sergey petrossov net worth

The private aviation industry is highly inefficient, and Petrossov has built JetSmarter to bring efficiency and a younger customer-base in, ushering the industry into the 21st century. According to Petrossov, JetSmarter has been downloaded more than 300,000 times since its launch in March 2013, and while he wasn't willing to share very many figures relating to the business, he. Hes had that spirit, he says, since his teens. Rather than just thinking of ways to improve a service digitally, he tries to focus on how he and his product can improve lives and lifestyles. [15], On June 27, 2019, Vista Global announced it had combined JetSmarter with its XOJET subsidiary rebranding the combined entity as XO, powered by JetSmarter technology. In the beginning, JetSmarter bought seats on flights that were empty because they were being moved to another location for a flight originating elsewhere. Customers started accusing JetSmarter of bait and switch. When they asked for refunds, JetSmarter told them to read the legal disclosures in their membership agreements that said the company could "change, suspend, or terminate any of the services or benefits at any time." The main difference between JetSmarter and its close competitors is that JetSmarter gives members the flexibility to create flights on their time or find seats on flights created by fellow members all with the year-round reliability, efficiency, and service that are synonymous with flying private. The company was offering him its "sophisticated membership," which included unlimited, free private jet flights with a companion pass. With JetSmarter, youll no longer have to go through the TSA lines with unreasonable wait times, or have to deal with uncomfortable airplane seats well get you to your destination with comfort and ease. Manage Settings One of the benefits to travel by private jet is skipping the hassle of TSA. Were still in the early days.. There was no digital form in accessing it. [16], According to Business Insider and TechCrunch, JetSmarter raised $20 million from the Saudi Royal Family, American rapper Jay-Z, American serial entrepreneur and investor Wayne Chang,[17] and investment bank Goldman Sachs Capital Partners. 7 calle 1, Suite 204 I think some people just have drive and passion for what theyre doing. At other times, a company representative would tell customers that their hands were tied because the changes had been mandated by the company's investors. Bachelor of Arts/Science, University of Florida, Russias top diplomat said Carlsons departure from Fox means the wealth of views in the American information space has suffered.. What was your vision for the mobile app? Elizabeth Holmes set out to revolutionize blood testing with Theranos. [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. And, if they want, they can book a fully private flight, which comes with a higher cost. [40], In January 2019, CNBC aired an investigative report on JetSmarter, titled "Tailspin", stating that "JetSmarter tried to be the Uber of private jets, now it faces lawsuits, losses and security questions". Whats your marketing strategy? His inspiration for the idea began in 2009 when he started using private jets to travel, and he realized that the archaic, and mostly-analog, industry had plenty of opportunities for innovation and growth. Members raved about the service, which at the time, gave them all you can fly private jet service for as little as $7,000 a year. Lets meet them, AirOps raises $7M to bring the power of AI to the workplace, Tech Talent Coalition workgroup aims to expand training and hiring opportunities for our local diverse talent, Say goodbye to in-person tours: Check out a home for sale from the comfort of metaverse startup Propyverse, At packed Venture Miami Tech Hiring Fair, breadth and depth of Miami movement on full display. Its no longer about the brand, marketing and brand association. After innovation, finding the best way to connect with the audience or the market is the surest way to success. Where and how did you raise capital for the company? Asia Pacific +65 6212 1000. The flight eventually continued to New York. But the app still requires convincing. Your email address will not be published. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. The main reason I was interested in Torossian's employment as a PR agent for Turkey is that there was a similar situation with Barry Zorthian, who worked from Oct. 1980 to February 1984 for the lobbying firm of Gray and Co., hired . The company was headquartered in Fort Lauderdale, Florida, United States. Thanks for reading! JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. A G4 costs more than $6,000 per hour to fly. Does that sound familiar? In 10 years, I think theres a big opportunity as you move into shorter-distance flights where we can actually deliver a much broader, mass-market solution, where you can actually serve customers at $500 a seat, he says. In September 2018, on a flight from New York to Las Vegas, 23-year-old DJ Maurice Paola started yelling and threatening to kill other passengers. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. The main difference between JetSmarter and its close competitors is that JetSmarter gives members the flexibility to create flights on their time or find seats on flights created by fellow members all with the year-round reliability, efficiency, and service that are synonymous with flying private. In August 2012, I made it a reality and created the beta version of JetSmarter, sharing it with an exclusive group of industry experts and frequent private jet users. Before launching JetSmarter, Petrossov, who was named as one of Forbes 30-under-30 and one of South Floridas Top Working Professionals, co-founded two IT projects: an online chat system for website customer service and a distance-learning platform for Russian-speaking educational institutions. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. There is no such thing as a typical day for Petrossov. While many 20-somethings stick it out paying their dues in corporate jobs, Petrossov has enthusiastically moved from one uncertain endeavor to another. [13], On September 5, 2018, a JetSmarter shared charter flight from Las Vegas to New York had to make an emergency landing in North Platte, Nebraska, after a passenger threatened other passengers and the crew. The shuttles were a big success. Contact me at [email protected]. Have news? I moved to South Florida when I was 11 or 12. We used this funding to expand our JetShuttle offerings and continue to expand globally. Mostly, JetSmarter will be remembered for offering an all-you-can-fly buffet of seats on scheduled private flights for under $10,000 annually, less than a single traditional charter flight. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. If you have a real, deep drive, no matter how much youre knocked down, you can always get your head up, he says of his career. What. Work stopped on Bezos' megamansion as his net worth drops by $57B How did the journey with JetSmarter begin? Sources told the New York Post in February that the startup was in rescue talks., Our vision is to create this travel and lifestyle community and to deliver an end-to-end experience for how you get there, who you meet and where you go, Petrossov said in a 2017 interview with me. The question was: How was JetSmarter making ANY money off their flights? Select Accept to consent or Reject to decline non-essential cookies for this use. I moved to South Florida when I was 11 or 12. His brother was also an employee. Members are able to book private jets in a matter of minutes, right from the palm of their hand. How did the journey with JetSmarter begin? (Photo by Gustavo Caballero/Getty Images for DuJour). After collaborating with hundreds of vendors and recruiting a team with a combined experience of more than 100 years in private air travel, the JetSmarter app was officially released in March 2013. I was born in Moscow, I moved to the U.S. when I was four, and Ive lived between California and Colorado and South Florida. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. In order for JetSmarter to keep flying, it had to keep recruiting active members. The first time Sergey Petrossov flew on a private jet in 2009, he was surprised. In April 2018, JetSmarter was valued at $1.5 billion and had 15,000 subscribers who paid a minimum of $5,000 a year to book flights and share seats on flights on private jets via the company's app. Sergey Petrossov. His wife Lolita ran the day to day business as its CEO. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. It's been a wild few months for Sergey Petrossov, the 28-year-old founder and CEO of JetSmarter, which hopes to be the Uber of private jet service and has gained high-profile investors like the. 1,302 likes. My membership meant nothing anymore. While not familiar with the specifics of JetSmarter until we called him, he said, It raises my red flags., JetSmarter CEO Sergey Petrossov (in tan jacket), and Lolita Petrossov attend the DuJour Media, Gilt and JetSmarter party to kick off Art Basel at the Confidente in Miami Beach last November. By clicking "TRY IT", I agree to receive newsletters and promotions from Money and its partners. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. It was highly inefficient. National team caps and goals, correct as of 19 November 2019. Sergey Petrossov. People are becoming more and more interested in Sergey Petrossov because of how much money he makes. . The company also said it was providing integration via SAP Concur to attract more corporate travel business. For more information visit: www.jetsmarter.com. What was your vision? JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. [1] The app connected users to available aircraft and routes in the United States, Europe and Middle East. In 2009 when I began flying private, I quickly came to realize that the private jet industry was very archaic; its brick-and-mortar process of picking up the phone, waiting hours and speaking to numerous different people in order to charter a jet was outdated and inconvenient. You have this multibillion-dollar industry that was completely analogue, he says. Today, there are about 8,000 JetSmarter members. Sergey Brin Cofounder and board member, Alphabet $88.5B Real Time Net Worth as of 4/29/23 #12 in the world today Photo by Kelly Sullivan/Getty Images for Breakthrough Prize About Sergey. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. Utilizing his previous experience co-founding two IT companies and serving as a board advisor to a private jet operator based in South Florida, Petrossov created a user-friendly app allowing travelers to order flights JetSmarter was basically throwing cash on the fire and watching it burn. To join JetSmarter costs $15,000 a year to gain access, Petrossov said, and members then pay for the flights or other services. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. The cost was high., Private jets often sit around empty, further driving up prices. Anthony Pompliano Net Worth Phone Number, House Address, Wiki, Ashley Massengill Net Worth | Bio, Family, Address, Career, Atlas Monroe Net Worth | Age, Height, Weight, Dating And More, Beyonce S Net Worth Phone Number, House Address, Wiki, Blue Ivy Net Worth Phone Number, House Address, Wiki. When it comes to private jets, you think Jay-Z flying for $60,000. It said it would use the money to expand services, including routes and flight frequency.[23]. Instead it acts as a middleman between private jets and passengers looking for seats. The company charters them or books space on them from other companies. The membership agreements customers signed barred them from making any negative comments about the company or its executives in any way something that is very unusual in the aviation industry. The aim of the mobile app is to make travel fun, easy and convenient for our members. It was the easiest money I ever lost in my life.". https://money.com/jetsmarter-uber-private-jets-ceo/. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. Also, today, in the tech age, luxury is transcending past brand to experience. www.vistaglobal.com. Sergey Petrossov Founder JetSmarter (Acquired) | CEO | Board Member | Entrepreneur | Vista Global Executive Miami-Fort Lauderdale Area 5K followers 500+ connections Join to view profile Vista. JetSmarter is not taking the criticism from customers and former employees lying down. [39] With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. // < ! The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. Or will JetSmarter go down in the annals of history as another good idea that was unable to be realized by its under experienced founder and CEO? He put its revenue in the hundreds of millions, which he hops to double in the next two years. A seasoned jet setter, Petrossov said he defines luxury travel as flying around the world on your personal VIP configured Boeing BBJ or Airbus ACJ. His best travel tip? JetSmarter has reinvented private air travel by making it affordable and straightforward, doing away with what is considered an antiquated booking system in favor of a streamlined, technological alternative. Petrossov declined to divulge revenues, but if 8,000 members are paying $15,000 a year that would mean $120 million in annual membership fees alone. Many private jets flying the friendly skies are empty or nearly so. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. JetSmarter was a corporation and mobile application for private jet users. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. The current CFO is Edward Codispoti, who had previously been chief financial officer at TradeStation. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. Now, Petrossov is the founder and CEO of JetSmarter, an app-based mobile community made to help people to travel by private jet for a fraction of the cost and like meeting like-minded people. Sergey Petrossov is a serial entrepreneur and successful businessman. The added costs of the flights made it too expensive for him. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. Petrossov said that he had added the role of president at the Fort Lauderdale-based companies to his duties as chief executive since Barskys departure. In other media reports, Vista Global indicated it planned to keep on JetSmarters tech employees based in the companys downtown Fort Lauderdale headquarters, and may even increase employment. Its no longer about the brand, marketing and brand association. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. Author Recent Posts Follow me Nancy Dahlberg Sergey Petrossov. But for JetSmarter Founder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). Also, today, in the tech age, luxury is transcending past brand to experience. If you truly believe in what youre doing, youll get there one way or another., Money Group, LLC EMEA +44 20 7330 7500. The business is capital-intensive, so JetSmarter, based in Fort Lauaderdale, Fla, had to secure major funding -- including a $105 million round of financing raised last year. Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. The world's 12 wealthiest people got richer by $36 billion in a day - and have now gained $264 billion in net worth this year. Its like a country club that follows you around, Petrossov said. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. We plan to continue our global expansion, and were currently focusing on expanding in the countries where there is enough supply to satisfy demand, and are continuing to partner with carriers across the globe to offer users more inventory daily. Terms of the transaction were not disclosed. I love hosting this blog for Refresh Miami and we aim to be the go-to site for South Florida startup and tech news, features and views. 2023 Forbes Media LLC. But its not just about the brand. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. Much of that experience comes from team members time with NASA, Nokia, Microsoft, Mercedes Benz, BMW, and Uber. A year later, JetSmarter needed more cash. In August 2018, a Los Angeles-based former member of JetSmarter filed a lawsuit seeking at least $2 million in damages from JetSmarter after the company refused to renew his membership. Private jet travel is more accessible than people think. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? JetSmarter set out to revolutionize jet travel. JetSmarter was founded in 2012 by entrepreneur Sergey Petrossov,[5][6] whose idea made him one of Forbes' "30 Under 30" business leaders of 2016. Now people from all walks of life have started evaluating his merits. It was also investing a ton of money on marketing and events. The partners that we have cover a large number of international destinations, to enable our customers to be able to fly worldwide within as little as six hours from booking their flight. Petrossov launched the JetSmarter app back in 2013 and never looked back, its even been referred to by some as Uber for private jets, moving more passengers annually than anyone in the industry. In 2012, I spoke to the carriers I had established relationships with and discussed how large of an impact an app to charter a private plane would have on the industry. These airplanes are severely under-utilized by flying only 200 hours a year when they could be flying 1,200 hours. We have to boil that down to them.. Jay-Z's Private Jet Startup "JetSmarter" Just Raised $105 Million In Series C Funding, Jay-Z And Saudi Royalty Invest In 'Uber For Private Jets' App. One of the most essential aspects that move a business forward is the errors that happen along the way. In high school, he attempted to start an import-export business for automobile tire rims. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. It turned out that flight wasn't free as promised. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. Many companies featured on Money advertise with us. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. When expanded it provides a list of search options that will switch the search inputs to match the current selection. It supported chat for audio and video for website customer service. However, if the person behind the product, and the product itself, has a relatable story and shows potential customers that it offers value, the likelihood of success is higher. The planes werent being utilized enough. Opinions expressed on this site are the author's alone, not those of a third-party entity, and have not been reviewed, approved, or otherwise endorsed. He plays as a right-back for FC Krasnodar. Petrossov, who was born in Russia but moved to Florida at a young age with his family, struggles to define what has made him hustle through his 20s. The company has a trail of angry customers and at least 13 lawsuits. Empty-leg flight deals, or repositioning flights. The company had no comment on The Verge reporting or Barsky's exit for this story. Serge y Petrossov is the founder and CEO of JetSmarter Continue with Recommended Cookies, Your email address will not be published. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. We think about three pillars: how you get there, who you meet and where you go. They were doing this stuff back in 2005, 2006. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. He is always looking for ways to streamline processes and use technology to make something better and easier, which he has succeeded at doing with JetSmarter. He believes in the potential growth of the industry and apparently so do his investors, including the likes of Jay-Z and the Saudi Royal Family. Be the first to know about the latest in luxury lifestyle news and travel. He believes in the potential growth of the industry and apparently so do his investors, including the likes of Jay-Z and the Saudi Royal Family. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. Rick Scott joined JetSmarter CEO Sergey Petrossov to cut the ribbon on the company's new multimillion-dollar headquarters office in downtown Fort Lauderdale. And down the road, we want to own premium business travel in the United States, he says. Your education and upbringing? Marketing has long been atop the list of priorities for successful companies, and thats even truer now given the digital landscape JetSmarter exists in, which is full of advertising channels and opportunities to connect directly with the consumer base. What was your background prior to JetSmarter? [20][21][22], In August 2017, JetSmarter said it had raised an undisclosed amount of institutional capital from Clearlake Capital, Leucadia National Corporation and existing investors. Just go do it, he says. Other have filed consumer fraud lawsuits against JetSmarter, with many seeking seven figure damages. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. Were still educating. I am a writer and editor with extensive media experience and a passion for journalism and serving the community. Founder and CEO, JetSmarter Boca Raton, Florida About Sergey Petrossov Sergey wants to change the aviation business by making private flights accessible to the masses. I was born in Moscow, I moved to the U.S. when I was four, and Ive lived between California and Colorado and South Florida. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. Education After graduating from high school, Petrossov studied finance at the University of Florida. His success has come from the rising of hard work. In the private aviation industry, many are familiar with jet cards or fractional jet ownership, where a light to mid-sized jet card can cost one anywhere from $130,000 to $150,000 a year for 25 hours worth of flying. An example of data being processed may be a unique identifier stored in a cookie. Get an inside vue on the latest in luxury. The partners that we have cover a large number of international destinations, to enable our customers to be able to fly worldwide within as little as six hours from booking their flight. Petrossov talked to us about how he founded his company, the struggles of building it, where he hopes it goes, and his tips for being a successful young entrepreneur. Your education and upbringing? It supported chat for audio and video for website customer service. Jul 10, . Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. The first beta version of the app was released in August 2012 to a closed group of private jet travelers.

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