Right? Peter, thank you so much for being on the DealMakers show today. So there was a little over a year and a half in there of struggle. Master breadmaker Peter Reinhart is also a teacher, author and theologian. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Alejandro: In that regard, you mentioned the word failing. Alejandro: I love it! Last is, about once every two weeks, my co-founders and I get dinner. It's fascinating how every startup has their own really individual, really unique journey. We had six or eight months of runway. What happened when you finally put this out there? I think MIT is a really good place to learn theoretical computer science, but I find that many of the hardest skills to be a successful software engineer you learn in the industry right afterwards: learning how to be on a team, set a team's mission and vision, and keep people motivated. Thats hard work. Peter Reinhardt: Yeah. I think what that means is, they want to figure out which investments are going to be good. I think there are probably a number of people on the team who don't have a college education or certainly didn't go to an Ivy League school. 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. This was better than pessimistic projections, though the naysayers argue that this is a small segment of the overall housing market. 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? For us, Y Combinator was that key foot in the door, into the network of Silicon Valley and the investor scene as you meet some of the investors all at once, YC obviously has connections. We'll hopefully be alive to see the world achieve net zero by 2050, our children definitely will be. Can you load data not just from my website, but from my mobile apps, and so on? The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. We realized that we had one more shot at product/market fit for something. Before and After Product-Market Fit with Peter and Calvin from Segment published October 11, 2017. iTunes Google Podcasts Spotify RSS. Taking what could be their last chance with the money they had left, the co-founders paused and started to reflect on what they were taught at Y Combinator. Preheat oven to 475-500F, and place an empty pan on the bottom rack of the oven (so it can preheat to turn water into make steam). I wrote all this code. Tell us about what happened, and how did you guys overcome that challenge? They decided to focus on "building something for uses that we could test quickly," Reinhardt says. Like, Classrooms should be digitized. 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. 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. So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. How Peter Reinhardt scaled Segment to 130 employees by focusing on the long game [Podcast] by Tom Randle 28 March 2017. That pays back in spades as people then operate on the same operating system of what everyone values inside the company. Thats probably most of the reflection process. Otherwise, the company simply cant ingest it fast enough. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? "We created Segment to help businesses set themselves apart in the digital age and deliver rich, connected customer experiences built on high-quality data. 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. : Very nice. The products "quadrupled revenue," according to Reinhardt. Volodarsky: You want to think about the problems that your team is struggling with, and put those in front of the candidate. 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 : I think from the founders perspective, the only way to scale the team is to hire strong senior executives who then have their own capability and their own network to go hire and recruit aggressively. We had 100k left in the bank. We shouldnt have had to we actually stood in the back of classrooms and counted screens to figure out what people were doing. Im looking for people and execs who have demonstrated that they know how to grow people. So, how much is Peter Reinhardt worth at the age of 72 years old? : You can reach me on Twitter at @reinpk. We started doing research on that. After noticing how it was being used, Taylor recommended they take it commercial and make that Segment's product. We were clearly failing to find product/market fit. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. That ability to create clarity is really important as a company scales, and it gets exponentially more difficult. 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. : I guess I was always excited about aircraft, and I was always studying different rocket designs and reading about the missions to the moon and what was going on on Mars and just always super excited about that. 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. 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. Go figure out something else and work on that.. We started building a ton of infrastructure. So, the concept of a CRM being the customer data system of record doesnt make sense anymore. We have the 100k left in the bank. 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. 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. . Segment. . "I'm excited to bring my passion for tackling climate . If you solve those, they will reward you for it. I've just loved our journey here. It was not at all the growth trajectory that we wanted to be on. We actually built a lot of stuff that ended up not being useful. 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. Segment. 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 were a year and a half in. : Amazing. : So originally born and raised in Seattle. Peter Reinhardt is the cofounder and CEO of Segment which provides a customer data infrastructure that helps businesses put their customers first. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. I do find that vacation is critically important for actually going and reflecting on things. Volodarsky: We first met at campus preview weekend [at MIT]. The fourth is maybe a little more unusual, which is, create clarity. Net Worth. 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 . Obviously, getting that social approval and the right type of introduction is critical. Thats what Id tell myself. They dont have time to talk to customers. Peter Reinhardt: 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. We realized that we had one more shot at product/market fit for something. He is an actor, known for Offiziere (1986), Die Sprungdeckeluhr (1990) and .zu Stein. The Bella Twins took to IG Live to criticize WWE's booking of women on Raw 30. Peter Reinhardt - https://twitter.com/reinpk - is cofounder and CEO of Segment - https://segment.com/ Segment helps companies capture data from every custome. Perhaps they will also appreciate it. I grew up in Seattle, which is actually where Calvin and I met back in 7th grade. His father introduced him to the recordings of Belgian gypsy jazz guitarist Django Reinhardt. Alejandro: Makes sense. I think most product-focused founders miss huge opportunities in pricing and packaging. Disclamer: the number about Peter Reinhart's Instagram salary income and Peter Reinhart's Instagram net worth are just estimation based on publicly available information about Instagram's monetization programs, it is by no means . I would love to get to know you and understand this business prior to being under pressure to make a decision.. 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 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. People started picking up this open source library. "It was so amazing meeting an amazing founder.". Once again, ACCOs International segment fared best with sales up 5.7% (on a 7.5% rise in [], Driven by the July 2022 merger with Neenah, Inc., Q4 net sales jumped 69.1% year-over-year to $660.1 million. The Snapdragon Auto 5G Modem-RF Gen 2 platform brings more processing, networking, and connectivity performance in a smaller and more power-efficient form factor, which are all key requirements for the automotive segment. This is a BETA experience. )" . : Very cool. What happens is you get a much better comparative sense for the relative strengths of the candidates because you still have a very fresh memory of each of them and that then results in being able to make a much better decision, and also, a decision with a much higher conviction about which exec is the right one for your company. So it was a really fast growth year. Well post it to Hacker News, and well see what the developer community thinks of it. Your father was a carpenter, and also, your mom was an art teacher. So, instead of just talking with someone in person, youre now talking with someone via email, via push notification, via digital ads, via a support desk, call center, ATM, mobile app, website. 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. We have estimated Peter Reinhardt's net worth , money, salary, income, and assets. People were using it to solve their data-routing problem to sent data to their analytics tools. But less than a decade ago, Segment founders Peter Reinhardt, Calvin French-Owen and Ilya Volodarsky were college kids at Massachusetts Institute of Technology (MIT), living in the same dorm and brainstorming products they could build to launch their own start-up. Theyve seen the progress over six to nine months. (1992). Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. : The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? Its already open source. All Rights Reserved. Theyre already sold on you. 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. Segment is a SaaS company helping thousands of companies collect and leverage their customer data. We reflect on the annual plan once a year. 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. Hoy tiene sede en San Francisco, California, y tuvo . 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. Why are so many SaaS founders taking money from Founderpath.com instead of VC`s? 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. Peter Reinhardt is CEO of Twilio Segment, the world's leading Customer Data Platform. Some initiatives work; some initiatives dont work. 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. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. 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. It sounds like fun. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. 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. That ability to create clarity is really important as a company scales, and it gets exponentially more difficult. To Reinhardt's surprise, thousands of people were interested in the product and many reached out "demanding" access to it, he says. For the folks that are listening, what is the best way for them to reach out and say hi? Do they have a history of delivering results, whatever those were in their function? : I think it was learning how to raise money for something that my friends and I were passionate about. I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. Further east is none other than long-time resident media tycoon Kerry Stokes, chairman of Seven West. Tell us about how you guys went about the fundraising process as well. Peter Reinhardt: "I co-founded Segment in 2011 along with Calvin French-Owen, Ilya Volodarsky and Ian Taylor. We were a year and a half in. In fact, before MIT, the friends didn't know much about start-up culture. Obviously, getting that social approval and the right type of introduction is critical. 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. Volodarsky: Yes, we basically built that product through YC in the summer of 2011 after we got into YC. 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. 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. I wrote all this code. Perhaps they will also appreciate it. 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. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. 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. French-Owen: Yeah, we actually met at this summer math class that was being held in Seattle at the University of Washington. I think we have someone who just skipped college entirely and is one of our star engineers. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. by. Its actually a little too sunny here in San Francisco for me now. Then, what happened with your roommates? 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. Through his lectures and numerous cookbooks, he channels the science of baking into deep, spiritual lessons -- and dispels stale myths about the nature (and flavor) of good, wholesome bread. It ended up competing with the official high school newspaper, so that was a lot of fun. Want to Read. : Yes, investors are in the business of making good investments, not just investing. Laurence Bradford: Can you each give yourselves a quick introduction? Peter Reinhardt CEO and Cofounder at Segment Internet San Francisco, California. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Eventually, we open sourced it, and we started using it as a growth hack. Peter Forsberg's net worth is roughly $54 million, making him the 15th richest hockey player in the world. For the folks that are listening, what is the best way for them to reach out and say hi? At the age of 14, he started to play in a band called the Trubeats, followed by a band called the Preachers. 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. It ended up coming more from learning how the sales process works. They meet with entrepreneurs to invest. This abandoned high school was converted into a 31-unit apartment building. Then, how did you develop this love for aerospace? Segment is the world's leading customer data platform. Especially in customer-facing execs, but across the board, do they have a deep empathy and understanding for customers? The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. 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. Thats hard work. 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. Segment captures and controls the movement of customer data through APIs, which can be leveraged for an organization's marketing activities. : Yeah. Peter Reinhardt is still very much interested in things related to space. Reinhardt: We had a full three years there, so I think all I had left was like my senior capstone project. But the world has its problems, and it doesnt care what you think in terms of how it should operate. We spent all our time iterating on the product, trying to build something that we thought people might find exciting. Lets say, youd walk into a Nordstroms, and youd talk to someone. Bradford: Think about the "A player" employees at Segment. Charm Industrial CEO & Co-founder Jul 2017. His net worth has been growing significantly in 2021-2022. What do you want us to do with the money? Almost all of them a couple took their money back, but the rest said, We really invested for the team. We realized that we had one more shot," says Reinhardt. That, to me, is a skill that Im constantly working on. They started saying, This is great. What does that look like? We started doing research on that. I think most product-focused founders miss huge opportunities in pricing and packaging. Peter Reinhardt: Thats right. Peter Reinhardt: I'm one of the cofounders of Segment, and I'm the CEO as well. 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. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. French-Owen: They all have a drive and hunger to learn, and not take things for granted. : I love it! The fourth is maybe a little more unusual, which is, create clarity. Filter by State in . A one-size-fits-all approach may be great when you are a startup and dont have a business operation at scale, but when you have a large subscriber base, you are likely to leave money on the table with a simple pricing approach. Your father was a carpenter, and also, your mom was an art teacher. I loved the book Enders Game. Peter Reinhardt is CEO and co-founder of Segment. They started saying, This is great. Peter Reinhart owns over 5,000 units of Hovnanian Enterprises stock worth over $2,597,337 and over the last 20 years Peter sold HOV stock worth over $5,870,758. How do we get in touch with them? We started building a ton of infrastructure. What Now for a Fed That Has Fallen Behind theCurve Again? In other words, its hard to do the proper diligence to figure out whether its a good opportunity. We actually built a lot of stuff that ended up not being useful. Alejandro: You were talking about company growth. Ideating and pursuing side projects, no matter how simple they are, is incredibly important. 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. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. My co-founder is like, You know what? Segment was acquired by Twilio in 2020. Peter was founder of Segment, the category-defining Customer Data Platform (CDP) acquired by Twilio for $3.2B. 2020 ideamensch. Bradford: Finally, do you have any regrets about dropping out of school? I recall booking the largest, most impressive conference room we had and a 10AM meeting. Its hard for them to assess the strategy with a clear head. . . "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. They do normal things. 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. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal/court records, 88 address records, 24 phone records & more. 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. But is that kind of success still possible today, when many consider post-secondary education to be a staple? The hardest thing is breaking into the network for the first time. 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 . We did that. : You were talking about company growth. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. Number of Past Jobs 1. 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. When mixture has doubled in bulk, in 1 to 2 days, convert it into a starter: Combine 12 ounces flour and 9 ounces filtered or spring water in bowl. 100-California Street San Francisco, California, United States. Made with great respect for entrepreneurs in Missoula, Montana. That has been a challenging pace to keep up with, so I lean on investors. What was the lesson that you got from that? 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. 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. But you didn't drop out of MIT until 2011, correct? Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? Stokes, who is worth $5.69 billion according to this year's AFR Rich List, has lived in the . "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. 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. 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. 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. For us, Y Combinator was that key foot in the door, into the network of Silicon Valley and the investor scene as you meet some of the investors all at once, YC obviously has connections. 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