Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. 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. . Its hard for them to understand the broader space. I think talking about culture is also going to be very interesting with our guest. It was an incredibly distracting thing that we had mistakenly deployed into all these classrooms. 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. Then I went off to MIT and started studying aerospace engineering there. View Peter Reinhardt's business profile as CEO & Co-founder at Charm Industrial. Filter by State in . Then, I think when you get those right execs, then they can build out whole teams. We were clearly failing on this sort of customer sales side of things, and we were just spending all of our time building, building, building. Peter Reinhardt, welcome to the show. Then, met [the rest of] these guys at MIT when I was studying Aerospace Engineering. 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. Alejandro: Got it. We actually built a lot of stuff that ended up not being useful. 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. I also set personal goals once a year and reflect on them quarterly. 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. 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. My dad had his own business in terms of a small-scale contractor. Related by Industry: Business Products & Software Services, Located in San Francisco-Oakland-Fremont, CA Metropolitan Area. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. We were never challenged to go and figure out deeply, who is the customer? Where? 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. Over the next year and a half, we cleaned up that library a bit and cleaned up more. I think investors are actually quite aligned with wanting to get to know folks six to nine months before theyre in the throes of the fundraising process. )" . 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 . : Weve raised a bit shy of 300 million in capital in the West, seven years. Like, sure, sales is one channel of the 20 I just mentioned, but its just one of 20. Sales people who were reaching out to the customers and emailing them directly, tracking them within Salesforce. Segment views itself very similarly to SendGrid. I lean on the board. 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. Peter Reinhardt: Thats right. We basically spent the next year building out various variations of that product, and frankly, not spending much time talking with customers. At Segment, Peter Reinhardt is bringing democracy to data. Where? 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. Prominent historians and conservation experts explain the architectural relevance of buildings ranging from houses of worship to former colonial outposts and tenements. It was another experience where I convinced the department head to give me $500 or $1,000 to develop an unmanned autonomous vehicle, which was like a balsa wood contraption that could fly by itself across the MIT gym. Why? 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 . Last is, about once every two weeks, my co-founders and I get dinner. . 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. 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 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. Made with great respect for entrepreneurs in Missoula, Montana. The other, obviously, is just scaling culture. All Rights Reserved. I loved the book. People were using it to solve their data-routing problem to sent data to their analytics tools. 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. 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. Net Worth in 2022: $1 Million - $5 Million: Salary in 2022 . We started building a ton of infrastructure. Segment did not raise any money in its starting years. And it wasn't the last time the team considered feedback. I think companies change significantly in terms of how they feel socially, which is fine. On an organic basis, sales were up 2.1% as higher pricing more than offset the negative impact of foreign exchange. I loved the book Enders Game. Youre probably just avoidant of it. Segment. It ended up coming more from learning how the sales process works. : Very nice. How do you go about embracing culture, and what are some of the key lessons there that you could share with the people listening? It sounds like fun. 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. : I dont think we did a good job of this at first. 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 in a pretty downward spiral at that point. Categories. Peter, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. 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. Or, the future of analytics looks like this. There was always this inside-out kind of view of how the world should work. Bradford: And how did you meet the two of them, Ilya? We built the landing page and posted it on Hacker News. 2020 ideamensch. We did that. It's a massive net positive. Now, youve been at it for quite a while with the business, and everything started back in 2011. When we first started we figured, "hey, we're students, we should be solving student problems." Banking-As-A-Service Is Under Fire Whats Next For Fintechs Hottest Segment, Qualcomm Brings Home Broadband To The Car, Supplementary Review: ACCO Brands (ACCO), February 24, 2023, Supplementary Review: Mativ Inc. 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One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. "We were a year and a half in. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. But you didn't drop out of MIT until 2011, correct? In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. In that year, we went from 10 to 20; we had a really big scare. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. Id love to use this to send data to Google Analytics and Mixpanel. We said, Well, wed love it if you would just turn on our tool and send data to us too. Theyre like, Nay. Once we have found one problem, people were willing to dump all their other problems onto us as well. I didnt find that to be the case in our Series B fundraise. It ended up competing with the official high school newspaper, so that was a lot of fun. 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. What was the lesson that you got from that? I lean on my co-founders. We were like, We should put analytics on our classroom lecture tool. 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 has . Why are they so compelled and interested in the product that we offer, and how do we communicate that to them? 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. 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. I look for evidence of those four things. 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. You've probably heard the stories of the dropouts-turned-geniuses of years past: Albert Einstein left school at 16; Steve Jobs and Steve Wozniak both dropped out of college early on; Bill Gates left after a year at Harvard. : 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. : Thats right. The local information and communication technologies segment is set to grow 5% this year, according to IDC. : Is there any specific strategy, for example, that you use in order to get in front of those investors. Peter and his colleague showed up and walked me through using Segment. Becky Peterson. There are dozen and dozens and hundreds of analytics companies. Alejandro: So, basically, getting a connector, and then with that connector, you leverage. 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. 14. Are there any characteristics they have in common? The second value for us is tribe, which is that we want to push everyone around us to get better and be accepting of that when we feel that push from others. Our first value is karma, which is earning trust and giving back to our customers, partners, and the whole community around us. 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. This will be a fair test of whether this thing has product/market fit or not. 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. 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. 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. Thats hard work. 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. "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. We actually built a lot of stuff that ended up not being useful. The Business Journals In terms of growth, recruiting, and bringing people into the company, that, for me, has been a big on-mark. : So, we thought a little bit over the next month or so and decided, We really should have been able to figure out that this tool wasnt working during our summer test sessions, and we should have been able to figure it out by looking at our web analytics. Why are so many SaaS founders taking money from Founderpath.com instead of VC`s? : I have four things, and theyre mapped exactly to our values. The co-founders got accepted. Its hard work to pick the few things that really matter. Alejandro: Very cool. 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. Peter Forsberg is a Swedish retired professional hockey player. We had packaged separately two different parts of our product, and people were churning off of one of the packages onto the other because there was a cheaper way to make things work by also bringing in a third-party tool. Alejandro: Very nice. I think that in the last couple of years, over 100% growth in terms of the number of employees. Peter Reinhardt: We had just raised this money about two weeks before we deployed it, so we had to call back all the investors and say, This thing you just invested in, were really sorry, but its a terrible idea. So, yeah, we don't have the credential, but the MIT alumni Twitter handle still tweets out occasionally as if we were. Heat some water, preferably in a kettle, so you can pour it into this pan later. We saw a year's worth of digital acceleration during an unprecedented time. 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