Hitching an unconventional entrepreneurial ride with JetSmarter
The face of commercial airlines has changed. The concept of dynamic pricing yield management and digital interface has taken over this vibrant industry in a stable manner. But when it comes to private aviation, things were quite different even in the later part of the previous decade.
However, all that changed when Sergey Petrossov established JetSmarter in 2009. He wanted to change the way private aviation was operating in the 21st century. There were 21,000 private flights a day in the US, whereas, there were only 23,000 commercial flights. Out of the 17,000 private jets in the world, USA accounted for 12,000 of them. But, he started working on predictive algorithm, load factor and demand and supply chain to come up with a different market place for the private flyers.
Before JetSmarter, a private flight service provider came into the limelight, an average airplane was flying 200 hours a year, while it had the capacity to fly for 1,500. Only 20-30 percent of these seats filled and the inefficiency to maximize the resources was evident. However, in 2014 Sergey Petrossov and his team launched JetDeals. They started aggregating supply and offering last minute flash deals. These deals attracted a number of people and Mr Petrossov realized the power of these deals.
He launched a number of different deals to enhance the experience of his customers and none better than the JetSmarter membership scheme. With an annual membership fee of $14,000, a member is offered unlimited travel across a wide range of routes offered by the company. The four flight services increased the options of private jet flights. Both the scheduled and on-demand routes are available to the members, where they can create their own schedule. The shared services are the most innovative of the lot, while jetDeals offer last-minute flash sales on empty legs.
One couldn’t have asked for more. However, Sergey Petrossov came up with a different idea altogether. Using the advanced technology to best effect in private aviation, he broughtan innovative concept to the fore with a mobile app of JetSmarter that lets its members charter an entire aircraft, travel on a private JetShuttle or create their own shared jet charter. It provides various options to the members to make their experience hassle-free.
The entrepreneurial ride of Sergey Petrossov received a short in the arm when new and existing investors like international rapper Shawn “Jay Z” Carter and the Saudi royal family helped JetSmarter raise $105 million to expand their operations to Asia and Latin America. With 8,000 members on board, the 28-year-old entrepreneur envisions to deliver an end-to-end experience to his customers by creating an entirely different travel and lifestyle community.