Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. He came up with the idea in 2008, when he graduated from the University of Florida. 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, entrepreneur | World Biographical Encyclopedia - Prabook 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. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. We used this funding to expand our JetShuttle offerings and continue to expand globally. Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? Before launching JetSmarter, Petrossov, who was named as one of Forbes 30-under-30 and one of South Floridas Top Working Professionals, co-founded two IT projects: an online chat system for website customer service and a distance-learning platform for Russian-speaking educational institutions. 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? We spend a lot of time asking members to spread the word. The company was headquartered in Fort Lauderdale, Florida, United States. Sergey Petrossov is thus an ideal successful young entrepreneur. Sergey Petrossov - EverybodyWiki Bios & Wiki Petrossov has not responded to my request for an interview. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. At the time, mobile marketplaces were becoming popular, and he saw a chance to apply that idea . 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. When it comes to private jets, you think Jay-Z flying for $60,000. The Fort Lauderdale, Florida based company opened offices in London, Zurich, Moscow, Dubai, and Saudi Arabia. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. His brother was also an employee. He graduated in 2009. 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. [2][3][4] The company was purchased by Vista Global in 2019 and merged into a new brand, XOJET Aviation. JetSmarter CEO Sergey Petrossov Says Ex-President's Arrest Has 'No 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 . 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. Then different membership tiers debuted. Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. . It required literally calling to book and signing papers. Learn more about how we make money. Today, the company is mired in lawsuits and worth about a fifth of that $1.5 billion. Thats the most important thing for entrepreneurs. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. 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. The hardest thing on the demand side, he says, is to change consumer behavior. Just go do it, he says. 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.. Work stopped on Bezos' megamansion as his net worth drops by $57B 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. In 2004, Petrov stepped down as president of his company to take up politics. If a friend says JetSmarter is the best, the trust factor goes up. 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. Terms of the transaction were not disclosed. 2023 Celebrity Net Worth / All Rights Reserved. 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. I wasnt the founder but since I got involved early they called me a co-founder. After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. Thank you for subscribing to Elite Traveler. We and our partners use cookies to Store and/or access information on a device. The company charters them or books space on them from other companies. Also, today, in the tech age, luxury is transcending past brand to experience. Primary Menu Sections. When JetSmarter debuted, it was touted as a disruptor in the aviation industry. 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. The company had booths and VIP lounges at yacht shows, art fairs, and other places wealthy people gathered en masse. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. 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. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. It was a challenging way to get here. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. 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? It is this small switch in outlook that the customers needs are paramount, that can make a big difference. Sergey Petrossov and JetSmarter are Changing the Way We Fly Its about personalization and what I call predictive hospitality. In April 2018, JetSmarter was valued at $1.5 billion and had 15,000 subscribers who paid a minimum of $5,000 a year to book flights and share seats on flights on private jets via the company's app. He has a clear vision for what flying private should be, and he wont stop there. 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. 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. Petrossov declined to say when JetSmarter would turn a profit. These days, JetSmarter no longer sells memberships. 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. If it is found in violation, JetSmarter could be levied with large fines or possibly even shutdown. 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. Petrossov formed relationships in aviation by going to trade shows. We are continually looking at ways and means to expand our offerings within the region, and globally. Petrossov was motivated to create companies in his teens JetSmarter, founded by CEO Sergey Petrossov, has reached a $1.5 billion valuation following that opposite path. Its like a country club that follows you around, Petrossov said. [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. The company is still not profitable but it isn't losing as much money on flights. Exclusively featured by VUE Magazine (vuenj.com). 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. JetSmarter told Galvez that if he bought it now, he could get three years for $97,500. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. But its not just about the brand. How do you source your planes, staff and pilots? 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. [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. It was the easiest money I ever lost in my life.". Many private jets flying the friendly skies are empty or nearly so. 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. A G4 costs more than $6,000 per hour to fly. 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. Intrigued and determined to find a way to make the private flight experience much more convenient, he started researching the industry and formulating solutions. Sergey is most known for founding JetSmarter. 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. Whats your marketing strategy? 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. Instead, his focus is on creating a world-class, hospitality-driven experience. The problem is, he was the key person dealing with the company's investors. This tailored approach seems to be working. When he was a student at the University of Florida, he got exposed to computer science and joined a startup for live chatting. 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. The consent submitted will only be used for data processing originating from this website. Membership swelled to about 10,000. I am a writer and editor with extensive media experience and a passion for journalism and serving the community. [7][8] In August 2012, the beta version was launched and tested among a closed group of private aviation users. [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. You can update your choices at any time in your settings. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. See a Bloomberg news video here. 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. We are continually looking at ways and means to expand our offerings within the region, and globally. Born in Moscow, Petrossov relocated to the United States with his family at the age of four. If you truly believe in what youre doing, youll get there one way or another., Money Group, LLC Our average user visits JetSmarter 12 times daily. 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. His goal has always been to have in own company and while still in college, he . [39] In the same month, JetSmarter agreed to an undisclosed settlement after a New Jersey coupled filed a lawsuit alleging deceptive sales tactics. The report included a video of a JetSmarter flight that was diverted by a passenger making terroristic threats.[41]. One day in 2009, he and some of his friends were given the opportunity to fly on a private plane, but the only way to book that flight was by calling the company directly and talking to a dispatcher, who then sent them a physical invoice to sign and fax back to the company. 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. View the profiles of professionals named "Sergey Petrossov" on LinkedIn. How Much Would You Pay To Have Unlimited Flights Around The World Forever. He put its revenue in the hundreds of millions, which he hops to double in the next two years. 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. This is just a sample. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. Sergey Petrossov, CEO of JetSmarter | Financial Times 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. Where and how did you raise capital for the company? 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. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. Or will JetSmarter go down in the annals of history as another good idea that was unable to be realized by its under experienced founder and CEO? Refresh Miami is a 501c3 non-profit with a mission to educate, inspire, connect and grow South Floridas tech and startup ecosystem. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. 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. JetSmarter flight services included a mix of shared and private flights: JetSmarter claimed to offer 3,000 private jets and 2,000 free empty legs per month. [39] I knew I wanted to go in technology, Petrossov says. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. He was told he'd have to pay 75% of the cost of his flight. Awarded Forbes 30 Under 30 in Consumer Technology and South Florida's Top Working Professional by the Sun Sentinel, Sergey Petrossov is a serial entrepreneur and investor always seeking ways to innovate industries. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. 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. Sergey and Lolita lived in a $2 million house in a gated community in tony Boca Raton, Florida. In high school, he attempted to start an import-export business for automobile tire rims. 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. 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. Submit a correction suggestion and help us fix it! Its not always about price, he said, noting that the company currently has 8,000 members and transports 20,000 people a month. JetSmarter was losing money hand over fist so it went through three investment rounds to raise cash. The first time Sergey Petrossov flew on a private jet in 2009, he was surprised. What are JetSmarters expansion plans for the future? He sees his app as not a premium product, but rather as providing value to consumers. TAGS:AIRPLANEAVIATIONFLYFLYINGJETJET SMARTERLUXURYPRIVATE. Because you cant when youre older., His other tip, which hes put to use himself, is simple. Petrossov says about 1,000 of its members representing the top 10% of its customers spend an average of $140,000 per year. I wasnt the founder but since I got involved early they called me a co-founder. Petrossov knows this, which is why he takes his time to build his professional relationships and the JetSmarter brand. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. 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 catch-22 was that the more members the company signed up, the faster they burned through their investment money. Its no longer about the brand, marketing and brand association. 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. 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. 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. The FBI is also investigating JetSmarter, specifically about the business and sources of cash, drug transportation, and the cash customers transported on JetSmarter flights. Be the first to know about the latest in luxury lifestyle news and travel. 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. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". 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. Jet Life: Sergey Petrossov - LinkedIn He plays as a right-back for FC Krasnodar. 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. 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. 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. You have this multibillion-dollar industry that was completely analogue, he says. One of the benefits to travel by private jet is skipping the hassle of TSA. JetSmarter - Wikipedia Instead it acts as a middleman between private jets and passengers looking for seats. 5. 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. Strategies for Business Growth and Productivity. Vista said it would maintain JetSmarter's office in Ft. Lauderdale where its digital team was based. Its no longer about the brand, marketing and brand association. I agree to Money's. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. 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. As an entrepreneur, Petrossov focuses heavily on two things: maintaining his professional network and building a trustworthy, relatable brand and story.
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