Alejandro: 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. Peter Reinhardt. We were really excited about this. I think we have someone who just skipped college entirely and is one of our star engineers. Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. 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. In that year, we went from 10 to 20; we had a really big scare. This will be a fair test of whether this thing has product/market fit or not. 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. Alejandro: Very cool. I recall booking the largest, most impressive conference room we had and a 10AM meeting. There are dozen and dozens and hundreds of analytics companies. Can you load data not just from my website, but from my mobile apps, and so on? Its a test of managing your own psyche as much as an athletic competition. I was thinking this would just totally kill it. You don't get that by trying to be intuitive," he said. Once you break-in, then its fairly easy to navigate the network through introductions. Number of Current Jobs 1. : 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. 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. 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. What happened was that we had a pricing and packaging problem. If you solve those, they will reward you for it. Its like a snowball effect kind of thing? Bradford: Give me the nutshell version: what does Segment do? Yeah. 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. Perhaps they will also appreciate it. Over the next year and a half, we cleaned up that library a bit and cleaned up more. 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. This was better than pessimistic projections, though the naysayers argue that this is a small segment of the overall housing market. Can you also send data to my data warehouse? 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. Thats hard work. 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 and another colleague saw what I was doing and came to my company to meet in person. From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. 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. We, TechCrunch, are part of the Yahoo family of brands. We believe in you guys. I've just loved our journey here. Date Of Birth. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). Peter Reinhardt: The most important thing to realize is that the world doesnt care how you think it should work. I think for our last shot, I think there might be a big idea behind analytics.js, this open source library. Ideating and pursuing side projects, no matter how simple they are, is incredibly important. Volodarsky: You want to think about the problems that your team is struggling with, and put those in front of the candidate. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. His father introduced him to the recordings of Belgian gypsy jazz guitarist Django Reinhardt. What does that look like? People should have all these great feedback loops. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. Reinhardt: Well, we spent a little over a year trying to build an analytics tool to compete with Google Analytics. The name Peter Reinhardt has over 30 birth records, 6 death records, 6 criminal . Reinhardt became CEO; French-Owen, CTO; Volodarsky, president; and they brought on another friend, Ian Storm Taylor, a student at the Rhode Island School of Design, to be lead designer. : Very cool. $700,000. Peter Reinhardt: 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. Segment is the world's leading customer data platform. 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. 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. : Yes, investors are in the business of making good investments, not just investing. 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. 2020 ideamensch. Laurence Bradford: Can you each give yourselves a quick introduction? 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. An internationally renowned expert on bread and baking, Peter Reinhart is an instructor at Johnson & Wales University and a TED Talks speaker. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? Then, we deployed it into the classroom, and it was a total disaster. It is devoted to carbon mitigation. 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. Peter Reinhardt, welcome to the show. They meet with entrepreneurs to invest. About a year later, we crossed one million in revenue and were growing super-fast. The hardest thing is breaking into the network for the first time. 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. Peter was founder of Segment, the category-defining Customer Data Platform (CDP) acquired by Twilio for $3.2B. My co-founder is like, You know what? Peter Reinhardt: Yes, investors are in the business of making good investments, not just investing. Alejandro: The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? We still had no paying 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, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. Reinhardt: It's really not something we pay attention to. Peter has over 25 years of experience in professional . Peter Reinhardt, who was the CEO of Segment for nearly 11 years, is leaving parent company Twilio today, according to TechCrunch. Last is, about once every two weeks, my co-founders and I get dinner. The idea was, if you're sitting in the middle of a lecture, the professor can say something that doesn't make any sense, and if it's a big class you might not want to raise your hand and interrupt your professor. We did that. Once again, another product. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. But "that was also a disaster," Reinhardt says. /1" Bradford: What kinds of things do you look at in a candidate? 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. At Segment, Peter Reinhardt is bringing democracy to data. Thats when we raised the 15 million from Excel for our series A. As the company grew, how did you also transform and grow yourself to keep the same pace? Charm Industrial CEO & Co-founder Jul 2017. Edit this . 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. The first half of the year, we went from 10 to 12.5, which scared us. That was a disaster for us. I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. 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. Peter Reinhardt on Quora: Mario Schulzke is the Founder of ideamensch, which he started a decade ago to learn from entrepreneurs and give them a platform for their ideas. 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. Use Forbes logos and quotes in your marketing. 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. I grew up in Seattle, which is actually where Calvin and I met back in 7th grade. Segment has an annual churn rate of 12.00%. 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. 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. We should have been able to figure out analytically from the data that this wasnt working during our summer test. We had a bunch of professors at MIT who were excited about it, and we built all this over the summer at Y Combinator. The fourth is maybe a little more unusual, which is, create clarity. They dont have time to talk to customers. People should have all these great feedback loops. Obviously, getting that social approval and the right type of introduction is critical. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. How to Find Product Market Fit - Peter Reinhardt. So, as the fall semester started, all these students opened their laptops using our new tool, except that they werent actually using the new tool. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. Right? I also set personal goals once a year and reflect on them quarterly. Peter, the people that are listening are probably wondering How do I get the attention from an investor because obviously investors are in the game of investing. Alejandro: Very nice. 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 . It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. . Alejandro: Very nice. Analytics.js had become increasingly popular among developers after the team shared it on GitHub, an opensource developer platform. I write about tech companies, careers, and in-demand skills. Came in the next day and was like, All right, guys. What happened there? Your father was a carpenter, and also, your mom was an art teacher. 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. "We were in a pretty downward spiral at that point. Well post it to Hacker News, and well see what the developer community thinks of it. How do we get in touch with them? Alejandro: Very cool. A live webcast of the conference call, as well as a replay of the call, will be available at investors.twilio.com. Forsberg is known for being one of the best players of all time. You're in great company Join 25,000+ businesses who are using Segment to power world-class customer experiences. We realized that we had one more shot at product/market fit for something. Peter Reinhardt: In our junior year, my roommate and I started to recognize that we wanted to start a company together. 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. They dont have time to talk to customers. We were clearly failing to find product/market fit. Peter Reinhardt is still very much interested in things related to space. 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. Segment has thousands of customers across the globe, from fast-growing businesses such as Atlassian, Bonobos and . Why? 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. 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 ended up not being useful at all. 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. 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. 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. Spring 2012. Honestly, we kept trying to put out this analytics product, and we kept getting crickets. Feb 8, 2021. : Wow. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? How did you go about that? The products "quadrupled revenue," according to Reinhardt. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. 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. Whats that transition from early stage to growth stage where you guys are. Do they have a history of delivering results, whatever those were in their function? Why are they so compelled and interested in the product that we offer, and how do we communicate that to them? 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. Deliver on your promise pursuing side projects, no matter how simple they are is.: Yes, investors are in the product that we had and a 10AM meeting we deployed into. 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