Alejandro: Very cool. The first half of the year, we went from 10 to 12.5, which scared us. Bradford: When you're interviewing candidates, do you take into consideration their college education? Honestly, we kept trying to put out this analytics product, and we kept getting crickets. January 7, 2022. "This is when we have this year-and-a-half-in-the-making overnight explosion," Reinhardt says. . July 30, 1950. I said, That is literally the worst idea Ive ever heard. Thousands of companies from more than 70 countries use Segment to achieve a common understanding of their users and make customer-centric decisions. We were like, We should put analytics on our classroom lecture tool. The Business Journals Well post it to Hacker News, and well see what the developer community thinks of it. I lean on the board. When? Im looking for people and execs who have demonstrated that they know how to grow people. : Once you started on the execution of this, and you got this great feedback, it took a little bit of time until finally, you got the Series A in place. 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? 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? 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. Taylor told the team they should adjust their programming tool and create a simple analytics Application Programming Interface, or API, that could be used to collectanalyticsdata from any platform. Eventually, we open sourced it, and we started using it as a growth hack. Made with great respect for entrepreneurs in Missoula, Montana. 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. "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 also set personal goals once a year and reflect on them quarterly. 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 . : I love it! Some initiatives work; some initiatives dont work. This will be a fair test of whether this thing has product/market fit or not. 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. Initially, Reinhardt felt it would be "embarrassing" to ask, but Volodarsky did so anyway. 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? The company has raised $300 million from top tier investors such as Accel, Google Ventures, Meritech Capital Partners, Thrive Capital, NEA, Kleiner Perkins, and General Catalyst to name a few. 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. So, the whole thing blew up on us in a good way over the span of about 24 hours. Peter Reinhardt, Segment's CEO, has spoken publicly about being the data infrastructure for the next generation of marketing tech. Lets say, youd walk into a Nordstroms, and youd talk to someone. 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. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. 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. SaaS Founders Who Make The Most Revenue Per Employee. 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.. Product managers that would use tools like Mixpanel and others to analyze their users. What Im looking for here is, does the exec have the ability to take the ambiguous complexity that is the world that a startup exists in, are they able to synthesize it down into the absolutely essential things that must get done right now? 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. "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. 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 you guys, the first four years were the most challenging and full of situations, especially a couple of them that were near-death experiences. Reinhardt, French-Owen and Volodarksy didn't start out dreaming of being entrepreneurs. Public Records for Peter Reinhardt Found. As a result, the co-founders were able to retain all but two investors. I think that in the last couple of years, over 100% growth in terms of the number of employees. That, to me, is a skill that Im constantly working on. Thats hard work. Forbes Lists #26. Peter Reinhardt on Github: : Wow. You may opt-out by. How did you go about that? French-Owen: They all have a drive and hunger to learn, and not take things for granted. Bradford: Finally, do you have any regrets about dropping out of school? Related by Industry: Business Products & Software Services, Located in San Francisco-Oakland-Fremont, CA Metropolitan Area. Bradford: So Class Metric is the startup you took to Y Combinator. Don Fluckinger, Senior News Writer. Segment revenue is $144 million Segment is worth $3.2 billion valuation Segment team size is 584 employees. Peter Reinhardt CEO and Cofounder at Segment Internet San Francisco, California. It ended up coming more from learning how the sales process works. 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. 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. In our conversation, we cover Segment's fascinating journey from an education feedback tool to the business it is today, Peter's sales philosophy on meeting the customer where they are and not where you think they should be, and why revenue . Once you break-in, then its fairly easy to navigate the network through introductions. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. It was not at all the growth trajectory that we wanted to be on. 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 did that. 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. How do we get in touch with them? Once we have found one problem, people were willing to dump all their other problems onto us as well. We started building a ton of infrastructure. In 2022, Segment revenue run rate hit$144M in revenue. "The pandemic propelled companies into the digital age, accelerating the pace at which they adopted new channels to interact with customers," said Peter Reinhardt, CEO of Twilio Segment. "That's the sort of clarity that you only get by talking to customers. 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 embracing culture, and what are some of the key lessons there that you could share with the people listening? Peter has . Peter Reinhardt, welcome to the show. 14. We'll hopefully be alive to see the world achieve net zero by 2050, our children definitely will be. You don't get that by trying to be intuitive," he said. ideamensch is an interview platform for entrepreneurs, makers, and doers. The local information and communication technologies segment is set to grow 5% this year, according to IDC. Ideating and pursuing side projects, no matter how simple they are, is incredibly important. 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. Peter and another colleague saw what I was doing and came to my company to meet in person. 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. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal/court records, 88 address records, 24 phone records & more. How do you go about scaling the team? Net Worth in 2022: $1 Million - $5 Million: Salary in 2022 . With all but two investors still on board, the team decided to release a version of the internal programming tool they had created build their previous products, which they had called Analytics.js. People should have all these great feedback loops. We were clearly failing to find product/market fit. 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. Over our growth trajectory, weve been graced with lots of inbound business, lots of word-of-mouth in our customer growth. 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. What a Series A and from top tier guys. Why? 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. Eventually, we open sourced it, and we started using it as a growth hack. 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. 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. What does that look like? I lean on my co-founders. About a year later, we crossed one million in revenue and were growing super-fast. Filmography. Peter Reinhardt, CEO of Segment.com, made the following comment on his blog when discussing how the firm's noisy open office was lowering the productivity of its engineers: "We can't immediately ditch our open floor plan (although we're looking at various options for our next office. Then, how did you develop this love for aerospace? Tell us about how you guys went about the fundraising process as well. Sales is not something that had a ton of appreciation for when we started the company, but I think over time, its something that Ive developed more and more appreciation for. 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 . Its hard for them to understand the broader space. The end of that year and a half was pretty dark where we just didnt have traction, we were burning cash, and we hadnt found product/market fit in any sort of meaningful way. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. Reinhardt: Well, we spent a little over a year trying to build an analytics tool to compete with Google Analytics. 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. We were never challenged to go and figure out deeply, who is the customer? 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? 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. Hearing from Smith left Reinhardt, French-Owen and Volodarsky "totally floored," Reinhardt says. We added it ourselves as the fourth analytics service that it could send to because, by that time, we were building this analytics tool. : I dont think we did a good job of this at first. I think it was this reversal from an inside-out vision-driven view of the world to an outside-in, What problems does the world have, and can we start solving those problems? Once we took on that mentality and hosted this open source library product/market fit, it was obvious because there were so many people who were excited about this thing and the problem that it solved that they were giving us all kinds of feedback about their other problems. Your approach to evaluating and determining your marketing budget should be applied for each goal of an expense or investment. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Calvin French-Owen: I'm Calvin, I'm another one of the cofounders at Segment. They dont have time to talk to customers. Bradford: And how did you meet the two of them, Ilya? Date Of Birth. Kendall Vanderslice (Goodreads Author), Peter Reinhart (Foreword) 4.48 avg rating 25 ratings 2 editions. A live webcast of the conference call, as well as a replay of the call, will be available at investors.twilio.com. I think we have someone who just skipped college entirely and is one of our star engineers. The other, obviously, is just scaling culture. : One interesting thing that people always said that I have not found to be true. Alejandro: Very cool. Theyre already sold on you. Twilio will host a conference call today, October 12, 2020, to discuss the Segment acquisition, at 5:30 a.m. (PT) / 8:30 a.m. (ET). : Very nice. Can you also send data to my advertising tools? In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. . I think there might be a big business in this open source library. You had all these lessons from not listening to customers to then being hyper-focused on that data and listening to your customers to be able to execute. But the data problem Segment aims to solve, although vitally important, is often considered less so, says Peter Reinhardt, co-founder of Segment and CEO of a new entity . That was a disaster for us. So it was a really fast growth year. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal . : 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. We realized that we had one more shot at product/market fit for something. As of 2023, Peter Frampton's net worth is roughly $20 million. The hardest thing is breaking into the network for the first time. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. 70 countries use Segment to achieve a common understanding of their users then, did. Use tools like Mixpanel and others to analyze their users and make customer-centric.. Skill that im constantly working on x27 ; ll hopefully be alive to see world. In our customer growth my advertising tools data to Google analytics and Mixpanel would just turn on our classroom tool. 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