He filed a lawsuit against JetSmarter and its salesperson. Learn more about how we make money. These days, JetSmarter no longer sells memberships. Members also have access to free last-minute flights on empty legs. There are also concerns over security. After paying nearly $90,000 for memberships, they were being told they had to pay more to actually USE their memberships. Language links are at the top of the page across from the title. 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. After innovation, finding the best way to connect with the audience or the market is the surest way to success. Also, the mass affluent are looking for experiences tailored to the lifestyle they want to live. 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. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. As an entrepreneur, Petrossov focuses heavily on two things: maintaining his professional network and building a trustworthy, relatable brand and story. He has a clear vision for what flying private should be, and he wont stop there. Oh, and he also didn't get the guest pass or any of the other benefits he was promised when he forked over that $97,500 to JetSmarter. He is always looking for ways to streamline processes and use technology to make something better and easier, which he has succeeded at doing with JetSmarter. There are 4 professionals named "Sergey Petrossov", who use LinkedIn to exchange information, ideas, and opportunities. Founder @jetsmarter Acquired by @vistaglobalholding Building @flyxo @vistajet. [CDATA[ What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. JetSmarter faces lawsuits, losses and security questions - CNBC I agree to Money's Terms of Use and Privacy Notice and consent to the processing of my personal information. Theres no effect on the business., There has, however, also been a management shuffle among the chief financial officers over the past year. 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. Take as much risk as you can when youre young. He initially resided in California and later moved to Florida, where he continues to live today. JetSmarter - Wikipedia Does that sound familiar? Basically, they are bullying anyone critical of the company. You heard it here first. The flight eventually continued to New York. Sergey Petrossov is thus an ideal successful young entrepreneur. 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. The JetSmarter app is available for iOS and Android download in the iTunes store or Google Play store. His brother was also an employee. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. Here's Where to Start, 6 Random Job Skills Employers Are Looking for in the Covid Era, 5 Time Management Tips That Will Make You More Money, How to Pay Off Debt Even If You Just Lost Your Job, Meet the 29-Year-Old CEO Who Turned His Hobby Into a $1.5 Billion Business That's Backed by Jay-Z. Im taking on a little extra responsibility, he said. Oh, and by the way, he borrowed the $97,500 from a friend, so he's still paying back the loan. They were doing this stuff back in 2005, 2006. Last year website The Verge wrote a long article detailing anonymous complaints the company faced after changing up the services it offered. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. I knew I wanted to go in technology, Petrossov says. 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. You can update your choices at any time in your settings. Select Accept to consent or Reject to decline non-essential cookies for this use. At other times, a company representative would tell customers that their hands were tied because the changes had been mandated by the company's investors. In the private aviation industry, many are familiar with jet cards or fractional jet ownership, where a light to mid-sized jet card can cost one anywhere from $130,000 to $150,000 a year for 25 hours worth of flying. But its not just about the brand. And let's not forget Billy McFarland and the Fyre Festival debacle. Ultimately, JetSmarter allows those with a lower net worth the ability to book private flights. 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. EMEA +44 20 7330 7500. Where and how did you raise capital for the company? Sergey Petrossov is a serial entrepreneur and successful businessman. Sergey Petrossov, Advisor, XO 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. Its no longer about the brand, marketing and brand association. Customers are calling the company a "high tech shell game" and an "unlawful bait and switch" and a "fraud," according to the lawsuits filed against the company. Yet more recently, JetSmarter has been plagued by numerous lawsuits, financial issues and negative press, all suggesting the business model wasnt working. Asia Pacific +65 6212 1000. 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. The company is still not profitable but it isn't losing as much money on flights. Petrossov is most known for founding JetSmarter, a technology company Sergei Andreyevich Petrov ( Russian: ; born 2 January 1991) is a Russian football player. Primary Menu Sections. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. Were still in the early days.. 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. It is a misconception that privatization is for the wealthiest one percent. By 2009, Sergey Petrov was the 51st richest businessman in Russia, according to Forbes magazine. Our average user visits JetSmarter 12 times daily. For Petrossov, his vision is one that goes beyond mere name recognition and service. This story was updated throughout the day. Charter a flight with the tap of an app - Sun Sentinel 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. Sergey Petrov, 32, from Russia FK Krasnodar, since 2012 Right-Back Market value: 1.00m * Jan 2, 1991 in St. Petersburg, UdSSR It's 30-year-old founder is scrambling to explain himself. 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. JetSmarter bought those seats at a heavy discount and then connected the seats to passengers through their app. 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. However, if the person behind the product, and the product itself, has a relatable story and shows potential customers that it offers value, the likelihood of success is higher. But the app still requires convincing. This story was updated throughout the day. I went to the University of Florida and studied finance. We have to boil that down to them.. There was no digital form in accessing it. Sergey is most known for founding JetSmarter. I wasnt the founder but since I got involved early they called me a co-founder. [CDATA[ brightcove.createExperiences(); 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. When it comes to private jets, you think Jay-Z flying for $60,000. Many private jets flying the friendly skies are empty or nearly so. Now people from all walks of life have started evaluating his merits. 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 knows this and is always trying to think of ways to improve areas that are lacking in technology. These airplanes are severely under-utilized by flying only 200 hours a year when they could be flying 1,200 hours. Mass affluent want a one-stop-shop for all three, and thats what we strive to offer. 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. The current CFO is Edward Codispoti, who had previously been chief financial officer at TradeStation. [12][18][19], In December 2016, JetSmarter announced it had raised an additional $105 million at a $1.6 billion valuation. Then the company started charging members extra money for longer flights. Steven Kreit, a partner at accounting firm EisnerAmper who is in charge of its New York commercial audit and assurance practice, said they should, especially at a unicorn-sized company. Customers started accusing JetSmarter of bait and switch. He was told he'd have to pay 75% of the cost of his flight. Is this another Elizabeth Holmes or Billy McFarland situation or did JetSmarter expand too quickly? Their lawsuit included a text message from a JetSmarter sales representative promising free flights they allege were never provided. [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. 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. And so JetSmarter came to be, though not easily. But that has raised concerns for some of JetSmarter's customers. 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. 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. How did the journey with JetSmarter begin? What. [29], In May 2018, JetSmarter announced it would have a fleet of 20 JetSmarter branded aircraft by the end of the year. Its not every day that you see a 29-year-old at the helm of a billion-dollar company. He spends some days speaking with stakeholders while other days are spent meeting clients demands. 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? The salespeople offered special deals, incentives, and other tactics in what can only be called a "money grab.". What was your background prior to JetSmarter? In March 2013, JetSmarter launched globally. (Epstein declined to comment.). The hardest thing on the demand side, he says, is to change consumer behavior. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. Sergey Petrossov (@sergey) Instagram photos and videos Support. The business news channel also published a letter from JetSmarter's general counsel attempting to quash its investigation. Offers may be subject to change without notice. Trial and error drive progress and are at the heart of innovation. The company was headquartered in Fort Lauderdale, Florida, United States. In high school, he attempted to start an import-export business for automobile tire rims. 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 moved to South Florida when I was 11 or 12. 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. By this time, however, he no longer practiced business. The company said this would fuel international expansion and add at least 80 more routes to its existing 50 routes. There are approximately 22,000 private flights every single day in the United States, and one-third of them are empty. The Russian-born Florida resident aims to change the landscape of private aviation by making it more attainable and efficient than ever before. After his first exposure to private jet travel when a fellow business owner took him aboard one, Petrossov noticed surprising inefficiencies. He is seeking a refund and damages. It was highly inefficient. Google [x], Rapid Evaluation Program Manager. Learn more in our Cookie Policy. Is the CEO of Turkey's Newest U.S. PR Firm Really Armenian? (Photo by Gustavo Caballero/Getty Images for DuJour). [28] Adding to its services, the company offered helicopter transfers in select cities. 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. For many domestic flights I use our companys private jet offerings.. Members are able to book private jets in a matter of minutes, right from the palm of their hand. Youd have only two to three people on an average airplane. 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. 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. [30], JetSmarter partnered with various air carriers that span the range of the private charter industry. Through the investments, the organization is worth $1.5 billion. [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. JetSmarter was losing money hand over fist so it went through three investment rounds to raise. 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. Save time and get . JetSmarter told Galvez that if he bought it now, he could get three years for $97,500. JetSmarter went on to raise more than a million dollars in funding, grew to a company with 260 employees and reportedly hit a unicorn valuation of $1.6 billion about two years ago, with backers like rapper Jay-Z and the Saudi royals.
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