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Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. Where and how did you raise capital for the company? In 2004, Petrov stepped down as president of his company to take up politics. [39] For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. I dont know. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. How did the journey with JetSmarter begin? That means going after business-class and first-class travelers and trying to lure them to JetSmarter. 10.5K followers. He noted that the company had recently added access to 8,000 luxury homes (and villas) to its system. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. Peoples lifestyles are continuously enhanced by technology, so Petrossov never stops thinking about how to make the most of all of the gadgets and devices that people have at their fingertips. 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. 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. Petrossov formed relationships in aviation by going to trade shows. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. What was your vision? In February of 2017, the companys president Edward Barsky resigned after he was arrested on charges of grand theft, although Petrossov said the incident was not related to his work for JetSmarter. How do you source your planes, staff and pilots? We are continually looking at ways and means to expand our offerings within the region, and globally. 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. Paychecks were delayed four to five weeks. Opinions are our own, but compensation and in-depth research determine where and how companies may appear. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. The added costs of the flights made it too expensive for him. Trial and error drive progress and are at the heart of innovation. [37] According to the reporter if the story did not appear within that timeline, the reporter's credit card would be charged $2,000. Vista Global, owner of VistaJet and XOJET, will immediately benefit from JetSmarters industry-leading technology platform that will ease the booking process for VistaJet customers, according to a Forbes report. https://money.com/jetsmarter-uber-private-jets-ceo/. 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. Were currently partnered with 800+ carriers across the globe, who work with our team to provide our app users with around 3,200 aircraft and 4,000 free flight hours each month. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. Without trial, there is no error, and without error, there is no improvement. Take as much risk as you can when youre young. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. JetSmarter, the once high-flying South Florida unicorn, is being acquired. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. He has a clear vision for what flying private should be, and he wont stop there. Instead, his focus is on creating a world-class, hospitality-driven experience. 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. 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. And so JetSmarter came to be, though not easily. Founder and CEO of JetSmarter [29], In May 2018, JetSmarter announced it would have a fleet of 20 JetSmarter branded aircraft by the end of the year. Americas +1 212 318 2000. Today, there are about 8,000 JetSmarter members. This story was updated throughout the day. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. Russia. Copyright 2023 New Statesman Media Group Ltd. Latest in Luxury - Sign up to our newsletter. If a friend says JetSmarter is the best, the trust factor goes up. Try This App", "Empty Leg Flights Make Private Jet Travel More Affordable", "JetSmarter brings app-based private charter service in Chicago", "These Two Aviation Companies Are Redefining Private Jet Travel", "EXCLUSIVE: JetSmarter's evolution is bringing branded airplanes, aircraft management, new single seat, empty leg and charter pricing, plus a new COO", "JetSmarter partners with GlobeAir enabling international expansion", "Charter a flight with the tap of an app", "Pernod Ricard and JetSmarter Announce One-Of-A-Kind Partnership", "Vertis Inks ME Partnership with JetSmarter", "SportStar Relocation Announces Partnership with JetSmarter", "The Fastest-Growing Private Jet Company In The World", "JetSmarter Tries to Extort Journalists for Positive Coverage", "This Startup Made Journalists Agree To Write Positive Reviews Or Pay Them $2,000", "Kim Kardashian and Petra Nemcova are part of a new $2 million lawsuit against JetSmarter", "UPDATED (Second Update): JetSmarter lawsuit referred to arbitration. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. 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. Its third round in 2016 raised $105 million and put the valuation of the startup at $1.5 billion. JetSmarter Named In Class Action Lawsuit As Its CEO Sergey Petrossov In order for JetSmarter to keep flying, it had to keep recruiting active members. Lots 81-82 Street C It's very expensive but worth it to get on a private plane to go somewhere if you've got that kind of money, of course. Charter a flight with the tap of an app - Sun Sentinel 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. The FBI is also investigating JetSmarter, specifically about the business and sources of cash, drug transportation, and the cash customers transported on JetSmarter flights. 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 with top-rated private jet operators. CNBC spoke to Joann Bachewicz from Lansing, Illinois. Sergey Petrossov, Advisor, XO With JetSmarter, he focuses on how to make air travel more convenient and accessible, but also on how to improve the lifestyles of his members the biggest draw of JetSmarter for a lot of its members is being able to fly privately with other like-minded individuals who place a lot of importance on style and luxury. A few weeks later, Galvez tried to book a JetSmarter flight. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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 . Awarded Forbes' 30 Under 30 in Consumer Technology, Petrossov is an entrepreneur by trade and has taken JetSmarter to heights no one would have imagined no one but himself, of course. Petrossov's biggest success to date, however . Sergey Petrossov's Sky-High Ambitions - Yahoo Finance Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. This tailored approach seems to be working. 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. 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. He was charged with five counts of grand theft by embezzlement by authorities in Contra Costa, California. [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. Intrigued and determined to find a way to make the private flight experience much more convenient, he started researching the industry and formulating solutions. 15 local leaders selected as GET Cities Champions for gender equity in tech. In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. 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. Galvez isn't the only JetSmarter customer with a grievance. 2023 Forbes Media LLC. 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. 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. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. Whats your marketing strategy? Its not always about price, he said, noting that the company currently has 8,000 members and transports 20,000 people a month. The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? Members are able to book private jets in a matter of minutes, right from the palm of their hand. In season, helicopter shuttles to the Hamptons from Manhattan are available as well. . 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. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. These days, JetSmarter no longer sells memberships. I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. Awarded Forbes 30 Under 30 in Consumer Technology, Petrossov is an entrepreneur by trade and has taken JetSmarter to heights no one would have imagined no one but himself, of course. Sergey Petrossov - Chief Growth & Digital Officer - LinkedIn Then different membership tiers debuted. Sergey Petrossov is a successful businessman and entrepreneur. 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. The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". It was the easiest money I ever lost in my life.". Primary Menu Sections. In the beginning, JetSmarter bought seats on flights that were empty because they were being moved to another location for a flight originating elsewhere. (Epstein declined to comment.). The flight eventually continued to New York. 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. In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. Through with the brick-and-mortar approach to booking private aircrafts, Moscow native Sergey Petrossov decided to take matters into his own tech-savvy hands. // < ! What are JetSmarters expansion plans for the future? Sergey Petrossov. Petrossov said then he started working on the idea in 2012 as a side project and since then it has been one long hectic ride. Over the years, he also said he hoped to take JetSmarter public. There was no digital form in accessing it. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. 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. I went to the University of Florida and studied finance. Even if that cost is divided by eight to 10 passengers, JetSmarter was losing money. It supported chat for audio and video for website customer service. Private jet travel is more accessible than people think. He jumped at the chance to purchase the longer deal. Kim Kardashian, Kanye West, and DJ Khaled are customers of JetSmarter. 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. 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. ", "JetSmarter faces lawsuits, losses and security questions", https://en.wikipedia.org/w/index.php?title=JetSmarter&oldid=1149578250, Companies based in Fort Lauderdale, Florida, Ridesharing companies of the United States, All Wikipedia articles written in American English, Creative Commons Attribution-ShareAlike License 3.0, Sergey Petrossov (CEO), Gennady Barsky (President). The question was: How was JetSmarter making ANY money off their flights? With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. But when you present all the pros, you save a significant amount of money. As he points out, members are still able to choose an airport and time, and other users can opt in for the excursion. As part of the Vista Global transaction, all JetSmarter investors, including Clearlake Capital and Jefferies Financial, will become investors in Vista Global. Many private jets flying the friendly skies are empty or nearly so. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. It was also investing a ton of money on marketing and events. 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. Remember! Language links are at the top of the page across from the title. There is no such thing as a typical day for Petrossov. Basically, they are bullying anyone critical of the company. Petrossovs career as an entrepreneur has been finding those difficult processes and making them simple and more accessible. 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. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. This story was updated throughout the day. We have to do that for the traditional private flyer whos not used to sharing an airplane. Its about personalization and what I call predictive hospitality. An example of data being processed may be a unique identifier stored in a cookie. Oh, and by the way, he borrowed the $97,500 from a friend, so he's still paying back the loan. What's next? Consumers are turned off by processes that make it difficult for them to accomplish their goals. World's 12 Wealthiest People Got $36 Billion Richer in a Single Day What was your vision for the mobile app? [28] Adding to its services, the company offered helicopter transfers in select cities. We have also announced our series C funding raise of $105 million, at a $1.5 billion pre-money valuation, from existing and new strategic investors. Not just by the luxury but by how complicated and archaic the process of booking it could be. Meet the CEO of JetSmarter, the Uber of Private Jets | Money Jetsmarter, The Uber For Private Jets Is Facing Lawsuits And Sergey Petrossov - EverybodyWiki Bios & Wiki Similar to advertising, if a company or executive are shown in a negative light, the product they are selling will likely suffer. Still, despite JetSmarter's aggressive legal bullying, a number of former members have joined a class action lawsuit against the company. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. So far, there is no announcement on the JetSmarter website. As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. JetSmarter faces lawsuits, losses and security questions - CNBC 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. [27] In January 2016, Chicago Tribune reported that JetSmarter had launched app-based private charter service in Chicago, using Midway International Airport as its access point. Our partners can use the same app as our customers to manage their inventory in real-time from any mobile device, and fill their flights instantly. JetSmarter, once a high-flying unicorn, is being acquired 4 "Sergey Petrossov" profiles | LinkedIn He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. The hardest thing for a disruptive company is getting people to try it out. During his research, he also discovered that about 70 percent of all private jets were empty and the majority of their flight hours were spent traveling to pick up the next passenger, not flying the passenger themselves. 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. I think some people just have drive and passion for what theyre doing. In the Forbes report, Vista Chairman Thomas Flohr described the deal as primarily an equity swap. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? JetSmarters starting point is $17,500, so theyve essentially lowered the entry point for private aviation, allowing many people with a lower net worth to fly privately when they never could before. 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. These airplanes are severely under-utilized by flying only 200 hours a year when they could be flying 1,200 hours. Awarded Forbes 30 Under 30 in Consumer Technology, Petrossov is an entrepreneur by trade and has taken JetSmarter to heights no one would have imagined no one but himself, of course. He came up with the idea in 2008, when he graduated from the University of Florida. [2][3][4] The company was purchased by Vista Global in 2019 and merged into a new brand, XOJET Aviation. Sergey Petrossov. Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. Mark Zuckerberg. One of the benefits to travel by private jet is skipping the hassle of TSA. He graduated in 2009. Learn more in our Cookie Policy. Its no longer about the brand, marketing and brand association. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Sergey Petrossov: JetSmarter's Youngest CEO and - Eddusaver Before JetSmarter, he cofounded an educational startup that sold cloud-based software for schools and universities in Eastern Europe and Russia, countries that couldnt afford legacy systems. Aviation, he adds, was my side hobby.. According to a recent investigation by Forbes and Business Insider, Sergey Petrossov estimated net worth is more than a couple of million USD, according to the publication. What was your vision for the mobile app? Additionally, JetSmarter partners exclusively with operators that carry a Wyvern Wingman or ARG/US Gold or Platinum safety rating, viewable in the app along with each aircrafts liability insurance. Barsky had been the companys CFO before being promoted to president in January 2016, and his replacement as CFO, Joey Epstein, stayed just 10 months, before departing in October, according to his LinkedIn profile. Because you cant when youre older., His other tip, which hes put to use himself, is simple. Your education and upbringing? 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. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. Shocked that Samsung has been considering switching its default phone search to Microsofts Bing, with Apple's contract up for renewal as well, Google is pulling out all the stops for Google I/O next month with new chat features for its traditional search function, while keeping Bard at bay. All while avoiding the hassle and headache of airport security screenings. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. The consent submitted will only be used for data processing originating from this website. 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.

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