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. Then, we deployed it into the classroom, and it was a total disaster. Today, we have more than 300 team members working out of offices in San Francisco, New York, Vancouver and most recently, Dublin. Came in the next day and was like, All right, guys. Dropbox Paper, a great shared writing environment. They started saying, This is great. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. Segment. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. : Wow. Thats what Id tell myself. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. Filmed at key heritage sites all across Hong Kong, including Tai Kwun, Tang Tsing Lok Ancestral Hall and Kowloon Walled City Park, this documentary showcases Hong Kong's multicultural history. I write about tech companies, careers, and in-demand skills. Peter Reinhardt: In our junior year, my roommate and I started to recognize that we wanted to start a company together. Oct 25, 2018, 6:00 AM. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. : Then eventually, you had to put this out there. The two of us happened to be in this same class that was in the basement of the fisheries building. Net sales for the final quarter of 2022 grew 2.2% from the prior year to $4.13 billion. That style of fundraising where you get to know folks before you actually ask them for money, I think, is something that weve carried forward from the Series A to the B to the C to the D. : Got it. Ive never found misalignment with an investor where theyre like, Oh, I dont want to talk to you if youre not fundraising. Theyre like, Oh, great. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? Tell us about what happened, and how did you guys overcome that challenge? What was the lesson that you got from that? It ended up competing with the official high school newspaper, so that was a lot of fun. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. 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. In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called. YOU HAVE 20,000 FOLLOWERS: $100 per post at a $5/CPM. I wrote all this code. By Bread Alone: A Baker's Reflections on Hunger, Longing, and the Goodness of God. Alejandro: So originally born and raised in Seattle. 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. That was a disaster for us. 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. "Finance can be an amazing enabler for your business" says Peter Reinhardt CEO of Segment, you should "use finance as a weapon to grow". I lean on my co-founders. Peter Reinhardt is co-founder and CEO of Segment, the customer data infrastructure company. Add 4 ounces of seed culture mixture (discard the rest, or use to make a second starter) and mix until fully incorporated. Erich R Reinhardt Net Worth 2023 and insider trades. I think that in the last couple of years, over 100% growth in terms of the number of employees. The Bella Twins took to IG Live to criticize WWE's booking of women on Raw 30. That's where we first bonded, counting fish. In 2017 Forsberg was named one of the '100 Greatest NHL Players' in history. 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. Reinhardt: We had a full three years there, so I think all I had left was like my senior capstone project. Made with great respect for entrepreneurs in Missoula, Montana. We got to December 2012 and realized that this analytics tool wasnt a good market, and we didnt have a great idea for a product there. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647 . Much to my surprise, it went straight the top of Hacker News, got hundreds of upvotes, thousands of email signups, thousands of stars on GitHub. 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. 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. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. I think there might be a big business in this open source library. Alejandro: Then eventually, you had to put this out there. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. : Thats right. Thats probably most of the reflection process. I was thinking this would just totally kill it. Now, youve been at it for quite a while with the business, and everything started back in 2011. 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. We were pretty close to a death spiral at that point," Reinhardt says. 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. An 85-year Harvard study found the No. Peter Reinhardt, welcome to the show. It ended up coming more from learning how the sales process works. People started picking up this open source library. Ilya Volodarsky: I work in the products engineering team, so both doing products and engineering. You're in great company Join 25,000+ businesses who are using Segment to power world-class customer experiences. Once we have found one problem, people were willing to dump all their other problems onto us as well. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022 . Peter Reinhardt CEO and Cofounder at Segment Internet San Francisco, California. When we first started we figured, "hey, we're students, we should be solving student problems." I think talking about culture is also going to be very interesting with our guest. 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? 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. But despite about $600,000 in seed money from Y Combinator's angel investors and the team's singular focus, after they launched the lecture tool that fall, it failed. For the last few generations, Intel hasnt updated its HEDT line-up, instead favoring its reinvigorated mainstream segment, which offer massive performance uplifts, thanks to their updated, high-performance hybrid architectures. 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. Its 500 lines of code. "I didn't think there was much value in it. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. Edit this . This story has been updated to reflect that Twilio's acquisition of Segment was completed on Nov. 2, according to Twilio. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. "It was pretty obvious that it was not going to work. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. Where? "Turns out it's a very, very crowded market.". Then, we deployed it into the classroom, and it was a total disaster. Can you load data not just from my website, but from my mobile apps, and so on? . 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. "It was so amazing meeting an amazing founder.". I work primarily on technical and backend things. Segment is the world's leading customer data platform. 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. Peter Reinhardt on Github: For the folks that are listening, what is the best way for them to reach out and say hi? Tell us about what happened, and how did you guys overcome that challenge? Segment remains Twilio's largest acquisition to date. 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. I lean on the board. Laurence Bradford: Can you each give yourselves a quick introduction? 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. 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. How Peter Reinhardt scaled Segment to 130 employees by focusing on the long game [Podcast] by Tom Randle 28 March 2017. 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. 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. Managing your psyche through years of failure and ever-increasing pressure is the perfect test of willpower. 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. Yeah. Peter Reinhardt: About six months after we launched the open source library, we had a good bit of free traction some customers using the product for free. : In that regard, you mentioned the word failing. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. Its hard work to pick the few things that really matter. Why? Alejandro: Wow. Why? Were going to build a beautiful landing page thats going to pitch the value of analytic.js. 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 . Its like a snowball effect kind of thing? Opinions expressed by Forbes Contributors are their own. I've just loved our journey here. The hardest thing is breaking into the network for the first time. 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. How did that go? : Very cool. French-Owen: Actually, Peter, I think you said this once. Its like a snowball effect kind of thing? Net Worth: $54 Million. Peter Reinhardt: If you go back maybe 20 years, the way that people interacted with their customers was almost entirely offline, and it was almost entirely person-to-person. 100-California Street San Francisco, California, United States. At Segment, #SFBT40Under40 honoree Peter Reinhardt is bringing democracy to data. 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. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. Peter Reinhardt is still very much interested in things related to space. "Together, 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. And maybe we could actually be founders.'". 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. I grew up in Seattle, which is actually where Calvin and I met back in 7th grade. A live webcast of the conference call, as well as a replay of the call, will be available at investors.twilio.com. In 1967 16-year-old Frampton found success when he became the lead . Its already open source. What happened there? We started building a ton of infrastructure. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. What was the lesson that you got from that? So Segment really sits in the middle of all that, powering those tools, and making sure the right data gets to the right place and the right format. We reflect on the annual plan once a year. Peter Reinhardt: I dont think we did a good job of this at first. But that changes with the new Xeon W series. January 7, 2022. 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. As a result, the co-founders were able to retain all but two investors. His story of rising, falling, and rising again is exceptionally transparent about even his darkest moments. /1" Peter Reinhardt is Former Chief Executive Officer/Co-Founder at Segment Inc. See Peter Reinhardt's compensation, career history, education, & memberships. Stokes, who is worth $5.69 billion according to this year's AFR Rich List, has lived in the . Studium Politikwissenschaft, Germanistik und Katholische Theologie in Tbingen und Mnchen. Build your CRM in an afternoon with Google Scripts. $700,000. Theyve raised quite a bit of money too. 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. 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. We had six or eight months of runway. Forsberg is known for being one of the best players of all time. 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. 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? I also set personal goals once a year and reflect on them quarterly. 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. We did that. Related by Industry: Business Products & Software Services, Located in San Francisco-Oakland-Fremont, CA Metropolitan Area. Analytics.js had become increasingly popular among developers after the team shared it on GitHub, an opensource developer platform. They dont have time to talk to customers. View Peter Reinhardt's business profile as CEO & Co-founder at Charm Industrial. Thats hard work. I think we have someone who just skipped college entirely and is one of our star engineers. ideamensch is an interview platform for entrepreneurs, makers, and doers. Alejandro: 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. 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. 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. Peter Reinhardt: Thats right. You may opt-out by. 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. Then, what happened with your roommates? 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? Then, what happened with your roommates? We built this little 50-line piece of code that could send data from our classroom lecture tool out to all three of those tools and would let us figure out which tool was better later on, just like a data piping JavaScript Library. 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? How do we get in touch with them? Its hard for them to understand the broader space. 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