[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. Codispoti said by email that he joined JetSmarter as CFO in October. The company charters them or books space on them from other companies. Im taking on a little extra responsibility, he said. In 2009 when I began flying private, I quickly came to realize that the private jet industry was very archaic; its brick-and-mortar process of picking up the phone, waiting hours and speaking to numerous different people in order to charter a jet was outdated and inconvenient. Google [x], Rapid Evaluation Program Manager. 15 local leaders selected as GET Cities Champions for gender equity in tech. 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. Sergey Petrossov is a serial entrepreneur and successful businessman. [10][11] JetSmarter had offices in Zurich, London, Moscow, Dubai, Riyadh, and Fort Lauderdale. How did the journey with JetSmarter begin? What began as an idea in 2012 has now become the world's largest private aviation travel and lifestyle community. More importantly, without trial and error, there is no innovation and, ultimately, no advancement or progress. JetSmarter makes private air travel accessible through a mobile app that seamlessly connects travelers to private jets at competitive fares around the world. 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. How Sergey Petrossov, JetSmarter's Founder and CEO, is Revolutionizing Private Aviation Sergey Petrossov's solid work ethic and drive to succeed as an entrepreneur has been evident since. 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. 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. Having visited more than 30 countries, Petrossov named New York City as his favorite travel destination and Hong Kong as the next stop on his list. Yep, JetSmarter had changed its terms and conditions again. He graduated in 2009. Just go do it, he says. She was told she could get three years of sophisticated membership for $87,092 a discount from the already discounted $97,500. This story was updated throughout the day. The cost was high., Private jets often sit around empty, further driving up prices. Connect with Sergey Petrossov: Twitter | Facebook | LinkedIn | Instagram | YouTube, A weekly download of the latest product launches, technology news, innovations in medicine, and more, about 70 percent of all private jets were empty. With investors that include the Saudi royal family and Jay-Z , JetSmarter is valued at $1.5 billion. The Fort Lauderdale, Florida based company opened offices in London, Zurich, Moscow, Dubai, and Saudi Arabia. In fact, they were even cheaper than flying first class on commercial airlines. Still, despite JetSmarter's aggressive legal bullying, a number of former members have joined a class action lawsuit against the company. 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. // ]]> JetSmarters own Safety Audit Committee analyzes the procedures of all primary operators in the JetSmarter program. 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 . My membership meant nothing anymore. I went to the University of Florida and studied finance. The CEO of JetSmarter is Sergey Petrossov, the son of Vatchagan Petrossov, who definitely has an Armenian name. After collaborating with hundreds of vendors and recruiting a team with a combined experience of more than 100 years in private air travel, the JetSmarter app was officially released in March 2013. Whats your marketing strategy? Whats your marketing strategy? JetSmarter has not been without its hiccups. One of the benefits to travel by private jet is skipping the hassle of TSA. 5. 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. We used this funding to expand our JetShuttle offerings and continue to expand globally. Membership swelled to about 10,000. Have news? As they grew, JetSmarter began offering own shuttle services it would charter a plane on a popular route and fill it with JetSmarter members. Noting that this was the only travel and transportation market that had not gone digital, Petrossov had his A-ha! moment. The current CFO is Edward Codispoti, who had previously been chief financial officer at TradeStation. Petrossov says the company has at times been misunderstood but hes worked hard to make its value clear. Sergey Petrossov Founder JetSmarter (Acquired) | CEO | Board Member | Entrepreneur | Vista Global Executive Miami-Fort Lauderdale Area 5K followers 500+ connections Join to view profile Vista. 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.. 7 calle 1, Suite 204 Members are able to book private jets in a matter of minutes, right from the palm of their hand. [9], In June 2015, JetSmarter announced its new European headquarters in Zurich, Switzerland. For him, it seems innate. I love hosting this blog for Refresh Miami and we aim to be the go-to site for South Florida startup and tech news, features and views. And so JetSmarter came to be, though not easily. It was highly inefficient. In 10 years, I think theres a big opportunity as you move into shorter-distance flights where we can actually deliver a much broader, mass-market solution, where you can actually serve customers at $500 a seat, he says. So JetSmarter makes empty seats available via its app to anyone looking to jet quickly to their next destination for a price. 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. He plays as a right-back for FC Krasnodar. 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. 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. But its not just about the brand. JetSmarters goal is to make private jet travel accessible to the masses, and more than just the privileged .01 percent. This button displays the currently selected search type. His brother was also an employee. Petrossov was motivated to create companies in his teens When CNBC contacted former and current employees for their investigation, they received a cease and desist from JetSmarter. Can the company ever be profitable without the all you can fly private jet memberships that made it famous and attracted thousands of customers? What began as an idea in 2012 has now become the worlds largest private aviation travel and lifestyle community. With businesses like Uber becoming the norm, how do you see the private aviation industry changing in the near future? He put its revenue in the hundreds of millions, which he hops to double in the next two years. He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. It's 30-year-old founder is scrambling to explain himself. 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. Our average user visits JetSmarter 12 times daily. Your education and upbringing? In early 2016, it launched flights within Europe. The question was: How was JetSmarter making ANY money off their flights? He is a Forbes-ranked billionaire, with an estimated net worth of $2.3 billion. 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. Instead it acts as a middleman between private jets and passengers looking for seats. We have to do that for the traditional private flyer whos not used to sharing an airplane. We have raised funding from private sources including the royal family in the Kingdom of Saudi Arabia, A-league executives, music moguls, and more. Strategies for Business Growth and Productivity. What are the main differences between JetSmarter and its close competitors? Required fields are marked *. Work stopped on Bezos' megamansion as his net worth drops by $57B We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. That investment gives JetSmarter a valuation of less than $250 million, a plummet of more than 80% from the earlier more than one-billion dollar valuation. Empty-leg flight deals, or repositioning flights. His success has come from the rising of hard work. I fly three or four times a month, usually three domestic flights and one international flight, said Petrossov. JetSmarter aggregates prices and availability from hundreds of aviation companies and sells flights in a variety of ways. Save time and get . JetSmarter was basically throwing cash on the fire and watching it burn. 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. JetSmarter set out to revolutionize jet travel. [2][3][4] The company was purchased by Vista Global in 2019 and merged into a new brand, XOJET Aviation. Also included for JetSmarter members are complimentary helicopter services, with free transfers to and from New York area airports. It required literally calling to book and signing papers. He alleged misleading advertising on social media from Kim Kardashian and Petra Nemcova as well as deceptive sales tactics. 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. Private jet travel is more accessible than people think. 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. Also, today, in the tech age, luxury is transcending past brand to experience. 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. In the Forbes report, Vista Chairman Thomas Flohr described the deal as primarily an equity swap. There was no digital form in accessing it. According to former employees, in 2016 and 2017, JetSmarter was losing $5 million a month.