: I love it! How to Find Product Market Fit - Peter Reinhardt. We still had no paying customers. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? I would love to get to know you and understand this business prior to being under pressure to make a decision.. Heres what were going to do. Alejandro: Very nice. 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. Reinhardt: It's really not something we pay attention to. Especially in venture, they get very few chips to place, and they want to make those chips well-placed. 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. We reflect on the annual plan once a year. Eventually, we open sourced it, and we started using it as a growth hack. . But the world has its problems, and it doesnt care what you think in terms of how it should operate. 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. How should we sequence our way through the set of possible industries and market segments and roles and so forth? 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. May 2011 - Jan 202210 years 9 months. Information about your device and internet connection, like your IP address, Browsing and search activity while using Yahoo websites and apps. Tell us about what happened, and how did you guys overcome that challenge? Peter Reinhardt: Yes, investors are in the business of making good investments, not just investing. Go figure out something else and work on that.. Thats when we raised the 15 million from Excel for our series A. We, TechCrunch, are part of the Yahoo family of brands. Seit 1984 schreibt er aus Stuttgart vor allem ber landespolitische und wirtschaftliche Themen. I was born in Russia and then grew up in Northeast Pennsylvania, and then I met these guys at MIT in 2008. A Division of NBC Universal. "We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. Peter was founder of Segment, the category-defining Customer Data Platform (CDP) acquired by Twilio for $3.2B. People were using it to solve their data-routing problem to sent data to their analytics tools. 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. In fact, before MIT, the friends didn't know much about start-up culture. Its difficult to differentiate and build a compelling product. We raised a bit of money coming out of demo day for Y Combinator, about 600k. As of 2023, Peter Frampton's net worth is roughly $20 million. Thats hard work. He and his wife Erika, who he met at MIT, live together in San Francisco. Then, how did you develop this love for aerospace? Since this interview Peter Reinhardt, CEO and Co-founder of Segment, and his team have raised another 175M USD to bring total funding to to $284 million and a valuation of over 1.5B. Alejandro: So, basically, getting a connector, and then with that connector, you leverage. 2020 ideamensch. Peter Reinhardt - https://twitter.com/reinpk - is cofounder and CEO of Segment - https://segment.com/ Segment helps companies capture data from every custome. 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. In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. : 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. The first half of the year, we went from 10 to 12.5, which scared us. Peter Reinhardt: The most important thing to realize is that the world doesnt care how you think it should work. What was the lesson that you got from that? Bradford: And how did you meet the two of them, Ilya? Thats probably most of the reflection process. Tell us about how you guys went about the fundraising process as well. I think if you just run straight at the problem and dig as deep as you possibly can into the problem, gather all the data that you possibly can, talk to as many people as you possibly can, the solution is probably not actually that hard. : Very cool. Peter Reinhardt: 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. Theyve raised quite a bit of money too. 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? Peter Reinhardt is the CEO & Co-founder at Charm Industrial. I learned a bit from seeing that in action. Hoy tiene sede en San Francisco, California, y tuvo . We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. 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. Alejandro: Wow. Till 2019, the company has raised more than $280 million in total. 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As an entrepreneur and founder, I found a surprising amount in common with him. We found 32 entries for Peter Reinhardt in the United States. The world has some problems, and you have to listen and learn to listen very carefully to hear other people explain what their problems are hear other businesses explain what their problems are. Segment did not raise any money in its starting years. Peter Reinhardt on Twitter: @reinpk : Wow. How many people work at Segment today? Segment is the single platform that collects, translates, and routes your user data to hundreds of analytics & marketing tools with the flip of a switch. Then we'd go and figure out how to build them. Alejandro: The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? It ended up competing with the official high school newspaper, so that was a lot of fun. We work in different parts of the company now, but that dinner is a helpful time to reflect on whats working, whats not working, and what each of us can improve and do better. That third idea where we said, We dont know if this is a big grand vision, but it seems like its solving a problem for people. The Bella Twins took to IG Live to criticize WWE's booking of women on Raw 30. Thats what Id tell myself. We were really excited about this. . : 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. We believe in you guys. Don Fluckinger, Senior News Writer. Laurence Bradford: Can you each give yourselves a quick introduction? 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. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? By Bread Alone: A Baker's Reflections on Hunger, Longing, and the Goodness of God. I think oftentimes, people maybe go a little bit too down the rabbit hole of thinking that its just numbers, numbers, numbers after Series A. I actually think for the really big companies that are unlocking their ways into bigger and bigger sequential markets like the vision and how youre building into that from a product roadmap perspective is still super important. $700,000. He studied Aerospace Engineering at MIT and fell into the world of customer data and analysis when he and three of his college friends started Segment in 2011 as part of YC. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. They dont have time to talk to customers. Why? : 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. So, the concept of a CRM being the customer data system of record doesnt make sense anymore. 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. Number of Past Jobs 1. It wasn't Segment yet, right? Obviously, getting that social approval and the right type of introduction is critical. French-Owen: Actually, Peter, I think you said this once. In that year, we went from 10 to 20; we had a really big scare. 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. If you can leave a review as well, that would be fantastic. We realized that we had one more shot," says Reinhardt. Can you load data not just from my website, but from my mobile apps, and so on? Peter Reinhardt: You can reach me on Twitter at @reinpk. Between fall 2011 and winter 2012, the co-founders worked 80 to 100 hours a week creating a new product for Segment a web analytics tool for companies to better understand their customers' behavior. 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 dont think we did a good job of this at first. 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? I also set personal goals once a year and reflect on them quarterly. Organization Name. I would love to get to know you and understand this business prior to being under pressure to make a decision.. So it was a really fast growth year. This was better than pessimistic projections, though the naysayers argue that this is a small segment of the overall housing market. CEO Peter Reinhardt. Hello everyone, and welcome to the. The fourth is maybe a little more unusual, which is, create clarity. 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. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. All Rights Reserved. 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Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. January 7, 2022. Peter and his colleague showed up and walked me through using Segment. You may opt-out by. 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. Now, youve been at it for quite a while with the business, and everything started back in 2011. Thats when we raised the 15 million from Excel for our series A. 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. Theyre already sold on you. We believe in you guys. 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. I write about tech companies, careers, and in-demand skills. 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 hard work to pick the few things that really matter. Im happy with Google Analytics and Mixpanel. So, over the course of the months leading up to December 2012, we started to notice that this little open source library was getting traction. 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. Otherwise, the company simply cant ingest it fast enough. I think talking about culture is also going to be very interesting with our guest. For the folks that are listening, what is the best way for them to reach out and say hi? Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Bradford: What kinds of things do you look at in a candidate? In fact, the three founders were spending $30K every year on the process of product development. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. 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. Eventually, we open sourced it, and we started using it as a growth hack. Jobs. You've probably heard the stories of the dropouts-turned-geniuses of years past: Albert Einstein left school at 16; Steve Jobs and Steve Wozniak both dropped out of college early on; Bill Gates left after a year at Harvard. Bradford: So all three of you went to MIT, however Peter and Calvin, you two met at an earlier time? By. Want to Read. Alejandro: In that regard, you mentioned the word failing. Login Get Started. Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. : Very cool. In 2017 Forsberg was named one of the '100 Greatest NHL Players' in history. So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. What happened there? Segment has an annual churn rate of 12.00%. French-Owen: The two cents version is, as we were building the other analytics products we found there were a lot of different types of job roles that people were doing at those companies. It ended up not being useful at all. How was life there? We started doing research on that. Came in the next day and was like, All right, guys. 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. : So originally born and raised in Seattle. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal/court records, 88 address records, 24 phone records & more. Heat some water, preferably in a kettle, so you can pour it into this pan later. We were clearly failing to find product/market fit. 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. What does that look like? Alejandro: Wow. 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. Starting Monday I will be working full-time on @CharmIndustrial, focused on permanent carbon removal via bio-oil sequestration. 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. I said, That is literally the worst idea Ive ever heard. Then, what happened with your roommates? What a Series A and from top tier guys. What happened was that we had a pricing and packaging problem. Cloud 100 . : Makes sense. Can you load data not just from my website, but from my mobile apps, and so on? We'll hopefully be alive to see the world achieve net zero by 2050, our children definitely will be. 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. Segment views itself very similarly to SendGrid. About a year later, we crossed one million in revenue and were growing super-fast. 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. Your father was a carpenter, and also, your mom was an art teacher. The Business Journals "Finance can be an amazing enabler for your business" says Peter Reinhardt CEO of Segment, you should "use finance as a weapon to grow". How did that go? People should have all these great feedback loops. 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. : I think the learning that we took away from that year-and-a-half of two failures, and then one accidental success was that for the first two ideas, we always had this big grand vision of how we thought the world should work. So very quickly we realized that, basically, it's not a good idea to disrupt classes where people are actually paying attention and taking notes on paper by asking them to take out their computer. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. Forsberg is known for being one of the best players of all time. Peter Reinhardt: 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. Its actually a little too sunny here in San Francisco for me now. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. 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. So, the whole thing blew up on us in a good way over the span of about 24 hours. 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). If you want me to help you with your fundraising, just book a call. 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. Can you also send data to my advertising tools? : We reflect on our company goals every quarter. Master breadmaker Peter Reinhart is also a teacher, author and theologian. Our churn rate spiked in the first half of that year. 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. I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. If you can leave a review as well, that would be fantastic. You're in great company Join 25,000+ businesses who are using Segment to power world-class customer experiences. It ended up coming more from learning how the sales process works. There are dozen and dozens and hundreds of analytics companies. We Googled analytics tools, and we found Google Analytics, Mixpanel, and Kissmetrics, but we couldnt figure out which of those analytics tools was actually good or was the right fit for us. What happened there? 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. We had 100k left in the bank. We were clearly failing on this sort of customer sales side of things, and we were just spending all of our time building, building, building. What Now for a Fed That Has Fallen Behind theCurve Again? Peter Reinhardt spent the last decade as CEO at Segment helping to build the customer data platform, selling it to Twilio for $3.2 billion along the way. Bradford: Give me the nutshell version: what does Segment do? Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). Proud father. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. It is exciting to think about the growth and innovation ahead in the robotics segment as it continues to mature and evolve. That has been a challenging pace to keep up with, so I lean on investors. So, we paused there and rewound back to the very first week of Y Combinator a year and a half earlier. 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. 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. 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. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. And it wasn't until they took an embarrassing risk that the dream seemed like it could be a reality. Then, we deployed it into the classroom, and it was a total disaster. Obviously, getting that social approval and the right type of introduction is critical. Tell us about how you guys went about the fundraising process as well. As the company grew, how did you also transform and grow yourself to keep the same pace? Its already open source. Lets say, youd walk into a Nordstroms, and youd talk to someone. It sounds like fun. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. . Dollar-based net expansion rate was 139 . {Utilities} & \text{810}\\ \text{Other} & \text{980 . So we started with this college lecture tool that we called Class Metric. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. That has been a challenging pace to keep up with, so I lean on investors. By the spring of 2011, the friends had landed on the idea for a "classroom lecture tool" that would let students flag any points of confusion to professors. 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. 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. 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. Alejandro: Got it. : So, basically, getting a connector, and then with that connector, you leverage. Provides CEO, CFO, Director and Chief Executives trade reports, independent equity research, and stock screening. Can you also send data to my data warehouse? They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. By segment, U.S. sales rose 1.3% to $2.43 billion as . : The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? 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. I dont think we did a good job of this at first all three of you Fed that been! Ber landespolitische und wirtschaftliche Themen you leverage pessimistic projections, though the naysayers argue this. Data to my advertising tools that really matter, author and theologian this open source.! 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