That needs to happen, but what shouldnt change is there should be some set of values that are literally the things that you value that shouldnt change if its the things that you value. The other, obviously, is just scaling culture. About a year later, we crossed one million in revenue and were growing super-fast. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. Driven, curious and inclusive leader. Tell us about how you guys went about the fundraising process as well. 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. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. They meet with entrepreneurs to invest. Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. Bradford: Tell me about that first company idea that you took to Y Combinator. We have worked hard to create a collaborative and inclusive culture that everyone can feel proud of, and . It's a massive net positive. "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. Its a test of managing your own psyche as much as an athletic competition. The co-founders got accepted. Forsberg is known for being one of the best players of all time. 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. In that year, we went from 10 to 20; we had a really big scare. 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. 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. Segment did not raise any money in its starting years. I would love to get to know you and understand this business prior to being under pressure to make a decision.. : I have four things, and theyre mapped exactly to our values. We had 100k left in the bank. Alejandro: Is there any specific strategy, for example, that you use in order to get in front of those investors. : In that regard, you mentioned the word failing. I've just loved our journey here. As a new year starts, we return to our work routine, facing the prospect of a recession. People started picking up this open source library. In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called. Today were going to be having an entrepreneur that is going to be teaching us a lot about product/market fit, what worked, what didnt work, scaling companies. Last is, about once every two weeks, my co-founders and I get dinner. 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. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. We'll hopefully be alive to see the world achieve net zero by 2050, our children definitely will be. They meet with entrepreneurs to invest. 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 was pretty obvious that it was not going to work. 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. (1992). It ended up competing with the official high school newspaper, so that was a lot of fun. We reflect on the annual plan once a year. Thats probably most of the reflection process. People should have all these great feedback loops. 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. 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. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. 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. What happened there? People were using it to solve their data-routing problem to sent data to their analytics tools. 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. Aug 4, 2018 . Then, how did you develop this love for aerospace? "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. I would love to get to know you and understand this business prior to being under pressure to make a decision.. 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. : Yeah, getting the right introduction is critical. 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? We have the 100k left in the bank. Banking-as-a-Service companies are in for a tough ride this year. Volodarsky: We first met at campus preview weekend [at MIT]. It ended up coming more from learning how the sales process works. Youre probably just avoidant of it. Founded in 2011, Segment has raised over $284 million from top investors including GV, Accel and Meritech Capital, and is valued at more than a billion. For you, personally, what does that reflection process look like? Peter Reinhardt: One interesting thing that people always said that I have not found to be true. Peter Reinhardt: Thanks so much for having me. I think the tough learning or humbling learning there was like the world doesnt care what you think. After their perspective-changing meeting Smith, Reinhardt, French-Owen and Volodarsky spent the rest of the school year trying to build products with which they could start a company. They started saying, This is great. Peter Reinhardt, 18, aus Deutschland VfB Stuttgart U19, seit 2022 Innenverteidiger Marktwert: - * 23.01.2005 in Frth, Deutschland Peter Reinhardt - Spielerprofil 22/23 | Transfermarkt 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. 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. Yeah. Last is, about once every two weeks, my co-founders and I get dinner. Why? On an organic basis, sales were up 2.1% as higher pricing more than offset the negative impact of foreign exchange. Lets say, youd walk into a Nordstroms, and youd talk to someone. So, the concept of a CRM being the customer data system of record doesnt make sense anymore. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? We built the landing page and posted it on Hacker News. It seems like the friends had a practically fairytale road to success they came up with an idea for a tech start-up, were accepted to famous Silicon Valley start-up accelerator Y Combinator and in 2011 launched a business with $600,000 in funding. When? 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. I loved the book. 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. Hearing from Smith left Reinhardt, French-Owen and Volodarsky "totally floored," Reinhardt says. We saw a year's worth of digital acceleration during an unprecedented time. This story has been updated to reflect that Twilio's acquisition of Segment was completed on Nov. 2, according to Twilio. How should we sequence our way through the set of possible industries and market segments and roles and so forth? How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. : Very nice. "Turns out it's a very, very crowded market.". 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. We realized that we had one more shot at product/market fit for something. Calvin French-Owen, co-founder of . How did you go about that? Peter Reinhardt is the CEO & Co-founder at Charm Industrial. Filmography. Peter Reinhardt: It was great. What happened when you finally put this out there? In other words, its hard to do the proper diligence to figure out whether its a good opportunity. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. I didnt find that to be the case in our Series B fundraise. We started building a ton of infrastructure. This was better than pessimistic projections, though the naysayers argue that this is a small segment of the overall housing market. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. You are the master or the owner of your own future. I've tried Salesforce and. They have 21000 customers an engineering team of 144 and a marketing team of 43. 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.