Learn more in our Cookie Policy. Can the company ever be profitable without the all you can fly private jet memberships that made it famous and attracted thousands of customers? By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. We and our partners use cookies to Store and/or access information on a device. Sergey Petrossov Young Economics & Finance Graduate With Marketing Experience Interested In Data Analytics Field Published Jun 28, 2020 + Follow Do you feel like pulling your hair out because you . JetSmarter, once a high-flying unicorn, is being acquired Sergey Petrossov Net Worth - Phone Number, House Address, Wiki Sergey Petrov - Player profile 22/23 | Transfermarkt Some of our partners may process your data as a part of their legitimate business interest without asking for consent. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. Oh, and he also didn't get the guest pass or any of the other benefits he was promised when he forked over that $97,500 to JetSmarter. She was told the membership included free flights under three and a half hours, a discount on longer flights, and the potential to bring up to three guests. World's 12 Wealthiest People Got $36 Billion Richer in a Single Day CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. Its 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 Saudi Royal Family and Jay Z. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. Membership swelled to about 10,000. Russia. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. It was highly inefficient. Today, there are about 8,000 JetSmarter members. In 2006, Sergey co-founded LiveContact, and in 2009 he co-founded a distance-learning solutions company called Federal Systems of Distance Education, which helped give Russian students access to pertinent educational materials. 10.5K followers. 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. A Luxury Guide to a Long Weekend in Istanbul, Sjefke Jansen on His New Role as GM of Anantara Kihavah, Le Commandant Charcot: The Worlds Only Luxury Icebreaker, The McLaren Paddock Club: Feel the Beating Heart of Formula 1. 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. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. It supported chat for audio and video for website customer service. Terms of the transaction were not disclosed. 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. His success has come from the rising of hard work. 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. Many customers reported that they had planes entirely to themselves. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. Petrossov is most known for founding JetSmarter, a technology company Founder Sergey Petrossov said in the brokerage industry, "there's very little transparency." With the JetSmarter app, consumers can see the prices anywhere from $5,000 to $600,000 for a . 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. Mark Zuckerberg. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. Empty-leg flight deals, or repositioning flights. Sergey Petrossov is a successful businessman and entrepreneur. Its about personalization and what I call predictive hospitality. Not just by the luxury but by how complicated and archaic the process of booking it could be. 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. JetSmarter was a corporation and mobile application for private jet users. Instead, his focus is on creating a world-class, hospitality-driven experience. 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. There is no such thing as a typical day for Petrossov. Like Uber, Lyft, and AirBnb, who don't own the cars or properties they peddle, JetSmarter does not own the planes. Whats your marketing strategy? In high school, he attempted to start an import-export business for automobile tire rims. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. [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. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. Save time and get . There are also concerns over security. 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. What was your background prior to JetSmarter? Sergey Petrossov is a serial entrepreneur and successful businessman. VUE caught up with Petrossov to learn more about his journey, the future of the industry and perhaps a tip or two on how to turn a simple vision into a billion-dollar reality. EMEA +44 20 7330 7500. JetSmarter set out to revolutionize jet travel. In season, helicopter shuttles to the Hamptons from Manhattan are available as well. Through the investments, the organization is worth $1.5 billion. We think about three pillars: how you get there, who you meet and where you go. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. JetSmarter put together an impressive investor presentation filled with the projection that revenue would grow from $124 million in 2016 to more than $2 billion in 2019. Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. Airplanes could fly five to seven times more if they were efficiently run, he said. Then, last month, its president, Edward Gennady Barsky, resigned his post after being arrested in Florida on February 16 on charges of grand theft by embezzlement, according to the Broward County Sheriffs Office booking report. What was your background prior to JetSmarter? Sergey Petrossov's Sky-High Ambitions - Yahoo Finance Experienced Entrepreneur. The question was: How was JetSmarter making ANY money off their flights? Is the CEO of Turkey's Newest U.S. PR Firm Really Armenian? Download JetSmarter. 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. The catch-22 was that the more members the company signed up, the faster they burned through their investment money. I am a writer and editor with extensive media experience and a passion for journalism and serving the community. She flew across the country in a Gulfstream IV 13 times. Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing 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. Members are able to book private jets in a matter of minutes, right from the palm of their hand. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. A membership model would give the company both regular revenue and enough customers to set it on the road to going public one day. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. Instead, his focus is on creating a world-class, hospitality-driven experience. What are the main differences between JetSmarter and its close competitors? 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. He put its revenue in the hundreds of millions, which he hops to double in the next two years. Copyright 2023 New Statesman Media Group Ltd. Latest in Luxury - Sign up to our newsletter. It was a challenging way to get here. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. Continue with Recommended Cookies, Your email address will not be published. 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. How Much Would You Pay To Have Unlimited Flights Around The World Forever. (Photo by Gustavo Caballero/Getty Images for DuJour). Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. 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. Sergey Petrossov. [28] Adding to its services, the company offered helicopter transfers in select cities. This tailored approach seems to be working. Even CNBC, in their reporting on this issue, received a letter from JetSmarter's general counsel demanding that they "immediately cease and desist" calling former and current employees. Jet Life: Sergey Petrossov - VUE magazine The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. [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. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. Our average user visits JetSmarter 12 times daily. Get an inside vue on the latest in luxury. [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. Sergey Petrossov, Advisor, XO Select Accept to consent or Reject to decline non-essential cookies for this use. The company has a trail of angry customers and at least 13 lawsuits. The FBI is also investigating JetSmarter, specifically about the business and sources of cash, drug transportation, and the cash customers transported on JetSmarter flights. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. Often called " Uber " for private air travel, JetSmarter enables people to book. So far, there is no announcement on the JetSmarter website. Customers started accusing JetSmarter of bait and switch. 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. Top 3 Mistakes Car Buyers Make During Lockdown - LinkedIn Sergey Petrossov and JetSmarter are Changing the Way We Fly JetSmarters goal is also to utilize those passenger-free flight hours and fill them. He was charged with five counts of grand theft by embezzlement by authorities in Contra Costa, California. Our average user visits JetSmarter 12 times daily. In other incidences, passengers and crew members have witnessed passengers using JetSmarter to transport drugs or large amounts of cash. The company had no comment on The Verge reporting or Barsky's exit for this story. JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Work stopped on Bezos' megamansion as his net worth drops by $57B Primary Menu Sections. 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. The entrepreneur who changed how the world sees Russia How Sergey This is just a sample. Just go do it, he says. Submit a correction suggestion and help us fix it! 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. [35] The company also partnered with Jet Edge and Air Hamburg to cater to its global community of private jet fliers. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. 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. Petrossov has not responded to my request for an interview. I went to the University of Florida and studied finance. 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. This achievement has led to his being one of the worlds wealthiest men. Author Recent Posts Follow me Nancy Dahlberg By this time, however, he no longer practiced business. When he was a student at the University of Florida, he got exposed to computer science and joined a startup for live chatting. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Sergey Petrossov, entrepreneur | World Biographical Encyclopedia - Prabook 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? For Petrossov, his vision is one that goes beyond mere name recognition and service. Sergey Brin - Forbes Just hail a private jet", "Interview: How Sergey Petrossov revolutionized private jet business", "The JetSmarter App Puts Air Travel at Your Fingertips", "JetSmarter puts a jet in your pocket, and is happy to see you", https://privatejetcardcomparisons.com/2018/09/08/jetsmarter-flight-diverted-after-threats-from-a-passenger/, https://www.miamiherald.com/news/business/article229059544.html, "Meet the private-jet startup backed by Jay Z and the Saudi royal family", "An 'Uber for private jets' startup just raised $20 million from Jay Z and the Saudi Royal Family", "With $20M In The Bank, JetSmarter Is Building The Uber Of The Skies", "Private-Jet Booking App Lands $105 Million in Funding", "JetSmarter Raises $105 Million for Uber-Like Services in the Sky", "Jay Z-backed private jet firm JetSmarter raises $105 million at $1.5 billion valuation", "Jet Membership Seller JetSmarter Raises An Undisclosed Amount Of Institutional Capital Private Jet Card Comparisons Know Before You Buy", "Lawsuits, layoffs, safety concerns, and now lack of flights cloud JetSmarter's future", "Need a Private Jet in a Pinch? He plays as a right-back for FC Krasnodar. Consumers are turned off by processes that make it difficult for them to accomplish their goals. Some flights have security dogs inspecting bags, but many have no security checks at all. Oh, and by the way, he borrowed the $97,500 from a friend, so he's still paying back the loan. 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. How did the journey with JetSmarter begin? I dont know. 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. 15 local leaders selected as GET Cities Champions for gender equity in tech. Meet the CEO of JetSmarter, the Uber of Private Jets | Money The flights Horchow took were a fraction of the cost of other private jet companies. 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. As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. Sergey Petrossov: Founder, Chairman & CEO of JetSmarter Americas +1 212 318 2000. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. Dont give up, he says. The aim of the mobile app is to make travel fun, easy and convenient for our members. He has a clear vision for what flying private should be, and he wont stop there. 1,302 likes. The planes werent being utilized enough. This button displays the currently selected search type. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. // < ! The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. 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. Does that sound familiar? 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. It is this small switch in outlook that the customers needs are paramount, that can make a big difference. 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. 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. The company was headquartered in Fort Lauderdale, Florida, United States. 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. 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 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. But its not just about the brand. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. It turned out that flight wasn't free as promised. Having visited more than 30 countries, Petrossov named New York City as his favorite travel destination and Hong Kong as the next stop on his list. The company charters them or books space on them from other companies. JetSmarter had been chipping away at its benefits to members over the year. Business growth largely depends on a combination of innovation and marketing. His wife Lolita ran the day to day business as its CEO. Today the company -- which bills itself as the Uber for private jets -- has 14,000 paid members paying up to $15,000 a year for perks that include the ability to schedule flights and share seats on jets scheduled by others. His ultimate goal is to create a lifestyle brand where members can book all types of travel through JetSmarter and gain access to special experiences that the company can curate. 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. That membership goes for $50,000 a year. 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. The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". This story was updated throughout the day. Today, the company is mired in lawsuits and worth about a fifth of that $1.5 billion. 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. 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. Sergey Petrossov, CEO of JetSmarter Autopilot is a godsend for getting work done in the car Sergey Petrossov of JetSmarter in his office in Fort Lauderdale, Florida Josh Ritchie/FT Janina. 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. More from Forbes 30 Under 30 - Consumer Technology 2016 List. 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. Similar to advertising, if a company or executive are shown in a negative light, the product they are selling will likely suffer. The report included a video of a JetSmarter flight that was diverted by a passenger making terroristic threats.[41]. These days, JetSmarter no longer sells memberships. Petrossov formed relationships in aviation by going to trade shows. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. See a Bloomberg news video here. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. 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. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Im taking on a little extra responsibility, he said. In December, it garnered a giant $105 million round of financing that pushed the private companys valuation to $1.5 billion. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. That was my first experience working with engineers and I learned with technology how much value you can bring in a short amount of time. Hes had that spirit, he says, since his teens. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing Private Aviation Sergey Petrossov's solid work ethic and drive to succeed as an entrepreneur has been evident since. She paid $9,000 for an annual membership in early 2015. How do you source your planes, staff and pilots? 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 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. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. Your education and upbringing? For more information visit: www.jetsmarter.com. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. You can update your choices at any time in your settings. When youre young, those are the years you can take the most risks. 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. Sergey Petrossov. Paychecks were delayed four to five weeks. 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. The idea was so simple it seemed impossible that someone hadn't thought about it before. Sergey Petrossov is thus an ideal successful young entrepreneur. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. Sergey Petrossov (@sergey) Instagram photos and videos Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Its third round in 2016 raised $105 million and put the valuation of the startup at $1.5 billion.
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