What a Series A and from top tier guys. Lets say, youd walk into a Nordstroms, and youd talk to someone. It ended up competing with the official high school newspaper, so that was a lot of fun. From Left To Right: Meet The 30 Under 30 Politicians, Attorneys And Founders Who Will Shape The Next Decade Of Law & Policy, Governor John Kasich Is Concerned About The Direction Of The United States, On Being A Front Stabber: A Conversation With Anthony Scaramucci, Investing in Relationships: A Conversation With A Sustainable Wine Cofounder And Her Investor, The Worlds Greatest Gathering Of Young Entrepreneurs, The Forbes Under 30 Summit, Just Amped Itself Up, These Under 30s Just Raised $8M From Diplo And Celebs To Make Matcha Energy Drink Competitive with Red Bull, PODCAST: Meet The Under 30 Lerer Hippeau Principal Pursuing The Steepest Learning Curve, The Renowned Under 30 Chef Who Aims To Hire And Mentor All Immigrants. Peter Reinhardt: One interesting thing that people always said that I have not found to be true. 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. We were a year and a half in. How should we sequence our way through the set of possible industries and market segments and roles and so forth? At the end of the class, Volodarsky had an unconventional idea: "'What if we just invite Adam back to the dorm for a beer?'" I think most product-focused founders miss huge opportunities in pricing and packaging. 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. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. CEO Peter Reinhardt. Till 2019, the company has raised more than $280 million in total. Segment founder Peter Reinhardt has left his post as CEO of Twilio Segment to launch a new startup: Charm Industrial. We were clearly failing to find product/market fit. Its hard for them to assess the strategy with a clear head. Provides CEO, CFO, Director and Chief Executives trade reports, independent equity research, and stock screening. Bradford: Tell me about that first company idea that you took to Y Combinator. 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. Before and After Product-Market Fit with Peter and Calvin from Segment published October 11, 2017. iTunes Google Podcasts Spotify RSS. Erich R Reinhardt Net Worth 2023 and insider trades. 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. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. In your case, how much capital have you guys raised for Segment? We realized that we had one more shot at product/market fit for something. 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. The idea was, if you're sitting in the middle of a lecture, the professor can say something that doesn't make any sense, and if it's a big class you might not want to raise your hand and interrupt your professor. Number of Past Jobs 1. For information about how Segment handles your personal data, please see our privacy policy. Laurence Bradford: Can you each give yourselves a quick introduction? In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. Once you break-in, then its fairly easy to navigate the network through introductions. Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. Then, what happened with your roommates? French-Owen: Actually, Peter, I think you said this once. Peter Reinhardt is co-founder and CEO of Segment, the customer data infrastructure company. What a Series A and from top tier guys. 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 . 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. Segment raised a Acquired of $175M at a $1.5B valuation in April 2019, Segment raised a Acquired of $2M at a $10.5M valuation in October 2013, Segment has 584 total employees and 133 sales reps that carry a quota. Can you load data not just from my website, but from my mobile apps, and so on? Read More: Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable. Do they have a history of delivering results, whatever those were in their function? Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. I know that next year, the challenge is going to be twice as hard again. So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. Peter Reinhardt, who was the CEO of Segment for nearly 11 years, is leaving parent company Twilio today, according to TechCrunch. I would love to get to know you and understand this business prior to being under pressure to make a decision.. Peter Reinhardt, welcome to the show. : 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. 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. 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. My dad had his own business in terms of a small-scale contractor. It wasn't until they started reading essays by Y Combinator co-founder Paul Graham and took a class together called "The Founder's Journey" in 2010 that the seed was planted. How did you go about that? Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. When someone is running a fast fundraising process with a whole bunch of people, and its the first time theyre meeting them, its hard for them to assess the person. I think there might be a big business in this open source library. . I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. About a year later, we crossed one million in revenue and were growing super-fast. Some initiatives work; some initiatives dont work. : In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? 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 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. 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. But that changes with the new Xeon W series. My dad had his own business in terms of a small-scale contractor. The idea was to give students this button to push to say, Im confused. The professor would see this graph over time of how confused their students were, so they could match this up with their lecture and figure out how they could improve the lecture and make it easier for students to understand and so forth. Yeah. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. They do normal things. 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. Reinhardt: We had a full three years there, so I think all I had left was like my senior capstone project. Banking-as-a-Service companies are in for a tough ride this year. : 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. We still had no paying customers. 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. 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. Marketing people who were using tools like HubSpot to generate and post content, and maybe manage other type of things. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. They meet with entrepreneurs to invest. 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. Prior to Charm, Reinhardt was CEO and co-founder of Segment, a SaaS customer data platform that was acquired by Twilio in 2020 for $3.2B. Peter Reinhardt, co-founder and CEO of Segment, shares his story on building different products and eventually finding product market fit. Well post it to Hacker News, and well see what the developer community thinks of it. 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. 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. Date Of Birth. And it wasn't the last time the team considered feedback. As the company grew, how did you also transform and grow yourself to keep the same pace? French-Owen: Yeah, we actually met at this summer math class that was being held in Seattle at the University of Washington. 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. "It was so amazing meeting an amazing founder.". You don't get that by trying to be intuitive," he said. I learned a bit from seeing that in action. I wrote all this code. I was thinking this would just totally kill it. 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. Our purpose is to help entrepreneurs bring their ideas to life by sharing their stories via interviews. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. Segment CEO Peter Reinhardt says they've grown to a team size of 584 since launch in 2011 and have raised $283.7M in funding. 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. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. Celebrities Peter Reinhart Net Worth Peter Reinhart Net Worth 2023, Age, Height, Relationships, Married, Dating, Family, Wiki Biography 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. The Business Journals Peter Reinhardt: So, we thought a little bit over the next month or so and decided, We really should have been able to figure out that this tool wasnt working during our summer test sessions, and we should have been able to figure it out by looking at our web analytics. What was the lesson that you got from that? We, TechCrunch, are part of the Yahoo family of brands. : Yes, investors are in the business of making good investments, not just investing. Its crazy hundreds of thousands of lines of code trying to make this overcomplicated classroom lecture tool. I think that in the last couple of years, over 100% growth in terms of the number of employees. : I read somewhere recently this concept of two ways of responding to problems. Segment was acquired by Twilio in 2020. : Very cool. Then, how did you develop this love for aerospace? 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? : It was great. What happened there? Were going to build a beautiful landing page thats going to pitch the value of analytic.js. 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 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? 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. When we first started we figured, "hey, we're students, we should be solving student problems." If you can leave a review as well, that would be fantastic. This will be a fair test of whether this thing has product/market fit or not. I didnt find that to be the case in our Series B fundraise. Driven, curious and inclusive leader. I think there might be a big business in this open source library. : Thats very powerful, Peter. You probably see the problem. It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. "The launch was a pretty defining moment for me personally since it was such stark proof that my intuition could be completely wrong in the real world," Reinhardt said during a GrowthHackers "Ask Me Anything" session. It's fascinating how every startup has their own really individual, really unique journey. Segment's new CFO Sandra Smith and CEO Peter Reinhardt. 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. Don Fluckinger, Senior News Writer. : 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. How was life there? Peter Reinhardt: It was great. They dont have time to talk to customers. He and his wife Erika live in San Francisco. : Wow. It's been an amazing ride with all the really smart people we're able to work with now. Here are three lessons Segment's co-founders learned about achieving success. When the oven is preheated, score the bread with a sharp knife. The fourth is maybe a little more unusual, which is, create clarity. Now, youve been at it for quite a while with the business, and everything started back in 2011. Then, met [the rest of] these guys at MIT when I was studying Aerospace Engineering. 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. : I have four things, and theyre mapped exactly to our values. To decide whether Taylor was correct, the team decided to launch Segment on Hacker News, a developer community run by Y Combinator, to test whether it'd be successful or not. 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