Peter Reinhardt was born on July 30, 1950 in Leipzig, East Germany. January 7, 2022. 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. Peter Reinhardt, Segment's CEO, has spoken publicly about being the data infrastructure for the next generation of marketing tech. Still, not everything went as planned. Its hard for them to understand the broader space. San Francisco Bay Area. Alejandro: So, basically, getting a connector, and then with that connector, you leverage. Peter is EY EMEIA People Advisory Services Leader, overseeing a diverse team of over 5,000 professionals who work passionately to provide a holistic approach to EY clients' people-related challenges. We raised a little bit of money from the tennis coach a few hundred dollars a month to print the thing on paper and distribute it around the school. I loved the book. 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? In fact, before MIT, the friends didn't know much about start-up culture. 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 . We realized that we had one more shot at product/market fit for something. Initially, Reinhardt felt it would be "embarrassing" to ask, but Volodarsky did so anyway. Are there any characteristics they have in common? It turned out the analytics space is incredibly crowded. Alejandro: Going back to the discussion on growth, you guys have experienced quite a significant amount of growth, as well, on the employee side of things. I know that next year, the challenge is going to be twice as hard again. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. Then I went off to MIT and started studying aerospace engineering there. (1992). Reinhardt: It was literally like 30 days after we had raised our 500K seed round that we realized, "Oh, we have to call back all these investors and tell them it's a bad idea.". 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? 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. 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. Our churn rate spiked in the first half of that year. I was thinking this would just totally kill it. Whether its thorium reactors, online education, or space travel, Peter enjoys nothing more than diving deep into a new field of study. If you can leave a review as well, that would be fantastic. 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. We actually built a lot of stuff that ended up not being useful. 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? Peter Reinhardt on Github: : I read somewhere recently this concept of two ways of responding to problems. 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. 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. Oct 25, 2018, 6:00 AM. I lean on the board. We had a bunch of professors at MIT who were excited about it, and we built all this over the summer at Y Combinator. Then, over time, as the stakes have gotten higher, weve gotten better at figuring out how to determine whether something is really going to move the needle, which surprisingly, that didnt come from learning more about product management. Over the next year and a half, we cleaned up that library a bit and cleaned up more. Transfer to a lightly floured surface and knead for 2 minutes. Its difficult to differentiate and build a compelling product. Dollar-based net expansion rate was 139 . How did that go? 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. Go figure out something else and work on that.. 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. 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. Where? By Bread Alone: A Baker's Reflections on Hunger, Longing, and the Goodness of God. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Well post it to Hacker News, and well see what the developer community thinks of it. Forsberg is known for being one of the best players of all time. On an organic basis, sales were up 2.1% as higher pricing more than offset the negative impact of foreign exchange. It ended up not being useful at all. By clicking Accept all you agree that Yahoo and our partners will process your personal information, and use technologies such as cookies, to display personalised ads and content, for ad and content measurement, audience insights, and product development. Volodarsky: I don't have many regrets. We have the 100k left in the bank. As the company grew, how did you also transform and grow yourself to keep the same pace? Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. : Yes, investors are in the business of making good investments, not just investing. Each week in their MIT "Founder's Journey" class, the founder of a successful start-up would speak and answer students' questions. In our conversation, we cover the fascinating journey of Segment from an education feedback tool to the business it is today, Peter's sales philosop That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. : Wow. We built the landing page and posted it on Hacker News. Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. We had $100,000 left in the bank. Facebook gives people the power. 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. Right? We, TechCrunch, are part of the Yahoo family of brands. Alejandro: In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? 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. : I dont think we did a good job of this at first. When we were in college, we would just talk about different small computer programs that we can build. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. Some initiatives work; some initiatives dont work. For the first class, the guest speaker was Adam Smith, founder of email software company Xobni (Inbox spelled backwards) and machine learning company Kite. That people they previously managed may be in even bigger roles, and those people say, The time under that exec was formative for me. The third is drive, which is delivering results, probably the most straightforward one. Bradford: And how did you meet the two of them, Ilya? Finally, Im sure this was a big breakthrough for you guys from understanding the value of being able to listen to your target audience. In your case, how much capital have you guys raised for Segment? 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 . 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. I think we have someone who just skipped college entirely and is one of our star engineers. Peter Reinhardt's income source is mostly from being a successful Actor. We started doing research on that. Peter Reinhardt, 18, aus Deutschland VfB Stuttgart U19, seit 2022 Innenverteidiger Marktwert: - * 23.01.2005 in Frth, Deutschland Peter Reinhardt - Spielerprofil 22/23 | Transfermarkt Volodarsky: Yes, we basically built that product through YC in the summer of 2011 after we got into YC. Reinhardt: About 160 people total. Alejandro: Thats very powerful, Peter. Opinions expressed by Forbes Contributors are their own. What happened when you finally put this out there? 2023 Forbes Media LLC. 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. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. This story has been updated to reflect that Twilio's acquisition of Segment was completed on Nov. 2, according to Twilio. We have the 100k left in the bank. Segment founder Peter Reinhardt has left his post as CEO of Twilio Segment to launch a new startup: Charm Industrial. Can you load data not just from my website, but from my mobile apps, and so on? 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. Jobs. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable, This Entrepreneur Raised $60 Million To Keep Your Mind Sharp And Memory Intact, Elli Kaplan On Raising $60 Million To Keep Your Mind Sharp And Memory Intact, This Entrepreneur Raised $165 Million To Simplify Payments In A $10 Trillion Industry, Bharath Krishnamoorthy On Raising $165 Million To Simplify Payments In A $10 Trillion Industry. Charm Industrial CEO & Co-founder Jul 2017. 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. It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. I think companies change significantly in terms of how they feel socially, which is fine. How was life there? 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. So, the concept of a CRM being the customer data system of record doesnt make sense anymore. 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. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? 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. At the age of 14, he started to play in a band called the Trubeats, followed by a band called the Preachers. Thats probably most of the reflection process. Hoy tiene sede en San Francisco, California, y tuvo . 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. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. But the world has its problems, and it doesnt care what you think in terms of how it should operate. We started building a ton of infrastructure. 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. Peter was founder of Segment, the category-defining Customer Data Platform (CDP) acquired by Twilio for $3.2B. Before and After Product-Market Fit with Peter and Calvin from Segment published October 11, 2017. iTunes Google Podcasts Spotify RSS. 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. 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. I didnt find that to be the case in our Series B fundraise. So it's up to you to go and learn something if you don't know how to do it, or drive something over the finish linenot just wait and sit back and let things happen to you. "Ian was like, 'You know what, I think there's a big business behind Analytics.js and I think we should do that instead,'" Reinhardt says. Edit this . In fact, "Y Combinator let us find out recently that they actually didn't think much of the idea, but thought we were a good team," Reinhardt says. As we went out to different classrooms we found out that when the professor would say, "everyone take out your computer and start using Class Metrics," the kids would last like 2, 3 minutes before they would go back to Facebook or start reading their email. How was life there? Thats hard work. Eventually, we open sourced it, and we started using it as a growth hack. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. My co-founder is like, You know what? I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. We should have been able to figure out analytically from the data that this wasnt working during our summer test. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? 3 min read. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. 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. Date Of Birth. 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. Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. In your case, how much capital have you guys raised for Segment? Alejandro: Wow. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. . Peter Reinhardt, welcome to the show. Cloud 100 . My dad had his own business in terms of a small-scale contractor. In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called The Watchdog. We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. You are the master or the owner of your own future. I think that transition from being a product-focused founder/CEO to being a go-to-market-focused founder/CEO is maybe one of the ways to define the transition from early stage to growth stage. 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. Tell us about how you guys went about the fundraising process as well. Yeah. Peter Reinhardt: Weve raised a bit shy of 300 million in capital in the West, seven years. 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. by Y Combinator 5/18/2017. 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. Then, how did you develop this love for aerospace? We raised a bit of money coming out of demo day for Y Combinator, about 600k. In fact, the three founders were spending $30K every year on the process of product development. To be the case in our Series B is when it stops being about the vision and... Reinhardt has left his post as CEO of Twilio Segment to launch a startup. 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