What was your vision? She flew across the country in a Gulfstream IV 13 times. We used this funding to expand our JetShuttle offerings and continue to expand globally. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. JetSmarter aggregates. He realized that if he were to take the industry digital, not only could he revitalize it and make the process easier for everyone involved, but he could significantly cut the cost of private air travel. This story was updated throughout the day. Then different membership tiers debuted. Sergey Petrossov is a serial entrepreneur and successful businessman. Sergey Petrossov. Author Recent Posts Follow me Nancy Dahlberg What are JetSmarters expansion plans for the future? I moved to South Florida when I was 11 or 12. Sergey Petrov, 32, from Russia FK Krasnodar, since 2012 Right-Back Market value: 1.00m * Jan 2, 1991 in St. Petersburg, UdSSR He put its revenue in the hundreds of millions, which he hops to double in the next two years. 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. 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. The added costs of the flights made it too expensive for him. But that has raised concerns for some of JetSmarter's customers. [39] Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. 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. 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. Sergey Petrossov. For Petrossov, his vision is one that goes beyond mere name recognition and service. 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. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. Tucker Carlsons Ouster From Fox Criticized By Russias Foreign Minister As Curious News, Google At Risk Of Losing Samsung And Apple Phone Deal To Microsoft AI, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. CNBC spoke to Joann Bachewicz from Lansing, Illinois. He has a clear vision for what flying private should be, and he wont stop there. Thanks for reading! Many companies featured on Money advertise with us. 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. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. 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. You can update your choices at any time in your settings. We used this funding to expand our JetShuttle offerings and continue to expand globally. See a Bloomberg news video here. But its not just about the brand. That means going after business-class and first-class travelers and trying to lure them to JetSmarter. Consumers are turned off by processes that make it difficult for them to accomplish their goals. Galvez isn't the only JetSmarter customer with a grievance. How did the journey with JetSmarter begin? Customers started accusing JetSmarter of bait and switch. For Petrossov, his vision is one that goes beyond mere name recognition and service. Just go do it, he says. JetSmarter customers can charter a plane buy buying a minimum number of seats usually three or four and then JetSmarter sells the rest of the seats to other customers. What. In season, helicopter shuttles to the Hamptons from Manhattan are available as well. Petrossov was shocked at how out-dated the entire booking processes seemed, and he figured that the whole experience could be streamlined via technology. Petrossov's biggest success to date, however . JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. 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. Save my name, email, and website in this browser for the next time I comment. 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. Bachelor of Arts/Science, University of Florida, Russias top diplomat said Carlsons departure from Fox means the wealth of views in the American information space has suffered.. What was your background prior to JetSmarter? Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. Dorado, PR 00646, Metro Office Park In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. 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. JetSmarter bought those seats at a heavy discount and then connected the seats to passengers through their app. He initially resided in California and later moved to Florida, where he continues to live today. 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 Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. 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. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. 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. The first time Sergey Petrossov flew on a private jet in 2009, he was surprised. Its like a country club that follows you around, Petrossov said. The flight eventually continued to New York. Primary Menu Sections. He is always looking for ways to streamline processes and use technology to make something better and easier, which he has succeeded at doing with JetSmarter. The flights Horchow took were a fraction of the cost of other private jet companies. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. It said it would use the money to expand services, including routes and flight frequency.[23]. 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? 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. 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. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. As an entrepreneur, Petrossov focuses heavily on two things: maintaining his professional network and building a trustworthy, relatable brand and story. 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. All while avoiding the hassle and headache of airport security screenings. He is seeking a refund and damages. We are continually looking at ways and means to expand our offerings within the region, and globally. The idea was so simple it seemed impossible that someone hadn't thought about it before. I wasnt the founder but since I got involved early they called me a co-founder. Petrossov has not responded to my request for an interview. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. 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. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. Our goal is to one day make all air travel private. 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. That means a one way trip from New York to Los Angeles would cost more than $30,000. (Epstein declined to comment.). His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. 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. Then the company started charging members extra money for longer flights. In fact, it is making money on some flights. Many customers reported that they had planes entirely to themselves. I knew I wanted to go in technology, Petrossov says. His advice to millennials like him who want to create companies is to be bold sooner rather than later. Does that sound familiar? // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. JetSmarter is not taking the criticism from customers and former employees lying down. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. This tailored approach seems to be working. [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. 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. JetSmarters goal is not only to make it easier for people to fly in luxury. A few weeks later, Galvez tried to book a JetSmarter flight. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. The aim of the mobile app is to make travel fun, easy and convenient for our members. What are the main differences between JetSmarter and its close competitors? 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. Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. This page was last edited on 13 April 2023, at 03:18. Petrossov said that he hopes to expand internationally JetSmarter has offices in London, Zurich and Dubai and to add new services, from lodging to restaurants, that it can serve up to its well-heeled clientele. Lots 81-82 Street C Unique services offered by JetSmarter include the option of booking free seats on scheduled shuttle routes or creating shuttles between certain cities, free flights to new destinations daily from members favorite cities and real-time private jet booking with guaranteed availability in more than 170 countries. 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. 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.. 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. 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. 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. The company charters them or books space on them from other companies. The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. We think about three pillars: how you get there, who you meet and where you go. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. JetSmarter is headquartered in Fort Lauderdale, Florida, and maintains offices in Zurich, Moscow, London, Riyadh, and Dubai. Instead, his focus is on creating a world-class, hospitality-driven experience. 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 And down the road, we want to own premium business travel in the United States, he says. Trial and error drive progress and are at the heart of innovation. 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. Members are able to book private jets in a matter of minutes, right from the palm of their hand. 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. In high school, he attempted to start an import-export business for automobile tire rims. He decided to organize planes in a digital fashion with high utilization and a lower cost of entry.. 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. [30], JetSmarter partnered with various air carriers that span the range of the private charter industry. The consent submitted will only be used for data processing originating from this website. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. 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. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. Take as much risk as you can when youre young. His success has come from the rising of hard work. [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. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. He has a clear vision for what flying private should be, and he wont stop there. 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. Its third round in 2016 raised $105 million and put the valuation of the startup at $1.5 billion. There are also concerns over security. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. 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. Kim Kardashian, Kanye West, and DJ Khaled are customers of JetSmarter. 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. The aircraft would be managed and operated by JetEdge, a Part 135 operator. 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. 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. Where and how did you raise capital for the company? The company was offering him its "sophisticated membership," which included unlimited, free private jet flights with a companion pass. 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. 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. This achievement has led to his being one of the worlds wealthiest men. It's 30-year-old founder is scrambling to explain himself. . There was no digital form in accessing it. The problem is, he was the key person dealing with the company's investors. Its unfortunate, but it has nothing to do with the company, Petrossov told FORBES in a telephone interview. 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. One of the benefits to travel by private jet is skipping the hassle of TSA. Founder and CEO of JetSmarter What are the main differences between JetSmarter and its close competitors? When the company started to come under fire, it used legal threats and lawsuits to silence its customers and the media. Offers may be subject to change without notice. Customers are calling the company a "high tech shell game" and an "unlawful bait and switch" and a "fraud," according to the lawsuits filed against the company. Whats your marketing strategy? [12][18][19], In December 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. https://money.com/jetsmarter-uber-private-jets-ceo/. 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. So far, there is no announcement on the JetSmarter website. Continue with Recommended Cookies, Your email address will not be published. JetSmarter was basically throwing cash on the fire and watching it burn. Sergey is most known for founding JetSmarter. 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. Members also have access to free last-minute flights on empty legs. Its about personalization and what I call predictive hospitality. A few friends had introduced him to private jets, and he started asking questions, as he puts it, about how the heck this industry was run. His big idea was to apply the Uber model to private jets, which spent too much time grounded or flying empty. [35] The company also partnered with Jet Edge and Air Hamburg to cater to its global community of private jet fliers. In the beginning, JetSmarter bought seats on flights that were empty because they were being moved to another location for a flight originating elsewhere. I went to the University of Florida and studied finance. 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. They were doing this stuff back in 2005, 2006. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. View the profiles of professionals named "Sergey Petrossov" on LinkedIn. This button displays the currently selected search type. Petrossovs career as an entrepreneur has been finding those difficult processes and making them simple and more accessible. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. The company had no comment on The Verge reporting or Barsky's exit for this story. Mark Zuckerberg. Were still educating. Today, there are about 8,000 JetSmarter members. Whats your marketing strategy? 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. He graduated in 2009. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. To join JetSmarter costs $15,000 a year to gain access, Petrossov said, and members then pay for the flights or other services. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. . Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. When he was a student at the University of Florida, he got exposed to computer science and joined a startup for live chatting. 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. Membership swelled to about 10,000. Like Uber, Lyft, and AirBnb, who don't own the cars or properties they peddle, JetSmarter does not own the planes. I think some people just have drive and passion for what theyre doing. 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. 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. Get the latest sergey petrossov news, articles, videos and photos on the New York Post. The startup Sergey wants to change the aviation business by making private flights accessible to the masses. 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. this link is to an external site that may or may not meet accessibility guidelines. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours.
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