"We were a year and a half in. Its 500 lines of code. People have said that around Series B is when it stops being about the vision, and it starts being about just the numbers. 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 is CEO of Twilio Segment, the world's leading Customer Data Platform. Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. We had six or eight months of runway. 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. "I'm excited to bring my passion for tackling climate . Can you load data not just from my website, but from my mobile apps, and so on? Master breadmaker Peter Reinhart is also a teacher, author and theologian. Perhaps they will also appreciate it. 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. Like, sure, sales is one channel of the 20 I just mentioned, but its just one of 20. 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 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. You can change your choices at any time by visiting your privacy controls. We were like, We should put analytics on our classroom lecture tool. Where? 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. Korrespondent Peter Reinhardt, Jahrgang 1956, schreibt seit fast 40 Jahren fr den Mannheimer Morgen. I think that in the last couple of years, over 100% growth in terms of the number of employees. I loved the book Enders Game. Go figure out something else and work on that.. 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. I think the tough learning or humbling learning there was like the world doesnt care what you think. Peter Reinhardt: It was great. 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. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. If you like the show, make sure that you hit that subscribe button. It's a massive net positive. The products "quadrupled revenue," according to Reinhardt. 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. But is that kind of success still possible today, when many consider post-secondary education to be a staple? "I didn't think there was much value in it. 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. 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. 2016, for us, was rescued by pricing and packaging. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. 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. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. Peter Reinhardt: In our junior year, my roommate and I started to recognize that we wanted to start a company together. On an organic basis, sales were up 2.1% as higher pricing more than offset the negative impact of foreign exchange. How was life there? 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. Dollar-based net expansion rate was 139 . I grew up in Seattle . 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. Calvin French-Owen: I'm Calvin, I'm another one of the cofounders at Segment. "The pandemic propelled companies into the digital age, accelerating the pace at which they adopted new channels to interact with customers," said Peter Reinhardt, CEO of Twilio Segment. Peter Reinhardt: I dont think we did a good job of this at first. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. Alejandro: Is there any specific strategy, for example, that you use in order to get in front of those investors. As a new year starts, we return to our work routine, facing the prospect of a recession. I said, That is literally the worst idea Ive ever heard. Alejandro: Very nice. 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). They started saying, This is great. We realized that we had one more shot at product/market fit for something. . Its a test of managing your own psyche as much as an athletic competition. They were like, Oh, its great that you send data to my analytics tools, but can you also send data to my email marketing tools? Then, what happened with your roommates? Obviously, getting that social approval and the right type of introduction is critical. I learned a bit from seeing that in action. 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. 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. 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. Lets say, youd walk into a Nordstroms, and youd talk to someone. 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. Why? I recall booking the largest, most impressive conference room we had and a 10AM meeting. It ended up coming more from learning how the sales process works. We realized that we had one more shot," says Reinhardt. 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. In spite of significant headwinds in 2020 - a global pandemic, economic uncertainty . I think talking about culture is also going to be very interesting with our guest. Thats probably most of the reflection process. : 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. It was not at all the growth trajectory that we wanted to be on. Then, we started beta testing it at the end of the summer. He hadn't had any kind of formal job experience, but every time we give him something he would just blow past it and just destroy our expectations. Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. They are Peter Reinhardt and Calvin French-Owen, the CEO and CTO of Segment, respectively. 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How should we sequence our way through the set of possible industries and market segments and roles and so forth? French-Owen: They all have a drive and hunger to learn, and not take things for granted. Peter Reinhardt, Segment's CEO, has spoken publicly about being the data infrastructure for the next generation of marketing tech. Starting Monday I will be working full-time on @CharmIndustrial, focused on permanent carbon removal via bio-oil sequestration. It is devoted to carbon mitigation. 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. We actually built a lot of stuff that ended up not being useful. They meet with entrepreneurs to invest. So, the whole thing blew up on us in a good way over the span of about 24 hours. It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. When? I do find that vacation is critically important for actually going and reflecting on things. Zo Bernard. Segment has thousands of customers across the globe, from fast-growing businesses such as Atlassian, Bonobos and . Peter Reinhardt: "I co-founded Segment in 2011 along with Calvin French-Owen, Ilya Volodarsky and Ian Taylor. 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.". Like, Classrooms should be digitized. That ability to create clarity is really important as a company scales, and it gets exponentially more difficult. Alejandro: Very cool. 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. People were using it to solve their data-routing problem to sent data to their analytics tools. : Weve raised a bit shy of 300 million in capital in the West, seven years. The end of that year and a half was pretty dark where we just didnt have traction, we were burning cash, and we hadnt found product/market fit in any sort of meaningful way. I was thinking this would just totally kill it. : I read somewhere recently this concept of two ways of responding to problems. What happened was that we had a pricing and packaging problem. 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. 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. Read More: Pierre-Francois Thaler On Raising $200 Million To Make Supply Chains More Accountable. Hello everyone, and welcome to the. Nach dem Volontariat ab 1982 Politikredakteur. They do normal things. Came in the next day and was like, All right, guys. Were building an analytics tool, like a web analytics tool, to compete with Google, Webex, Mixpanel, Kissmetrics, or Adobe Analytics. With my co-founders and an amazing leadership team we grew to over 600 . 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. : Very nice. Alejandro: Amazing. Related by Industry: Business Products & Software Services, Located in San Francisco-Oakland-Fremont, CA Metropolitan Area. In a wide-ranging Q&A, Twilio Segment CEO Peter Reinhardt discusses Twilio's $3.2 billion acquisition of the company he co-founded, and the future of CDPs. Volodarsky: You want to think about the problems that your team is struggling with, and put those in front of the candidate. It ended up not being useful at all. 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. : Then eventually, you had to put this out there. That pays back in spades as people then operate on the same operating system of what everyone values inside the company. 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. 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. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. Travel enthusiast. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. Segment remains Twilio's largest acquisition to date. 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. 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. Our churn rate spiked in the first half of that year. 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. Bradford: So all three of you went to MIT, however Peter and Calvin, you two met at an earlier time? {Utilities} & \text{810}\\ \text{Other} & \text{980 . Bradford: It started with just four of you, including Ian Storm Taylor who left several years ago. 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. Becky Peterson. "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 were clearly failing to find product/market fit. 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. 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. The company has raised $300 million from top tier investors such as Accel, Google Ventures, Meritech Capital Partners, Thrive Capital, NEA, Kleiner Perkins, and General Catalyst to name a few. : I have four things, and theyre mapped exactly to our values. : 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. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. 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. Charm Industrial CEO & Co-founder Jul 2017. 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. )" . I lean on those direct reports, who are best a creating clarity to help me figure out how to synthesize at that next level. 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. 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. Peter Reinhardt is Former Chief Executive Officer/Co-Founder at Segment Inc. 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