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[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. I think some people just have drive and passion for what theyre doing. [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. Were still educating. Basically, they are bullying anyone critical of the company. Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? 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. JetSmarter has not been without its hiccups. Sergey Petrossovs solid work ethic and drive to succeed as an entrepreneur has been evident since high school when he founded his first business: a tire rim import/export company for luxury cars. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. . JetSmarter still has to deal with inquiries from the FAA. Experienced Entrepreneur. Jul 10, . My membership meant nothing anymore. 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. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. It is a misconception that privatization is for the wealthiest one percent. How do you source your planes, staff and pilots? The idea was so simple it seemed impossible that someone hadn't thought about it before. [31][32] Whats your marketing strategy? He plays as a right-back for FC Krasnodar. This story was updated throughout the day. [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. var _Hasync=_Hasync||[];_Hasync.push(['Histats.start','1,4553220,4,511,95,18,00000000']);_Hasync.push(['Histats.fasi','1']);_Hasync.push(['Histats.track_hits','']);(function(){var hs=document.createElement('script');hs.type='text/javascript';hs.async=true;hs.src=('//s10.histats.com/js15_as.js');(document.getElementsByTagName('head')[0]||document.getElementsByTagName('body')[0]).appendChild(hs);})(); Sergey Petrossov has become the most popular person by his significant works. CNBC spoke to Joann Bachewicz from Lansing, Illinois. What are the main differences between JetSmarter and its close competitors? Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? I am a writer and editor with extensive media experience and a passion for journalism and serving the community. What are JetSmarters expansion plans for the future? In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. It said it would use the money to expand services, including routes and flight frequency.[23]. CNBC spoke to Sally Horchow, a Los Angeles-based Broadway producer who travels frequently to New York. If a friend says JetSmarter is the best, the trust factor goes up. After testing proved successful, Petrossov sought and received substantial venture funding to expand JetSmarter's scope. One of the most essential aspects that move a business forward is the errors that happen along the way. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. 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. Submit a correction suggestion and help us fix it! We bootstrapped a small tech team in 2012, built an app, met with industry people, raised a little bit of money, and launched to the public in 2013. 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. 4 "Sergey Petrossov" profiles | LinkedIn [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. By this time, however, he no longer practiced business. We have to do that for the traditional private flyer whos not used to sharing an airplane. The hardest thing for a disruptive company is getting people to try it out. Sergey Petrossov: JetSmarter's Youngest CEO and - Eddusaver "Steep Fees and First-Class Prices, but Private Jets Are Available to More", "JetSmarter Is Uber for Affordable Private Jets", "South Florida's flourishing private jet market attracts new entrants", "Fancy a quick getaway? 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. 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. Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. Jet Life: Sergey Petrossov - VUE magazine Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. 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. Our goal is to one day make all air travel private. 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. Sergey Petrov - Player profile 22/23 | Transfermarkt 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. Some flights have security dogs inspecting bags, but many have no security checks at all. The company was headquartered in Fort Lauderdale, Florida, United States. Petrossov formed relationships in aviation by going to trade shows. JetSmarter Named In Class Action Lawsuit As Its CEO Sergey Petrossov Sergey Petrossov, a Young Man with a Big Dream: Sergey Petrossov moved to the U.S. as a young boy, and his family finally settled in Florida. 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. Asia Pacific +65 6212 1000. 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. 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. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. The question was: How was JetSmarter making ANY money off their flights? How did the journey with JetSmarter begin? 15 local leaders selected as GET Cities Champions for gender equity in tech. His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. We used this funding to expand our JetShuttle offerings and continue to expand globally. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. 5. Dorado, PR 00646, Metro Office Park In response to positive reviews and the growing popularity of the mobile marketplace, Petrossov made the decision to develop what would come to be known as JetSmarter into a full-fledged business. What are JetSmarters expansion plans for the future? Russia. In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. But its not just about the brand. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. 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. Members who pay $9,000 a year, for instance, can get cheaper deals, whilst travellers can charter an aircraft and share the cost with others who seek the same itinerary. How it all began for the 29-year-old JetSmarter founder, and his take on the future of private aviation. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. Its about personalization and what I call predictive hospitality. Learn more in our Cookie Policy. This story was updated throughout the day. 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. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. 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. [28] Adding to its services, the company offered helicopter transfers in select cities. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. 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. Since JetSmarters launch in 2013, the company has focused on making the booking process as easy as possible JetSmarter is often compared with Uber for how easy it is to book and democratizing private aviation by making it more affordable and accessible. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. Its no longer about the brand, marketing and brand association. The current CFO is Edward Codispoti, who had previously been chief financial officer at TradeStation. Thanks for reading! The company faces unknown costs from the lawsuits and refunds, the class action lawsuit, and the outcome of the investigations by the FAA and FBI. Our average user visits JetSmarter 12 times daily. Language links are at the top of the page across from the title. ", "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). It turned out that flight wasn't free as promised. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. 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. But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). An example of data being processed may be a unique identifier stored in a cookie. And let's not forget Billy McFarland and the Fyre Festival debacle. [1] The app connected users to available aircraft and routes in the United States, Europe and Middle East. 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. 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. There are also concerns over security. There was no digital form in accessing it. Without trial, there is no error, and without error, there is no improvement. this link is to an external site that may or may not meet accessibility guidelines. Now people from all walks of life have started evaluating his merits. In the Forbes report, Vista Chairman Thomas Flohr described the deal as primarily an equity swap. Galvez is no longer using his $97,500 JetSmarter membership. Instead it acts as a middleman between private jets and passengers looking for seats. The hardest thing on the demand side, he says, is to change consumer behavior. From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . Guaynabo, PR 00968, By clicking "Continue" I agree to receive newsletters and promotions from Money and its partners. Sergey Petrossov - Chief Growth & Digital Officer - LinkedIn JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. 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.. 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 Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. He decided to organize planes in a digital fashion with high utilization and a lower cost of entry.. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. Were still in the early days.. Jet Life: Sergey Petrossov - LinkedIn Strategies for Business Growth and Productivity. Because you cant when youre older., His other tip, which hes put to use himself, is simple. In order for JetSmarter to keep flying, it had to keep recruiting active members. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. Follow @ndahlberg on Twitter and email [email protected]. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. The company had booths and VIP lounges at yacht shows, art fairs, and other places wealthy people gathered en masse. 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. Many private jets flying the friendly skies are empty or nearly so. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. His advice to millennials like him who want to create companies is to be bold sooner rather than later. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. Sergey Petrossov Net Worth - Phone Number, House Address, Wiki He jumped at the chance to purchase the longer deal. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. The aircraft would be managed and operated by JetEdge, a Part 135 operator. The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". It couldn't even meet payroll. (1) *Club domestic league appearances and goals, correct as of 23 April 2023. The cost was high., Private jets often sit around empty, further driving up prices. And so JetSmarter came to be, though not easily. [39] We have to boil that down to them.. 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. 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. One of the benefits to travel by private jet is skipping the hassle of TSA. JetSmarter, the once high-flying South Florida unicorn, is being acquired. [14], On April 10, 2019, Dubai-based Vista Global said it had made an agreement to acquire JetSmarter adding it to its aviation portfolio, which includes VistaJet and XOJET. 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.. Charter a flight with the tap of an app - Sun Sentinel He was told he'd have to pay 75% of the cost of his flight. Hes had that spirit, he says, since his teens. 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. How did the journey with JetSmarter begin? 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. And down the road, we want to own premium business travel in the United States, he says. This tailored approach seems to be working. We just launched within the app an events and experiences section that allows members to book curated point-to-point experiences that cant be found elsewhere. 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. And, if they want, they can book a fully private flight, which comes with a higher cost. Sergey Petrossov. 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. Sergey Petrossov and JetSmarter are Changing the Way We Fly 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. Get an inside vue on the latest in luxury. In 2016 it started eliminating the free helicopter service as well as catering on the flights. 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. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours. JetSmarter bought those seats at a heavy discount and then connected the seats to passengers through their app. [12][18][19], In December 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. When CNBC contacted former and current employees for their investigation, they received a cease and desist from JetSmarter. Through the investments, the organization is worth $1.5 billion. The company also said it was providing integration via SAP Concur to attract more corporate travel business. Members are able to book private jets in a matter of minutes, right from the palm of their hand. Sergey Petrossov. Sergey Petrossov - Board Advisor @ Vista Global - CrunchBase 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. Support. Get the latest sergey petrossov news, articles, videos and photos on the New York Post. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Whats your marketing strategy? JetSmarter is established on the collaboration between technology and luxury by management and advisory teams with over 100 years of experience in technology, private air travel, and logistics. Top 3 Mistakes Car Buyers Make During Lockdown - LinkedIn 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. Even if that cost is divided by eight to 10 passengers, JetSmarter was losing money. 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. After innovation, finding the best way to connect with the audience or the market is the surest way to success. When he was a student at the University of Florida, he got exposed to computer science and joined a startup for live chatting. The aim of the mobile app is to make travel fun, easy and convenient for our members. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. She paid $9,000 for an annual membership in early 2015. 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. He filed a lawsuit against JetSmarter and its salesperson. 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. Required fields are marked *. What was your background prior to JetSmarter? Thank you for subscribing to Elite Traveler. The company held champagne filled parties in Miami, Los Angeles, and New York to attract rich new members. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. 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. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. I wasnt the founder but since I got involved early they called me a co-founder. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Customers started accusing JetSmarter of bait and switch. I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. 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. Airplanes could fly five to seven times more if they were efficiently run, he said. Petrossov loves to fly and has traveled all over the world. JetSmarter, once a high-flying unicorn, is being acquired I moved to South Florida when I was 11 or 12. 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? His success has come from the rising of hard work. 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. 10.5K followers. It was a challenging way to get here. Petrossov declined to say when JetSmarter would turn a profit. // < ! 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. For more information visit: www.jetsmarter.com. He initially resided in California and later moved to Florida, where he continues to live today. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. 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. Exclusively featured by VUE Magazine (vuenj.com). More from Forbes 30 Under 30 - Consumer Technology 2016 List. Save my name, email, and website in this browser for the next time I comment. There is no such thing as a typical day for Petrossov. . Sergey is most known for founding JetSmarter. The first time Sergey Petrossov flew on a private jet in 2009, he was surprised. Membership swelled to about 10,000. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. He has a clear vision for what flying private should be, and he wont stop there. What was your vision? The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. Is the CEO of Turkey's Newest U.S. PR Firm Really Armenian? 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 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. 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. It was also investing a ton of money on marketing and events. We used this funding to expand our JetShuttle offerings and continue to expand globally. Petrossov has not responded to my request for an interview.