JetSmarter started as an idea in 2009 when Sergey Petrossov spent some time traveling on a private jet. Of course, jets like these are luxurious and awe-inspiring to ride in, but the process to get there can be quite tiresome. Because of this, Sergey came up with an idea to allow people to book private jets for their trips using a mobile application known as JetSmarter. At 29 years old, Sergey Petrossov has successfully created a billion-dollar business with JetSmarter, which also earned him in a place on Forbes 30 under 30 lists for Consumer Technologies.
Even though the idea for JetSmarter came about in 2009, it took several years to get the process going and the company started. The first task Sergey Petrossov had was building a development team and invest enough capital to get the ball rolling. By 2012, the first test version of JetSmarter was launched, mainly to prove the idea was valid and people would pay for the service. The success of the beta application inspired more funding for the project and hundreds of collaborating company to see a full release of JetSmarter in early 2013.
Today, Sergey Petrossov likes to think of JetSmarter as a similar application to Uber, except that it is for private jets instead of car rides. Currently, JetSmarter has more than 14 thousand active memberships around the world with many reputable investors, including Jay-Z. In order to become a member, clients must pay an annual fee that cost as much as 15,000 which comes with various benefits, including the ability to schedule flights at any time all year long.
The team behind the technology at JetSmarter comes from many high-end backgrounds and projects with companies such as BMW, Uber, Microsoft, and even NASA. Under Sergey Petrossov’s vision, JetSmarter will become a standard way for people to book air travel around the world.
The industry of buying and selling luxury goods is worth over trillions of dollars. The RealReal is a successful online consignment shop, that has taken the luxury market by storm. As one of the top pioneers in the second hand luxury e-commerce market, the RealReal has managed to grow their company quickly and continues to expand. They currently employ over 600 people, with locations all over the United States. They even ship worldwide.
The RealReal is an online, luxury, e-commerce store focused on selling second hand clothing from high end brands such as Chanel, Prada, Gucci as well as many other deluxe labels. Although this market has proven to be fruitful statistically, it takes expertise and skill to successfully run a business like this. Despite a competitive market, the RealReal has manage to sustain and grow their company, while other similar companies fizzled out and shutdown.
RealReal’s success is due to how and what they sell. The store regularly sells $30,000 and $40,000-dollar products a day. They once sold a princess’s diamond cuff to another princess for $100,000. The exchange of expensive products is not the only aspect of success to their million-dollar grossing business. Their success lies in their business model. The RealReal doesn’t actually have any product stock; they do not risk losing money from any unwanted or unsold items. The RealReal instead connects potential buyers with sellers. They act as a middle man. They then take a small percentage of the commission.
CEO and founder of The RealReal, Julie Wainwright, isn’t interested in selling the business they are actually working toward an imminent IPO. They are also meeting with investors in order to raise over $100 million in new funding.
The RealReal is definitely something worth looking into as a possible investor. The business has thrived for this long because of their business savvy fundamentals and qualities. They’ve raised over $170 million in funding since its conception. The RealReal also grossed approximately $500 million in 2017. This expanding luxury e-commerce shop seems to be a promising investment based on their pattern of success.