You can reach me on Twitter at @reinpk. Finally, we get to this moment we realize our analytics tool has failed. We were like, We should put analytics on our classroom lecture tool. Thats hard work. Click Manage settings for more information and to manage your choices. Proud father. Peter Reinhardt: Yeah. As a new year starts, we return to our work routine, facing the prospect of a recession. We thought, Okay. Segment remains Twilio's largest acquisition to date. Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. : In that regard, you mentioned the word failing. Bradford: What kinds of things do you look at in a candidate? For the first class, the guest speaker was Adam Smith, founder of email software company Xobni (Inbox spelled backwards) and machine learning company Kite. Heat some water, preferably in a kettle, so you can pour it into this pan later. 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. 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. I was thinking this would just totally kill it. That was a transformational pricing change. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. This story has been updated to reflect that Twilio's acquisition of Segment was completed on Nov. 2, according to Twilio. : In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? Alejandro: Alrighty. 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. We started building a ton of infrastructure. We started building a ton of infrastructure. Aug 4, 2018 . : Very nice. Segment is the world's leading customer data platform. Can you also send data to my advertising tools? By. Alejandro: I love it! 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 . From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. 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. For us, that is the big transition were going through now, which is how do we figure out the go-to-market strategy and details of who we go after? His father introduced him to the recordings of Belgian gypsy jazz guitarist Django Reinhardt. We have worked hard to create a collaborative and inclusive culture that everyone can feel proud of, and . Organization Name. Well post it to Hacker News, and well see what the developer community thinks of it. What weve really learned is that the process of figuring out whether or a product is going to have product/market fit prelaunch is very similar to the process of testing for qualification in the sales process. By segment, U.S. sales rose 1.3% to $2.43 billion as . Are there any characteristics they have in common? What does that look like? Then, how did you develop this love for aerospace? 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. Filter by State in . Its actually a little too sunny here in San Francisco for me now. 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. Peter Reinhardt: I think it was learning how to raise money for something that my friends and I were passionate about. 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. They have a large number of employees. The Business Journals Peter Reinhardt, 18, aus Deutschland VfB Stuttgart U19, seit 2022 Innenverteidiger Marktwert: - * 23.01.2005 in Frth, Deutschland Peter Reinhardt - Spielerprofil 22/23 | Transfermarkt An internationally renowned expert on bread and baking, Peter Reinhart is an instructor at Johnson & Wales University and a TED Talks speaker. 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? Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. Join Facebook to connect with Peter Reinhardt and others you may know. 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. Peter Reinhardt: I have four things, and theyre mapped exactly to our values. : 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. Login Get Started. Peter Forsberg is a Swedish retired professional hockey player. How to Find Product Market Fit - Peter Reinhardt. Its hard for them to assess the strategy with a clear head. Peter was founder of Segment, the category-defining Customer Data Platform (CDP) acquired by Twilio for $3.2B. French-Owen: Actually, Peter, I think you said this once. Volodarsky: We first met at campus preview weekend [at MIT]. In that year, we went from 10 to 20; we had a really big scare. Bradford: So all three of you went to MIT, however Peter and Calvin, you two met at an earlier time? Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. Im looking for people and execs who have demonstrated that they know how to grow people. Today, we have more than 300 team members working out of offices in San Francisco, New York, Vancouver and most recently, Dublin. Thats what Id tell myself. 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. As of 2023, Peter Frampton's net worth is roughly $20 million. To the friends' surprise, Smith said yes. 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.". 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. 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. Thats probably most of the reflection process. Alejandro: Then eventually, you had to put this out there. Peter Reinhardt is CEO of Twilio Segment, the world's leading Customer Data Platform. 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. I grew up in Seattle, which is actually where Calvin and I met back in 7th grade. We were a year and a half in. 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. . 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. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . Alejandro: Thats very powerful, Peter. It was not at all the growth trajectory that we wanted to be on. 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'll hopefully be alive to see the world achieve net zero by 2050, our children definitely will be. : Makes sense. 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. In fact, the three founders were spending $30K every year on the process of product development. : Very nice. Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt are three of Segment's co-founders In December 2012 the other three founders wanted to use that small piece of code as the basis of a . Bradford: And how did you meet the two of them, Ilya? 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. So, we shut it down and called back all the investors," Reinhardt says. 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. 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. It's been an amazing ride with all the really smart people we're able to work with now. I lean on the board. Segment. That pays back in spades as people then operate on the same operating system of what everyone values inside the company. Segment revenue is $144 million Segment is worth $3.2 billion valuation Segment team size is 584 employees. Peter Reinhardt, who was the CEO of Segment for nearly 11 years, is leaving parent company Twilio today, according to TechCrunch. So, the whole thing blew up on us in a good way over the span of about 24 hours. Segment. How should we sequence our way through the set of possible industries and market segments and roles and so forth? 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. Published: 26 Mar 2021. I think most product-focused founders miss huge opportunities in pricing and packaging. Like, sure, sales is one channel of the 20 I just mentioned, but its just one of 20. So, the whole thing blew up on us in a good way over the span of about 24 hours. What a Series A and from top tier guys. It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. It ended up coming more from learning how the sales process works. Do they have a history of delivering results, whatever those were in their function? I think that you have something over 500 employees. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. This week, we are thrilled to host Peter Reinhardt, CEO & Co-founder of Charm Industrial! We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. Each week in their MIT "Founder's Journey" class, the founder of a successful start-up would speak and answer students' questions. 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. Zo Bernard. Then, we deployed it into the classroom, and it was a total disaster. Bradford: Tell me about that first company idea that you took to Y Combinator. In 2022, Segment revenue run rate hit$144M in revenue. Your father was a carpenter, and also, your mom was an art teacher. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. "That was a big moment for us," Reinhardt says. 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. Alejandro: Very cool. 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. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening?

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