Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? It was a challenging way to get here. The question was: How was JetSmarter making ANY money off their flights? Today, there are about 8,000 JetSmarter members. There was no digital form in accessing it. Even if that cost is divided by eight to 10 passengers, JetSmarter was losing money. JetSmarter was the first "flying unicorn," with a valuation of more than $1 billion. Save time and get . JetSmarter CEO Sergey Petrossov Says Ex-President's Arrest Has 'No The cost was high., Private jets often sit around empty, further driving up prices. In 2004, Petrov stepped down as president of his company to take up politics. Sergey Petrossov, Advisor, XO The Fort Lauderdale, Florida based company opened offices in London, Zurich, Moscow, Dubai, and Saudi Arabia. For the record, JetSmarter's membership agreement states that the company can "change, suspend, or terminate" services or benefits at any time. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. Rick Scott joined JetSmarter CEO Sergey Petrossov to cut the ribbon on the company's new multimillion-dollar headquarters office in downtown Fort Lauderdale. Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. I knew I wanted to go in technology, Petrossov says. [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. He was charged with five counts of grand theft by embezzlement by authorities in Contra Costa, California. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. 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. For more information visit: www.jetsmarter.com. And down the road, we want to own premium business travel in the United States, he says. 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 supported chat for audio and video for website customer service. 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. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. When the company started to come under fire, it used legal threats and lawsuits to silence its customers and the media. 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 . All Rights Reserved. Kim Kardashian, Emily Ratajkowski and David Ortiz were paid to be brand ambassadors. Jet Life: Sergey Petrossov - LinkedIn Remember! I went to the University of Florida and studied finance. For Petrossov, his vision is one that goes beyond mere name recognition and service. 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. Without trial, there is no error, and without error, there is no improvement. What's next? Its not every day that you see a 29-year-old at the helm of a billion-dollar company. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. JetSmarter CEO Sergey Petrossov's Sky-High Ambitions Then different membership tiers debuted. These airplanes are severely under-utilized by flying only 200 hours a year when they could be flying 1,200 hours. He was told he'd have to pay 75% of the cost of his flight. 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. 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. Hes had that spirit, he says, since his teens. JetSmarters goal is also to utilize those passenger-free flight hours and fill them. It was highly inefficient. Im taking on a little extra responsibility, he said. Work stopped on Bezos' megamansion as his net worth drops by $57B With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. https://money.com/jetsmarter-uber-private-jets-ceo/. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". National team caps and goals, correct as of 19 November 2019. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. How do you source your planes, staff and pilots? But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). One of the most essential aspects that move a business forward is the errors that happen along the way. If you truly believe in what youre doing, youll get there one way or another., Money Group, LLC I moved to South Florida when I was 11 or 12. 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. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. His goal has always been to have in own company and while still in college, he . After the Paola flight, the federal agency is looking into whether the startup is following rules governing commercial versus private aviation flights. Top 3 Mistakes Car Buyers Make During Lockdown - LinkedIn From 2007 to 2015, he served as a State Duma deputy from "Just Russia" (though he never actually joined the . JetSmarter was basically throwing cash on the fire and watching it burn. 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 is expected to close in the second quarter. Sergey Petrossov. If a friend says JetSmarter is the best, the trust factor goes up. 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 . It supported chat for audio and video for website customer service. Copyright 2023 New Statesman Media Group Ltd. Latest in Luxury - Sign up to our newsletter. Sergey Petrossov serves as the Chief Executive Officer of JetSmarter. This page was last edited on 13 April 2023, at 03:18. 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. 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. Customers started accusing JetSmarter of bait and switch. This story was updated throughout the day. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. Youd have only two to three people on an average airplane. 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. 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. 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. It also said it had eliminated free shuttles and for new members, it had eliminated free flights under three hours. 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. 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. Lots 81-82 Street C JetSmarter declined to comment on CNBC's inquiries, but said in a statement that "changes to our member services and benefits were within the rights of our membership agreement." ", "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). 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 [28] Adding to its services, the company offered helicopter transfers in select cities. 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 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. Were still in the early days.. In March 2013, JetSmarter launched globally. Sergey Petrossov launched JetSmarter, the Uber for private jet travel in 2013. He is seeking a refund and damages. Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing Download JetSmarter. 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.. 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. I knew then that I wanted to start companies and tech was the field I wanted to be involved in. And, if they want, they can book a fully private flight, which comes with a higher cost. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? By this time, however, he no longer practiced business. 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. 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. 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 flight eventually continued to New York. 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 . Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. 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. 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. Refresh Miami is a 501c3 non-profit with a mission to educate, inspire, connect and grow South Floridas tech and startup ecosystem. 135 following. Your email address will not be published. My membership meant nothing anymore. 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. [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. What was your vision? His departure made fundraising, which was growing more and more necessary, exceedingly more difficult. Consumers are turned off by processes that make it difficult for them to accomplish their goals. His advice to millennials like him who want to create companies is to be bold sooner rather than later. 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 charters them or books space on them from other companies. When CNBC contacted former and current employees for their investigation, they received a cease and desist from JetSmarter. Its like a country club that follows you around, Petrossov said. This story was updated throughout the day. 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. For more information, read, How to Switch Careers Even if You Think It's Impossible, Your Resume Probably Needs a Pandemic Makeover. [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. [CDATA[ brightcove.createExperiences(); The company has also been known to sue journalists for writing articles critical of the company if they do not take down the article. 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. Sergey Petrossov is a successful businessman and entrepreneur. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. Author Recent Posts Follow me Nancy Dahlberg Thats a shift. JetSmarter was losing about $22,000 on a shuttle flight between Los Angeles and New York. He sees his app as not a premium product, but rather as providing value to consumers.

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