If you enjoy our content, support us by becoming a paid subscriber. Members who pay $9,000 a year, for instance, can get cheaper deals, whilst travellers can charter an aircraft and share the cost with others who seek the same itinerary. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. In other media reports, Vista Global indicated it planned to keep on JetSmarters tech employees based in the companys downtown Fort Lauderdale headquarters, and may even increase employment. In fact, they were even cheaper than flying first class on commercial airlines. Still, the company and its founder, Sergey Petrossov, did a lot to pave the way for future by-the-seat and sharing models. 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.. Have news? 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. 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." 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? 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. 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. Thank you for subscribing to Elite Traveler. He sees his app as not a premium product, but rather as providing value to consumers. The flights Horchow took were a fraction of the cost of other private jet companies. 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. 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. In other incidences, passengers and crew members have witnessed passengers using JetSmarter to transport drugs or large amounts of cash. Elizabeth Holmes set out to revolutionize blood testing with Theranos. He graduated in 2009. 2023 Celebrity Net Worth / All Rights Reserved. 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 What are JetSmarters expansion plans for the future? Back in the early days, a JetSmarter membership also included free helicopter service to its airports and catering on the flights. Galvez is no longer using his $97,500 JetSmarter membership. By enabling guests to travel to over 170 countries worldwide, JetSmarter is often referred to as a country club in the air.. 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. 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. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. I moved to South Florida when I was 11 or 12. It said it would use the money to expand services, including routes and flight frequency.[23]. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. 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. Its about personalization and what I call predictive hospitality. Partnerships included Pernod Ricard,[33] Vertis Aviation,[34] and SportStar Relocation. Members who pay $9,000 a year, for instance, can get cheaper deals, whilst travellers can charter an aircraft and share the cost with others who seek the same itinerary. I went to the University of Florida and studied finance. 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. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. Mark Zuckerberg. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. 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? Guaynabo, PR 00968, By clicking "Continue" I agree to receive newsletters and promotions from Money and its partners. The company had no comment on The Verge reporting or Barsky's exit for this story. Sergey Petrossov. The flight eventually continued to New York. Your email address will not be published. Constant innovation hinges on always anticipating the clients next move and tendencies and catering to them. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month. Thats the most important thing for entrepreneurs. In terms of our marketing strategy, our business wouldnt exist without word-of-mouth. Submit a correction suggestion and help us fix it! 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. Codispoti said by email that he joined JetSmarter as CFO in October. What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. 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 is seeking a refund and damages. [31][32] The company charters them or books space on them from other companies. His wife Lolita ran the day to day business as its CEO. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. After innovation, finding the best way to connect with the audience or the market is the surest way to success. 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. Offers may be subject to change without notice. So far, there is no announcement on the JetSmarter website. Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. 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. He spends some days speaking with stakeholders while other days are spent meeting clients demands. 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. Petrossov's family, however, profited handsomely. Our average user visits JetSmarter 12 times daily. 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. The cost was high., Private jets often sit around empty, further driving up prices. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. 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. His goal has always been to have in own company and while still in college, he . Follow @ndahlberg on Twitter and email ndahlbergbiz@gmail.com. He has a clear vision for what flying private should be, and he wont stop there. For Petrossov, his vision is one that goes beyond mere name recognition and service. 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. Continue with Recommended Cookies, Your email address will not be published. [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 do you source your planes, staff and pilots? Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. 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. But that has raised concerns for some of JetSmarter's customers. What are the main differences between JetSmarter and its close competitors? 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. 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. Without trial, there is no error, and without error, there is no improvement. Petrossov declined to divulge revenues, but if 8,000 members are paying $15,000 a year that would mean $120 million in annual membership fees alone. It was also investing a ton of money on marketing and events. 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. In high school, he attempted to start an import-export business for automobile tire rims. 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 . 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. After testing proved successful, Petrossov sought and received substantial venture funding to expand JetSmarter's scope. Jul 10, . [28] Adding to its services, the company offered helicopter transfers in select cities. 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. Members are able to book private jets in a matter of minutes, right from the palm of their hand. It supported chat for audio and video for website customer service. Sergey wants to change the aviation business by making private flights accessible to the masses. JetSmarter told Galvez that if he bought it now, he could get three years for $97,500. 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. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. When it comes to private jets, you think Jay-Z flying for $60,000. What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. 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. He decided to organize planes in a digital fashion with high utilization and a lower cost of entry.. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. When expanded it provides a list of search options that will switch the search inputs to match the current selection. This is just a sample. Petrossov declined to say when JetSmarter would turn a profit. The question was: How was JetSmarter making ANY money off their flights? But for JetSmarter Founder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). 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. You have this multibillion-dollar industry that was completely analogue, he says. Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. 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. 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 . This button displays the currently selected search type. Petrossov knows this and is always trying to think of ways to improve areas that are lacking in technology. What. How do you source your planes, staff and pilots? Membership swelled to about 10,000. It turned out that flight wasn't free as promised. Then, in early 2017, Gennady Barsky, JetSmarter's president was arrested and charged with grand theft. Founder and CEO of JetSmarter JetSmarter was a corporation and mobile application for private jet users. The startup recently announced it had raised $20 million in funding from the Saudi royal family and celebrities such as Jay-Z. As a renowned principal, Sergey is always finding manners to innovate different industries. Required fields are marked *. 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. JetSmarter has essentially redefined the entire industry with one, clear mission: to reimagine aviation as it was meant to be. Petrossov has not responded to my request for an interview. 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.. Serge y Petrossov is the founder and CEO of JetSmarter When the company started to come under fire, it used legal threats and lawsuits to silence its customers and the media. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. Your education and upbringing? Language links are at the top of the page across from the title. Were still in the early days.. He initially resided in California and later moved to Florida, where he continues to live today. Sergey Petrossov. Intrigued and determined to find a way to make the private flight experience much more convenient, he started researching the industry and formulating solutions. Trial and error drive progress and are at the heart of innovation. All Rights Reserved. Empty-leg flight deals, or repositioning flights. This achievement has led to his being one of the worlds wealthiest men. 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. Thats a shift. A Luxury Guide to a Long Weekend in Istanbul, Sjefke Jansen on His New Role as GM of Anantara Kihavah, Le Commandant Charcot: The Worlds Only Luxury Icebreaker, The McLaren Paddock Club: Feel the Beating Heart of Formula 1. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. When youre young, those are the years you can take the most risks. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. 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. An example of data being processed may be a unique identifier stored in a cookie. Its no longer about the brand, marketing and brand association. LinkedIn and 3rd parties use essential and non-essential cookies to provide, secure, analyze and improve our Services, and (except on the iOS app) to show you relevant ads (including professional and job ads) on and off LinkedIn. 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. Many companies featured on Money advertise with us. I dont know. Our partners can use the same app as our customers to manage their inventory in real-time from any mobile device, and fill their flights instantly. Members raved about the service, which at the time, gave them all you can fly private jet service for as little as $7,000 a year. Now people from all walks of life have started evaluating his merits. About a year ago, Leonardo Galvez received an offer from JetSmarter that was too good to pass up. 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. 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. Learn more about how we make money. And down the road, we want to own premium business travel in the United States, he says. When CNBC contacted former and current employees for their investigation, they received a cease and desist from JetSmarter. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. JetSmarter set out to revolutionize jet travel. Private jet travel is more accessible than people think. I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. Learn more in our Cookie Policy. 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. JetSmarter is not taking the criticism from customers and former employees lying down. In March 2013, JetSmarter launched globally. And let's not forget Billy McFarland and the Fyre Festival debacle. His success has come from the rising of hard work. After Clearlake and Jeffries' investments, JetSmarter's salespeople were pushed harder to sign up new members and bring in cash. Our partners can use the same app as our customers to manage their inventory in real-time from any mobile device, and fill their flights instantly. In 2004, Petrov stepped down as president of his company to take up politics. Sergey Petrossov. The startup Sergey wants to change the aviation business by making private flights accessible to the masses. [39] In the same month, JetSmarter agreed to an undisclosed settlement after a New Jersey coupled filed a lawsuit alleging deceptive sales tactics. 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. Work stopped on Bezos' megamansion as his net worth drops by $57B Your education and upbringing? JetSmarter had been chipping away at its benefits to members over the year. 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. Yep, JetSmarter had changed its terms and conditions again. 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. Exclusively featured by VUE Magazine (vuenj.com). The aim of the mobile app is to make travel fun, easy and convenient for our members. Petrossov was motivated to create companies in his teens JetSmarter aggregates. He filed a lawsuit against JetSmarter and its salesperson. But forJetSmarterFounder and CEO, Sergey Petrossov, its just another day at the office (or in the skies). It is this small switch in outlook that the customers needs are paramount, that can make a big difference. He says the company has annual revenues of over $200 million, meaning its top customers probably represent about two-thirds of its revenues. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. 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. Still, despite JetSmarter's aggressive legal bullying, a number of former members have joined a class action lawsuit against the company. 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 shuttles were a big success. Pretend youre 80 years old and looking back on your lifehow would you feel if you didnt try anything? 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. . In early 2016, it launched flights within Europe. The letter accused CNBC of "tortuously interfering with JetSmarter's contractual relationships.". He has a clear vision for what flying private should be, and he wont stop there.