Sergey Petrossov: Crowdfunding Private Jets

Sergey PetrossovSergey Petrossov started JetSmarter, a company coined the “Uber for private jets,” which has garnered investments from the likes of Jay-Z and the Saudi royal family. Getting bit by the entrepreneurial bug early, Petrossov has been a serial entrepreneur since high school. In high school, he sought to start an import-export company for car rims. Later, as a student at the University of Florida, he became a part of a startup for live chatting, after exposure to computer science. He also co-founded an educational company that sold cloud-based software programs to universities and schools in Russia and Eastern Europe. However, aviation was always his side hobby.

The Outdated Private Jet Operations

After taking a flight with a business partner friend and seeing the extreme inefficiency of booking a private jet, Sergey Petrossov knew things needed to be brought up to modern speed and ease. He noticed that to book within this multi-million dollar industry, still required you to call in and sign physical papers. There wasn’t even an option for a digital form to sign. The process was moving at the speed of a snail, and very archaic for this digital world we live in.

He also noticed how the planes just weren’t being used enough. In most cases, you would only have two or three people on the whole jet, which drove the prices higher than it had to be. His idea was to reverse these issues and operational standards into a “digital fashion with high utilization and a lower cost of entry.”

JetSmarter: The Uber for Private Jets is Born

Sergey PetrossovAlthough JetSmarter is constantly being refined, here’s how it currently works. A JetSmarter app member can choose to pay for and join on a flight that’s already pre-scheduled between popular destinations, or they can book their own jet, to their own specific location, and let members claim seats aboard as they desire.

A member also has access to free flights at the last minute on an empty leg. Members can also choose to fly completely private, without opening their flight up to other members to book, which costs more. His goal is to dominate the premium flying space in the US. Eventually, looking to get jet booking seats down to $500, Sergey Petrossov looks to make his service a worthy option for first-class and business-class travelers.