In order for JetSmarter to keep flying, it had to keep recruiting active members. 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. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. JetSmarter had been chipping away at its benefits to members over the year. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. He put its revenue in the hundreds of millions, which he hops to double in the next two years. With the price point and appeal of the luxury experience, the private aviation industry will grow enormously. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? When JetSmarter debuted, it was touted as a disruptor in the aviation industry. [38], 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. In early 2016, it launched flights within Europe. Should the arrest of a former top executive on unrelated charges and the shifting of CFOs raise questions about the business? 5. How did the journey with JetSmarter begin? What are the main differences between JetSmarter and its close competitors? Posts Videos Tagged. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. How did the journey with JetSmarter begin? 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. Save my name, email, and website in this browser for the next time I comment. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. 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 not been without its hiccups. 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. Google [x], Rapid Evaluation Program Manager. 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. He plays as a right-back for FC Krasnodar. The plane made an emergency landing in Nebraska and Paola was removed from the plane and arrested. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. [30], JetSmarter partnered with various air carriers that span the range of the private charter industry. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. 10.5K followers. [1] The app connected users to available aircraft and routes in the United States, Europe and Middle East. 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. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. 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. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. 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. 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. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. The planes werent being utilized enough. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. 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. Instead it acts as a middleman between private jets and passengers looking for seats. JetSmarter is not taking the criticism from customers and former employees lying down. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Your education and upbringing? 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. We used this funding to expand our JetShuttle offerings and continue to expand globally. 7 calle 1, Suite 204 Its third round in 2016 raised $105 million and put the valuation of the startup at $1.5 billion. I agree to Money's. 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. Continue with Recommended Cookies, Your email address will not be published. It required literally calling to book and signing papers. This story was updated throughout the day. You can update your choices at any time in your settings. JetSmarter bought those seats at a heavy discount and then connected the seats to passengers through their app. 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. 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. 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. I went to the University of Florida and studied finance. Then the company started charging members extra money for longer flights. 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. 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. 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 letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". Learn more in our Cookie Policy. The aircraft would be managed and operated by JetEdge, a Part 135 operator. 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. Remember! 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? Asia Pacific +65 6212 1000. 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. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. Business growth largely depends on a combination of innovation and marketing. Other have filed consumer fraud lawsuits against JetSmarter, with many seeking seven figure damages. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. One of the benefits to travel by private jet is skipping the hassle of TSA. 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. Trial and error drive progress and are at the heart of innovation. The hardest thing for a disruptive company is getting people to try it out. 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. What are JetSmarters expansion plans for the future? The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. 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. I went to the University of Florida and studied finance. In fact, it is making money on some flights. The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. 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. Members are able to book private jets in a matter of minutes, right from the palm of their hand. Language links are at the top of the page across from the title. Codispoti said by email that he joined JetSmarter as CFO in October. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. 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. Jay-Z's Private Jet Startup "JetSmarter" Just Raised $105 Million In Series C Funding, Jay-Z And Saudi Royalty Invest In 'Uber For Private Jets' App. 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 . 1,302 likes. How Much Would You Pay To Have Unlimited Flights Around The World Forever. 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. After paying to join, JetSmarter members can pay to fly on pre-scheduled flights between popular destinations or book their own aircraft and let members claim seats. He decided to organize planes in a digital fashion with high utilization and a lower cost of entry.. JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. 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. The aim of the mobile app is to make travel fun, easy and convenient for our members. [12][18][19], In December 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. So far, there is no announcement on the JetSmarter website. Through the investments, the organization is worth $1.5 billion. Sergey Brin Cofounder and board member, Alphabet $88.5B Real Time Net Worth as of 4/29/23 #12 in the world today Photo by Kelly Sullivan/Getty Images for Breakthrough Prize About Sergey. Petrossov is most known for founding JetSmarter, a technology company JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. [36], In 2017, The Verge reported that management of JetSmarter offered free flights to its reporters if an article was posted within five days of the flight. Petrossov, a native of Russia and graduate of the University of Florida, had been involved with two tech startups before launching JetSmarter in 2013. For more information visit: www.jetsmarter.com. 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. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. Its about personalization and what I call predictive hospitality. In March 2013, JetSmarter launched globally. See a Bloomberg news video here. You heard it here first. 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. Elizabeth Holmes set out to revolutionize blood testing with Theranos. What are JetSmarters expansion plans for the future? JetSmarters goal is not only to make it easier for people to fly in luxury. 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. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. His wife Lolita ran the day to day business as its CEO. JetSmarter is headquartered in Fort Lauderdale, Florida, and maintains offices in Zurich, Moscow, London, Riyadh, and Dubai. It projected that membership would grow from 5,839 in 2016 to more than 100,000 in 2019. Petrossov has not responded to my request for an interview. 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. 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. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland.
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