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. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. Alejandro: So originally born and raised in Seattle. 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. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. All Rights Reserved. French-Owen: Actually, Peter, I think you said this once. That was a disaster for us. 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. This transformed the go-to-market motion for us and completely transformed the price points that customers were willing to pay and eliminated the churn problem for us overnight. Then I went off to MIT and started studying aerospace engineering there. How are you able to filter through that to be able to focus and prioritize what matters on the roadmap in front of you? $149,999 Estimated Mr. Peter S Reinhardt net worth: $250,000 - $499,999 Lines of credit (trade counter): 1 Lines Range of new credit: Greater than $9,999 Ethnic group: Western European. 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. The $3.2 billion price tag on cloud communications platform Twilio's acquisition of CDP Segment in October was sexy. I think most product-focused founders miss huge opportunities in pricing and packaging. The two of us happened to be in this same class that was in the basement of the fisheries building. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. Segment revenue is $144 million Segment is worth $3.2 billion valuation Segment team size is 584 employees. For the folks that are listening, what is the best way for them to reach out and say hi? I was thinking this would just totally kill it. 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. Thats what Id tell myself. Its hard, so you have to delay the early ones and pull forward the late ones. Whats that transition from early stage to growth stage where you guys are. 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. : Yeah, getting the right introduction is critical. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Bradford: Finally, do you have any regrets about dropping out of school? Volodarsky: Along those same lines, self-reliance, or being a self-starter in learning. 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. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. What Now for a Fed That Has Fallen Behind theCurve Again? Peter Reinhardt: We reflect on our company goals every quarter. 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. Peter Reinhardt: It was great. 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. 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. Master breadmaker Peter Reinhart is also a teacher, author and theologian. : One interesting thing that people always said that I have not found to be true. Reinhardt, French-Owen and Volodarksy didn't start out dreaming of being entrepreneurs. Right? How do you go about scaling the team? How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? When we first started we figured, "hey, we're students, we should be solving student problems." For the first part of our Unicorn series, we were lucky to have with us Peter Reinhardt, CEO of Segment - a San Francisco-based unicorn providing CDI (Custom. 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. Peter Reinhardt: The most important thing to realize is that the world doesnt care how you think it should work. Peter Reinhardt is still very much interested in things related to space. He and his wife Erika live in San Francisco. Segment was acquired by Twilio in 2020. "It was so amazing meeting an amazing founder.". 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. Login Get Started. I was thinking this would just totally kill it. What happened when you finally put this out there? 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? Banking-as-a-Service companies are in for a tough ride this year. 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. Then, we started beta testing it at the end of the summer. Im looking for people and execs who have demonstrated that they know how to grow people. Yeah. "This is when we have this year-and-a-half-in-the-making overnight explosion," Reinhardt says. Welcome to the Segment's second annual Customer Data Platform Report, an in-depth look into how organizations are using CDPs - exploring the data they're collecting, and the apps they're using to manage that data. 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. We still had no paying customers. So there was a little over a year and a half in there of struggle. In 2017 Forsberg was named one of the '100 Greatest NHL Players' in history. "I didn't think there was much value in it. Its like a snowball effect kind of thing? From left to right -- Calvin French-Owen, Ilya Volodarsky, and Peter Reinhardt. Peter Reinhardt on Github: By Geoffrey Keating. Peter Reinhardt: I have four things, and theyre mapped exactly to our values. I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. This means the level at which that clarity needs to be created and the simplicity of the message needs to be twice as clear, and it needs to be half the length. Charm Industrial CEO & Co-founder Jul 2017. So it was a really fast growth year. Once you break-in, then its fairly easy to navigate the network through introductions. 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? Its crazy hundreds of thousands of lines of code trying to make this overcomplicated classroom lecture tool. Do they have a history of delivering results, whatever those were in their function? People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. I think talking about culture is also going to be very interesting with our guest. 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. : Wow. At Segment, Peter Reinhardt is bringing democracy to data. They called it Segment and applied to Y Combinator. Tell us about how you guys went about the fundraising process as well. 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. Its hard, so you have to delay the early ones and pull forward the late ones. Bradford: So Class Metric is the startup you took to Y Combinator. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. Additionally, Peter Reinhardt has had 1 past job as the CEO & Co-Founder at Segment. In that year, we went from 10 to 20; we had a really big scare. In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. Peter and his colleague showed up and walked me through using Segment. Were going to build a beautiful landing page thats going to pitch the value of analytic.js. Volodarsky: We first met at campus preview weekend [at MIT]. 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 . 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. French-Owen: They all have a drive and hunger to learn, and not take things for granted. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. Proud father. We still had no paying customers. We thought, Okay. How was life there? Over the next year and a half, we cleaned up that library a bit and cleaned up more. 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. Alejandro: Alrighty. Segment has an annual churn rate of 12.00%. 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. "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. We reflect on the annual plan once a year. By. 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? CEO Peter Reinhardt. Segment did not raise any money in its starting years. That was fun. I recall booking the largest, most impressive conference room we had and a 10AM meeting. On an organic basis, sales were up 2.1% as higher pricing more than offset the negative impact of foreign exchange. 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. Then, we deployed it into the classroom, and it was a total disaster. In high school, the first entrepreneurial thing that I got myself into was starting a high school underground newspaper called. Developers at progressive, high-growth brands have used them to manage their data flows, and in both cases once deployed, they're deeply entrenched. 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