I dont know. There is no such thing as a typical day for Petrossov. JetSmarter CEO Sergey Petrossov Says Ex-President's Arrest Has 'No Because you cant when youre older., His other tip, which hes put to use himself, is simple. Today, there are about 8,000 JetSmarter members. 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. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. Thank you for subscribing to Elite Traveler. [27] In January 2016, Chicago Tribune reported that JetSmarter had launched app-based private charter service in Chicago, using Midway International Airport as its access point. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing Still, the company and its founder, Sergey Petrossov, did a lot to pave the way for future by-the-seat and sharing models. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. Membership swelled to about 10,000. What was your background prior to JetSmarter? People are becoming more and more interested in Sergey Petrossov because of how much money he makes. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. [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. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. We offer travel experience packages, ranging from experiences with luxury brands like Dom Prignon, to exclusive access to VIP events. What was your background prior to JetSmarter? Our average user visits JetSmarter 12 times daily. Some flights have security dogs inspecting bags, but many have no security checks at all. 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. 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. 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. His success has come from the rising of hard work. JetSmarter CEO Sergey Petrossov's Sky-High Ambitions 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. Often called " Uber " for private air travel, JetSmarter enables people to book. 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. There was no digital form in accessing it. What was your vision for the mobile app? Primary Menu Sections. In 2004, Petrov stepped down as president of his company to take up politics. The aim of the mobile app is to make travel fun, easy and convenient for our members. Clearlake Capital and Jeffries Capital finally made an investment in JetSmarter rumored to be around $75 million for one third of the company. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. JetSmarter was basically throwing cash on the fire and watching it burn. 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. Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. [CDATA[ 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. // < ! My membership meant nothing anymore. 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. Were still in the early days.. 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. In March 2013, JetSmarter launched globally. 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. 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. Save my name, email, and website in this browser for the next time I comment. Petrossov was motivated to create companies in his teens The buyer of the Lauderdale-based company that provides an Uber-for-jets service is Dubai-based Vista Global, Bloomberg reported this morning. And so JetSmarter came to be, though not easily. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. [29], In May 2018, JetSmarter announced it would have a fleet of 20 JetSmarter branded aircraft by the end of the year. The planes werent being utilized enough. Our goal is to one day make all air travel private. We are continually looking at ways and means to expand our offerings within the region, and globally. 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. Your email address will not be published. These days, JetSmarter no longer sells memberships. 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. He was also a board advisor to a private jet operator with the worlds largest on-demand Gulfstream charter fleet. 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. Petrossov, a native of Russia and graduate of the University of Florida, had been involved with two tech startups before launching JetSmarter in 2013. World's 12 Wealthiest People Got $36 Billion Richer in a Single Day [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. Charter a flight with the tap of an app - Sun Sentinel 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. The aircraft would be managed and operated by JetEdge, a Part 135 operator. 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. JetSmarter, the once high-flying South Florida unicorn, is being acquired. 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. It was a challenging way to get here. You heard it here first. 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. Many private jets flying the friendly skies are empty or nearly so. A G4 costs more than $6,000 per hour to fly. Then different membership tiers debuted. Where and how did you raise capital for the company? 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. It is expected to close in the second quarter. That revelation inspired the 29-year-old entrepreneur to launch JetSmarter a start-up that allows people across the globe to book trips on a private jet using its mobile app. Our average user visits JetSmarter 12 times daily. This page was last edited on 13 April 2023, at 03:18. 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. (1) *Club domestic league appearances and goals, correct as of 23 April 2023. Hes had that spirit, he says, since his teens. Its no longer about the brand, marketing and brand association. Whats your marketing strategy? How do you source your planes, staff and pilots? At the time, mobile marketplaces were becoming popular, and he saw a chance to apply that idea . The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. JetSmarters goal is not only to make it easier for people to fly in luxury. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. This tailored approach seems to be working. 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. The main reason I was interested in Torossian's employment as a PR agent for Turkey is that there was a similar situation with Barry Zorthian, who worked from Oct. 1980 to February 1984 for the lobbying firm of Gray and Co., hired . But its not just about the brand. . The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. 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? 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. During his research, he also discovered that about 70 percent of all private jets were empty and the majority of their flight hours were spent traveling to pick up the next passenger, not flying the passenger themselves. In fact, it is making money on some flights. And down the road, we want to own premium business travel in the United States, he says. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. JetSmarter - Wikipedia The consent submitted will only be used for data processing originating from this website. He has a clear vision for what flying private should be, and he wont stop there. 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. Sergey Petrossov. [40], In January 2019, CNBC aired an investigative report on JetSmarter, titled "Tailspin", stating that "JetSmarter tried to be the Uber of private jets, now it faces lawsuits, losses and security questions". JetSmarter set out to revolutionize jet travel. 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. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. 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. Required fields are marked *. Many companies featured on Money advertise with us. In 2012, I spoke to the carriers I had established relationships with and discussed how large of an impact an app to charter a private plane would have on the industry. Over the years, JetSmarter has attracted investments from Jay-Z, the Saudi Royal family, and execs from Twitter and Goldman Sachs. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. 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. Petrossovs career as an entrepreneur has been finding those difficult processes and making them simple and more accessible. Its about personalization and what I call predictive hospitality. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. I am a writer and editor with extensive media experience and a passion for journalism and serving the community. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. Guaynabo, PR 00968, By clicking "Continue" I agree to receive newsletters and promotions from Money and its partners. Support. 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. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. 4 "Sergey Petrossov" profiles | LinkedIn In the Forbes report, Vista Chairman Thomas Flohr described the deal as primarily an equity swap. 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 graduated in 2009. 7 calle 1, Suite 204 I believe the future of travel is going to transcend the language of commodity.. 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. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. Offers may be subject to change without notice. this link is to an external site that may or may not meet accessibility guidelines. Petrossov said then he started working on the idea in 2012 as a side project and since then it has been one long hectic ride. Over the years, he also said he hoped to take JetSmarter public. He has a clear vision for what flying private should be, and he wont stop there. He spends some days speaking with stakeholders while other days are spent meeting clients demands. 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.. We have to boil that down to them.. Sergey Petrossov's Sky-High Ambitions - Yahoo Finance Thats the most important thing for entrepreneurs. He initially resided in California and later moved to Florida, where he continues to live today. In early 2016, it launched flights within Europe. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. Trial and error drive progress and are at the heart of innovation. Members are able to book private jets in a matter of minutes, right from the palm of their hand. Also, today, in the tech age, luxury is transcending past brand to experience. Many customers reported that they had planes entirely to themselves. Our goal is to one day make all air travel private. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. Have news? Dont give up, he says. A year later, JetSmarter needed more cash. The company also said it was providing integration via SAP Concur to attract more corporate travel business. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? Sergey Petrossov - Board Advisor @ Vista Global - CrunchBase Galvez is no longer using his $97,500 JetSmarter membership. Then the company started charging members extra money for longer flights. JetSmarter had been chipping away at its benefits to members over the year. Airplanes could fly five to seven times more if they were efficiently run, he said. 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.. [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. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. 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. Most of my career has been spent with the Miami Herald in business news, and my expertise is writing about tech and entrepreneurs. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. Strategies for Business Growth and Productivity. It required literally calling to book and signing papers. While attending the University of Florida, he became involved with his first tech start-up, which lit a passion in him. Private jet travel is more accessible than people think. Sergei Petrov - Wikipedia
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