[30], JetSmarter partnered with various air carriers that span the range of the private charter industry. Sergey Petrossov and JetSmarter are Changing the Way We Fly I wasnt the founder but since I got involved early they called me a co-founder. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. We think about three pillars: how you get there, who you meet and where you go. What are the main differences between JetSmarter and its close competitors? [35] The company also partnered with Jet Edge and Air Hamburg to cater to its global community of private jet fliers. 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. 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. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. What was your background prior to JetSmarter? I agree to Money's. Steven Kreit, a partner at accounting firm EisnerAmper who is in charge of its New York commercial audit and assurance practice, said they should, especially at a unicorn-sized company. Thanks for reading! In season, helicopter shuttles to the Hamptons from Manhattan are available as well. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. Where and how did you raise capital for the company? It couldn't even meet payroll. Support. This tailored approach seems to be working. The company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. It was the easiest money I ever lost in my life.". 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. In September 2016, then-Florida Gov. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. Also, today, in the tech age, luxury is transcending past brand to experience. From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . 2023 Celebrity Net Worth / All Rights Reserved. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. 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. Google [x], Rapid Evaluation Program Manager. 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 . As part of the Vista Global transaction, all JetSmarter investors, including Clearlake Capital and Jefferies Financial, will become investors in Vista Global. That investment gives JetSmarter a valuation of less than $250 million, a plummet of more than 80% from the earlier more than one-billion dollar valuation. Select Accept to consent or Reject to decline non-essential cookies for this use. In reality, the company was losing millions of dollars a month and not delivering on promises to customers and investors. 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. Other have filed consumer fraud lawsuits against JetSmarter, with many seeking seven figure damages. JetSmarter was founded by Moscow-born Sergey Petrossov, who moved to South Florida as a teen, graduated from the University of Florida and launched JetSmarter in 2012 when he was in his early 20s. JetSmarter is headquartered in Fort Lauderdale, Florida, and maintains offices in Zurich, Moscow, London, Riyadh, and Dubai. Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. Sergey Petrossov: JetSmarter's Youngest CEO and - Eddusaver JetSmarter aggregates. 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. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. Innovating For The Mass Affluent: A Q&A With JetSmarter CEO Sergey JetSmarter was a corporation and mobile application for private jet users. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. 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. Connect with Sergey Petrossov: Twitter | Facebook | LinkedIn | Instagram | YouTube, A weekly download of the latest product launches, technology news, innovations in medicine, and more, about 70 percent of all private jets were empty. Thats the most important thing for entrepreneurs. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. JetSmarter CEO Sergey Petrossov's Sky-High Ambitions The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. 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. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. Petrossov, a native of Russia and graduate of the University of Florida, had been involved with two tech startups before launching JetSmarter in 2013. 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. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Petrossovs career as an entrepreneur has been finding those difficult processes and making them simple and more accessible. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. The company had no comment on The Verge reporting or Barsky's exit for this story. It was a challenging way to get here. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". Your education and upbringing? Empty-leg flight deals, or repositioning flights. (Photo by Gustavo Caballero/Getty Images for DuJour). 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. In order for JetSmarter to keep flying, it had to keep recruiting active members. Experienced Entrepreneur. [12], On February 16, 2017, the President of Jetsmarter, Edward Gennady Barsky, resigned after he was arrested at the Broward Financial Center, site of the company's headquarters. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. JetSmarter went on to raise more than a million dollars in funding, grew to a company with 260 employees and reportedly hit a unicorn valuation of $1.6 billion about two years ago, with backers like rapper Jay-Z and the Saudi royals. 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. Sergey Petrossov is a successful businessman and entrepreneur. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. One day in 2009, he and some of his friends were given the opportunity to fly on a private plane, but the only way to book that flight was by calling the company directly and talking to a dispatcher, who then sent them a physical invoice to sign and fax back to the company. There are approximately 22,000 private flights every single day in the United States, and one-third of them are empty. The consent submitted will only be used for data processing originating from this website. There are lots of hard times, but I found that, no matter how difficult something is, you should keep falling, and if you keep getting back up and move forward, its virtually impossible to fail unless youre physically incapacitated., That doesnt just apply to him, he adds, but among the great entrepreneurs, it comes back to perseverance. Terms of the transaction were not disclosed. 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. Many customers reported that they had planes entirely to themselves. Petrossov loves to fly and has traveled all over the world. [36], In 2017, The Verge reported that management of JetSmarter offered free flights to its reporters if an article was posted within five days of the flight. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. When I was 18, I wasnt really into college that much I was more interested in getting out of college and I got involved with my first startup. Sergey Petrossov and JetSmarter are Changing the Way We Fly How To Remove Items From Your Credit Report, How To Boost Your Credit Card Approval Odds, Best Pet Insurance Companies of April 2023, Drivers May Soon Get More Money Back From Car Insurance Companies, Non-Fungible Frenzy: Why NFTs Are Suddenly Everywhere. Education After graduating from high school, Petrossov studied finance at the University of Florida. this link is to an external site that may or may not meet accessibility guidelines. Sergey Petrossov, Jetsmarter Inc: Profile and Biography Not just by the luxury but by how complicated and archaic the process of booking it could be. 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. Our goal is to one day make all air travel private. Sergey Petrossov | New York Post You heard it here first. It supported chat for audio and video for website customer service. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing If clients and customers arent happy, the product is doomed to fail, and being at the forefront of what people want and need allows Petrossov to keep his clients and customers happy, setting JetSmarter up for further success. 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. 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. We have to do that for the traditional private flyer whos not used to sharing an airplane. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. The company also said it was providing integration via SAP Concur to attract more corporate travel business. But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). [28] Adding to its services, the company offered helicopter transfers in select cities. However, one constant is that he is always looking for ways to optimize the product through innovation, anticipating how his clients needs will evolve and how to address them quickly and effectively.
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