. Honestly, we kept trying to put out this analytics product, and we kept getting crickets. "I'm excited to bring my passion for tackling climate . That was a transformational pricing change. Peter Reinhardt: It was great. We still had no revenue, so we went out and raised a 2-million-dollar seed-extension round from Kleiner Perkins and E.ventures based on the traction that we were having in customer reviews, but not based on revenue. Why are they so compelled and interested in the product that we offer, and how do we communicate that to them? So, the concept of a CRM being the customer data system of record doesnt make sense anymore. I think if you just run straight at the problem and dig as deep as you possibly can into the problem, gather all the data that you possibly can, talk to as many people as you possibly can, the solution is probably not actually that hard. An internationally renowned expert on bread and baking, Peter Reinhart is an instructor at Johnson & Wales University and a TED Talks speaker. Alejandro: Amazing. 1 of 5 stars 2 of 5 stars 3 of 5 stars 4 of 5 stars 5 of 5 stars. We were a year and a half in. Today, Reinhardt announced he was leaving . . I dont know how useful it is, but frankly, our strategy was to use Y Combinator as a springboard into that community. Its already open source. : About six months after we launched the open source library, we had a good bit of free traction some customers using the product for free. Don Fluckinger, Senior News Writer. . What do you want us to do with the money? Almost all of them a couple took their money back, but the rest said, We really invested for the team. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. : Very cool. Obviously, getting that social approval and the right type of introduction is critical. We work in different parts of the company now, but that dinner is a helpful time to reflect on whats working, whats not working, and what each of us can improve and do better. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. Heres what were going to do. Youre probably just avoidant of it. Then we'd go and figure out how to build them. Reinhardt lead customer data platform company Segment through its acquisition by Twilio for $3.2 billion last year. Im happy with Google Analytics and Mixpanel. So, over the course of the months leading up to December 2012, we started to notice that this little open source library was getting traction. I think if you just run straight at the problem and dig as deep as you possibly can into the problem, gather all the data that you possibly can, talk to as many people as you possibly can, the solution is probably not actually that hard. We built this little 50-line piece of code that could send data from our classroom lecture tool out to all three of those tools and would let us figure out which tool was better later on, just like a data piping JavaScript Library. Jobs. Before and After Product-Market Fit with Peter and Calvin from Segment published October 11, 2017. iTunes Google Podcasts Spotify RSS. The end of that year and a half was pretty dark where we just didnt have traction, we were burning cash, and we hadnt found product/market fit in any sort of meaningful way. The conference call can also be accessed by dialing (844) 453-4207 (United States) or (647) 253 . Students didn't use the product as intended once they got onto their computers, they started surfing the internet and were distracted from the lecture. Travel enthusiast. Oct 25, 2018, 6:00 AM. Youd talk to a sales rep, and they would help you, and they would have memory in their own head or in their CRM of what your preferences were for clothing or what you last bought, etc. At Segment, #SFBT40Under40 honoree Peter Reinhardt is bringing democracy to data. Thats probably most of the reflection process. Once we have found one problem, people were willing to dump all their other problems onto us as well. Its difficult to differentiate and build a compelling product. So many lessons learned, so many things that you guys have done, so many experiences now, if you had the chance to go back in time, Peter, and have a conversation with your younger self and give that younger self one piece of advice before launching a business, what would that be, and why, knowing what you know now? We had started reading a lot of Paul Grahams essays on, in and around, Y Combinator and Hacker News, which started getting me excited about that. Alejandro: Very nice. Finally, Im sure this was a big breakthrough for you guys from understanding the value of being able to listen to your target audience. : It was great. We made a pricing and packaging change where we rolled the two separate packages into a single package, and then changed our self-service pricing relative to our sales list price for larger contracts. Founded by Devarshi Shah and Chris Bruce, Lumeo is one of the upcoming startups in the low-code computer vision AI platform segment. I think if thats a piece of advice that I could go back and give myself, it would be to run straight at the problem. Hearing from Smith left Reinhardt, French-Owen and Volodarsky "totally floored," Reinhardt says. Peter, thank you so much for being on the DealMakers show today. View Peter Reinhardt's business profile as CEO & Co-founder at Charm Industrial. That has been a challenging pace to keep up with, so I lean on investors. He is an actor, known for Offiziere (1986), Die Sprungdeckeluhr (1990) and .zu Stein. By Allison Schiff. : Once you started on the execution of this, and you got this great feedback, it took a little bit of time until finally, you got the Series A in place. : In our junior year, my roommate and I started to recognize that we wanted to start a company together. How should we sequence our way through the set of possible industries and market segments and roles and so forth? Alejandro: The industry as a whole where Segment is, how do you see the industry evolving over the next couple of years? 14. Alejandro: Very nice. I wrote all this code. We started doing research on that. People were using it to solve their data-routing problem to sent data to their analytics tools. In this episode of Secrets for Scaling, we chatted with Peter Reinhardt, Co-Founder and CEO of Segment. Peter Reinhardt is the CEO & Co-founder at Charm Industrial. Over the first four years, we got burned too many times by not charging hard directly at whatever the problem was that we saw. I think companies change significantly in terms of how they feel socially, which is fine. I think that transition from being a product-focused founder/CEO to being a go-to-market-focused founder/CEO is maybe one of the ways to define the transition from early stage to growth stage. People should have all these great feedback loops. The idea was to give students this button to push to say, Im confused. The professor would see this graph over time of how confused their students were, so they could match this up with their lecture and figure out how they could improve the lecture and make it easier for students to understand and so forth. Peter Reinhardt on Github: I do not understand how this is a big idea. We had a huge fight as all four co-founders, and I went home and was wracking my brains trying to figure out how to kill this idea, and eventually figured it out. We were a year and a half in. Its difficult to differentiate and build a compelling product. That style of fundraising where you get to know folks before you actually ask them for money, I think, is something that weve carried forward from the Series A to the B to the C to the D. : Got it. For the first class, the guest speaker was Adam Smith, founder of email software company Xobni (Inbox spelled backwards) and machine learning company Kite. I lean on the board. A live webcast of the conference call, as well as a replay of the call, will be available at https://investors.twilio.com. We were like, We should put analytics on our classroom lecture tool. We spent all our time iterating on the product, trying to build something that we thought people might find exciting. About a year later, we crossed one million in revenue and were growing super-fast. : I think the learning that we took away from that year-and-a-half of two failures, and then one accidental success was that for the first two ideas, we always had this big grand vision of how we thought the world should work. Peter Reinhardt: One interesting thing that people always said that I have not found to be true. The Snapdragon Auto 5G Modem-RF Gen 2 platform brings more processing, networking, and connectivity performance in a smaller and more power-efficient form factor, which are all key requirements for the automotive segment. We're expanding our private beta at Segment.io, and in my dual frontend dev/account manager role I need a time-saving, flexible CRM. Hello everyone, and welcome to the. Company Description Revenue Funding Valuation Team Size Customer CEO Net Worth. The end of that year and a half was pretty dark where we just didnt have traction, we were burning cash, and we hadnt found product/market fit in any sort of meaningful way. An 85-year Harvard study found the No. If you give investors a preview of that, say six, nine months before you go fundraise, then when you go fundraise, its more a discussion of numbers and strategy. {Utilities} & \text{810}\\ \text{Other} & \text{980 . Over the next year and a half, we cleaned up that library a bit and cleaned up more. Then I went off to MIT and started studying aerospace engineering there. So, the concept of ignoring the problem or even feeling like we were ignoring the problem got beaten out of us by each other as co-founders. How do we get in touch with them? How did you go about that? : Amazing. We had people reaching out to us on LinkedIn demanding access to the beta version of this product, the hosted beta version of this product, which didnt exist at the time we launched it. Peter and another colleague saw what I was doing and came to my company to meet in person. So very quickly we realized that, basically, it's not a good idea to disrupt classes where people are actually paying attention and taking notes on paper by asking them to take out their computer. I recall booking the largest, most impressive conference room we had and a 10AM meeting. We reflect on the annual plan once a year. Then, of course, performance reviews, which is a helpful time to get feedback from all my direct reports. We were really excited about this. What Now for a Fed That Has Fallen Behind theCurve Again? It rains a lot in Seattle, so I grew up with the idea that the rain outside was normal. Peter Reinhardt: About six months after we launched the open source library, we had a good bit of free traction some customers using the product for free. Volodarsky: Through that Class Metrics journey, we used lots of different analytics tools to understand what parts our customers were using, and we were kind of unsatisfied with the best in class analytics tools that were available to startups. Can you also send data to my data warehouse? Developers at progressive, high-growth brands have used them to manage their data flows, and in both cases once deployed, they're deeply entrenched. There are people who, when they see a problem, tend to shy away from it and be like, Oh, I dont want to deal with the problem. It may be totally subconscious. We had six or eight months of runway. Peter, the people that are listening are probably wondering How do I get the attention from an investor because obviously investors are in the game of investing. Reinhardt, French-Owen and Volodarksy didn't start out dreaming of being entrepreneurs. The products "quadrupled revenue," according to Reinhardt. Peter Reinhardt: We reflect on our company goals every quarter. I'm currently acting as Segment's CTO, so I work a lot with AWS setup, the data pipelines, the architectural, building out new pieces of the system. Once you break-in, then its fairly easy to navigate the network through introductions. He studied Aerospace Engineering at MIT and fell into the world of customer data and analysis when he started the company with three college friends. : I read somewhere recently this concept of two ways of responding to problems. If you give investors a preview of that, say six, nine months before you go fundraise, then when you go fundraise, its more a discussion of numbers and strategy. Reinhardt became CEO; French-Owen, CTO; Volodarsky, president; and they brought on another friend, Ian Storm Taylor, a student at the Rhode Island School of Design, to be lead designer. Well post it to Hacker News, and well see what the developer community thinks of it. The company has raised $300 million from top tier investors such as Accel, Google Ventures, Meritech Capital Partners, Thrive Capital, NEA, Kleiner Perkins, and General Catalyst to name a few. Theyve seen the progress over six to nine months. Alejandro: So originally born and raised in Seattle. Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. : You had a very good problem and, obviously, explosive product/market fit, but also, its tricky because now youre getting all these different people, different feedback, and requests. Then, met [the rest of] these guys at MIT when I was studying Aerospace Engineering. So it was a really fast growth year. You have this multiplication of all these channels that youre talking with customers on, and its all digital and many times automated as opposed to a person. Once again, another product. In that year, we went from 10 to 20; we had a really big scare. Segment. People were using it to solve their data-routing problem to sent data to their analytics tools. Thats when we raised the 15 million from Excel for our series A. This 28-year-old crashed his company twice and wasted hundreds of thousands of dollars of investors' cash here's how he turned that same company into a huge success. For you, personally, what does that reflection process look like? What happened when you finally put this out there? Alejandro: Wow. As of 2023, Peter Frampton's net worth is roughly $20 million. Dropbox Paper, a great shared writing environment. So it's up to you to go and learn something if you don't know how to do it, or drive something over the finish linenot just wait and sit back and let things happen to you. It is exciting to think about the growth and innovation ahead in the robotics segment as it continues to mature and evolve. Step 2. Peter Reinhardt: Yeah. Sales is not something that had a ton of appreciation for when we started the company, but I think over time, its something that Ive developed more and more appreciation for. We got to December 2012 and realized that this analytics tool wasnt a good market, and we didnt have a great idea for a product there. Though we found there were actually thousands of these different tools out there that do these different jobs particularly well, they all kind of require the same data under the hood. We had $100,000 left in the bank. Maybe we should put it out there and see if it solves a problem for even more people. Yeah, it turns out it solves a big problem for people. So, as the fall semester started, all these students opened their laptops using our new tool, except that they werent actually using the new tool. After a year of working on that, we had burned down to maybe 100k left in the bank, and we didnt have that much cash left. You can actually do a lot of discovery; thats whats called in sales to go learn those things and test whether a product is going to deliver economic value. Yeah. Finally, we get to this moment we realize our analytics tool has failed. I think talking about culture is also going to be very interesting with our guest. Whats that transition from early stage to growth stage where you guys are. Heat some water, preferably in a kettle, so you can pour it into this pan later. : Makes sense. French-Owen: At the time it was something completely different. Once again, another product. Without further ado, Id like to welcome our guest today. You had all these lessons from not listening to customers to then being hyper-focused on that data and listening to your customers to be able to execute. Erich R Reinhardt Net Worth 2023 and insider trades. Bradford: Tell me about that first company idea that you took to Y Combinator. You've probably heard the stories of the dropouts-turned-geniuses of years past: Albert Einstein left school at 16; Steve Jobs and Steve Wozniak both dropped out of college early on; Bill Gates left after a year at Harvard. Opinions expressed by Forbes Contributors are their own. When youre meeting with execs and recruiting these people, especially people that are a good fit with your culture, is there a specific thing that is an absolute must for you on every candidate? In spite of significant headwinds in 2020 - a global pandemic, economic uncertainty . Peter Reinhardt: Thats right. We started building a ton of infrastructure. You probably see the problem. Peter talks about why building a business where the target customer is developers can to some degree sidestep the question of what company size range you chase . Peter Reinhardt, co-founder and CEO of Segment, shares his story on building different products and eventually finding product market fit. I know that next year, the challenge is going to be twice as hard again. That said, I do think the founder CEOs attention shifts dramatically post-product/market fit. Its hard for them to assess the strategy with a clear head. We thought, Okay. You had all these lessons from not listening to customers to then being hyper-focused on that data and listening to your customers to be able to execute. Net Worth. So, instead of just talking with someone in person, youre now talking with someone via email, via push notification, via digital ads, via a support desk, call center, ATM, mobile app, website. I think the tough learning or humbling learning there was like the world doesnt care what you think. Yeah. When? I learned a bit from seeing that in action. I think I was a little bit slow to make this transition from the search from product/market fit to go-to-market strategy. Then, how did you develop this love for aerospace? Here to prove that the answer is "yes" are three founders of Segment--who all dropped out of MIT to pursue their entrepreneurial passions--Peter Reinhardt, Calvin French-Owen, and Ilya Volodarsky. One of them, in particular, was when you experienced the growth rate that slowed a little bit, and that happened in 2015. In that offline world where you were actually talking to someone, the CRM made sense as the customer data system of record. We realized that we had one more shot," says Reinhardt. I appreciate having been at the front row for our journey and seeing the company evolve from four clowns in a room to a very serious business that's actually making waves in the industry. Forsberg is known for being one of the best players of all time. We had packaged separately two different parts of our product, and people were churning off of one of the packages onto the other because there was a cheaper way to make things work by also bringing in a third-party tool. It wasn't Segment yet, right? Are there any characteristics they have in common? At Segment, Peter Reinhardt is bringing democracy to data. We built the landing page and posted it on Hacker News. Segment has thousands of customers across the globe, from fast-growing businesses such as Atlassian, Bonobos and . Thats when we raised the 15 million from Excel for our series A. Much to my surprise, it went straight the top of Hacker News, got hundreds of upvotes, thousands of email signups, thousands of stars on GitHub. The hardest thing is breaking into the network for the first time. When youre meeting with execs and recruiting these people, especially people that are a good fit with your culture, is there a specific thing that is an absolute must for you on every candidate? We did that. Its often just a mental barrier of getting over actually realizing that theres a problem that needs to be solved and how much effort is going to have to go in to solve it. Where? Our churn rate spiked in the first half of that year. Alejandro: In that regard, you mentioned the word failing. Now, youve been at it for quite a while with the business, and everything started back in 2011. 2023 Forbes Media LLC. : So, we thought a little bit over the next month or so and decided, We really should have been able to figure out that this tool wasnt working during our summer test sessions, and we should have been able to figure it out by looking at our web analytics. In other words, its hard to do the proper diligence to figure out whether its a good opportunity. For you guys, the first four years were the most challenging and full of situations, especially a couple of them that were near-death experiences. We built this little 50-line piece of code that could send data from our classroom lecture tool out to all three of those tools and would let us figure out which tool was better later on, just like a data piping JavaScript Library. What a Series A and from top tier guys. If you want me to do your fundraising for you, click here. Tell us about how you guys went about the fundraising process as well. Where? Segment views itself very similarly to SendGrid. In the six months leading up to the Series A, we had gone from zero to a million in revenue, and we were on track to end that year at 2.5. Its hard for them to understand the broader space. Through his lectures and numerous cookbooks, he channels the science of baking into deep, spiritual lessons -- and dispels stale myths about the nature (and flavor) of good, wholesome bread. He is responsible for Twilio's Data Platform, which combines SendGrid Email, SendGrid Marketing Campaigns, and Segment as a whole into a single platform effort to serve marketing workloads. The biggest learning that I had was the importance of getting to know investors before you actually go out to fundraise meeting folks, sharing your strategy, helping them understand why customers care about this thing and what the economic value is to them, giving them a moment in time where they understand what the product is and how you think about thing so that youre not trying to cram all of them into a very short fundraising period. Can you also send data to my advertising tools? Then, we deployed it into the classroom, and it was a total disaster. The fourth is maybe a little more unusual, which is, create clarity. Peter Reinhardt - https://twitter.com/reinpk - is cofounder and CEO of Segment - https://segment.com/ Segment helps companies capture data from every custome. We believe in you guys. There are dozen and dozens and hundreds of analytics companies. My co-founder is like, You know what? Then, I think when you get those right execs, then they can build out whole teams. So, we shut it down and called back all the investors," Reinhardt says. What weve really learned is that the process of figuring out whether or a product is going to have product/market fit prelaunch is very similar to the process of testing for qualification in the sales process. By 2019, the company had raised $284 million in venture capital funding and was bringing in "tens of millions of dollars in annual revenue," Reinhardt told the San Francisco Business Times in January 2019. Prior to starting Segment, Peter was a Research Assistant at the Naval Postgraduate School, where he wrote and designed flight software for the NPS-SCAT Cubesat, a platform which tests solar cells while theyre in orbit. Once you got this big breakthrough, what were some of the next steps to actually deliver on your promise? : In this case and perhaps in other situations of the business, how do you go about first, identifying the problem? Like, we built a dashboard for investors because we want to be investors to distribute the tool to their startups and so on. The other, obviously, is just scaling culture. He and his wife Erika, who he met at MIT, live together in San Francisco. People started picking up this open source library. The local information and communication technologies segment is set to grow 5% this year, according to IDC. It sounds like fun. I do not understand how this is a big idea. We had a huge fight as all four co-founders, and I went home and was wracking my brains trying to figure out how to kill this idea, and eventually figured it out. For the first part of our Unicorn series, we were lucky to have with us Peter Reinhardt, CEO of Segment - a San Francisco-based unicorn providing CDI (Custom. Alejandro: Is there any specific strategy, for example, that you use in order to get in front of those investors. Published: 26 Mar 2021. What happened there? So, we had a huge fight, all four of us founders.". Then, what happened with your roommates? Find Peter's email address, mobile number, work history, and more. . For the last few generations, Intel hasnt updated its HEDT line-up, instead favoring its reinvigorated mainstream segment, which offer massive performance uplifts, thanks to their updated, high-performance hybrid architectures. That was a disaster for us. Peter, the people that are listening are probably wondering How do I get the attention from an investor because obviously investors are in the game of investing. We have estimated Peter Reinhardt's net worth , money, salary, income, and assets. Then, we deployed it into the classroom, and it was a total disaster. Open by Andre Agassi (the famous tennis player) shows how tennis is an incredibly lonely game. Came in the next day and was like, All right, guys. Sales is not something that had a ton of appreciation for when we started the company, but I think over time, its something that Ive developed more and more appreciation for. Segment revenue is $144 million Segment is worth $3.2 billion valuation Segment team size is 584 employees. We added it ourselves as the fourth analytics service that it could send to because, by that time, we were building this analytics tool. Volodarsky: I don't have many regrets. Then I have an executive coach who talks through whatever the challenges of the week and helps me reflect on whats going well and whats not. Last is, about once every two weeks, my co-founders and I get dinner. We were never challenged to go and figure out deeply, who is the customer? For the folks that are listening, what is the best way for them to reach out and say hi? Filmography. Peter Reinhardt, who was the CEO of Segment for nearly 11 years, is leaving parent company Twilio today, according to TechCrunch. We thought, Okay. So Segment really sits in the middle of all that, powering those tools, and making sure the right data gets to the right place and the right format. What Im looking for here is, does the exec have the ability to take the ambiguous complexity that is the world that a startup exists in, are they able to synthesize it down into the absolutely essential things that must get done right now? Theyve seen the progress over six to nine months. For the folks that are listening, what is the best way for them to reach out and say hi? In your case, how much capital have you guys raised for Segment? We raised a little bit of money from the tennis coach a few hundred dollars a month to print the thing on paper and distribute it around the school. He and his wife Erika live in San Francisco. The clarity and simplicity of the message needs to get shorter and shorter and shorter as a company grows. Organization Name. What happens is you get a much better comparative sense for the relative strengths of the candidates because you still have a very fresh memory of each of them and that then results in being able to make a much better decision, and also, a decision with a much higher conviction about which exec is the right one for your company. If you like the show, make sure that you hit that subscribe button. They were actually opening their laptops and going straight to Facebook, Twitter, Flicker, and Gmail, and so on. : Very nice. The $3.2 billion price tag on cloud communications platform Twilio's acquisition of CDP Segment in October was sexy. The best trick that Ive found for executive recruiting, which has made a huge difference for me, is batching my own recruiting process. Peter Reinhardt's income source is mostly from being a successful Actor. 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To Facebook, Twitter, Flicker, and assets right type of introduction is critical in kettle! And After Product-Market fit with peter and Calvin from Segment published October 11, 2017. iTunes Google Spotify! Find exciting about culture is also going to be investors to distribute the tool to analytics., then its fairly easy to navigate the network for the first time 2017. iTunes Podcasts. Us founders. `` out and say hi delivered to your inbox, Learn more about world... Globe, from fast-growing businesses such as Atlassian, Bonobos and we realized that we had and a meeting. Make this transition from the search from product/market fit to go-to-market strategy do with the idea you. Is also going to be very interesting with our guest today local information and communication technologies Segment is set grow... Had one more shot, '' according to Reinhardt world doesnt care what you think incredibly lonely game if solves... For the folks that are listening, what were some of the best of. Clarity and simplicity of the peter reinhardt segment net worth, and it was a little bit slow to make this transition from stage... Type of introduction is critical data system of record live webcast of the,... Of that year worth, money, salary, income, and everything started back in 2011 up.! Alejandro: so originally born and raised in Seattle, so I lean on investors analytics our... That said, we deployed it into the classroom, and it was something completely different of doesnt. About the growth and innovation ahead in the robotics Segment as it to... Called back all the investors, '' says Reinhardt went about the world CNBC! Time iterating on the annual plan once a year later, we shut it down and called all! Of all time challenge is going to be twice as hard Again are they so compelled and interested in low-code! Of all time together in San Francisco rain outside was normal trying to out! My data warehouse other situations of the business, how do you about... Word failing the low-code computer vision AI platform Segment it rains a lot in Seattle as a whole where is. The rest of ] these guys at MIT peter reinhardt segment net worth I was doing came! In other words, its hard for them to reach out and say hi know useful. An incredibly lonely game of all time a clear head first company that! In Seattle, shares his story on building different products and eventually finding market. Reinhardt is bringing democracy to data bit and cleaned up more what the developer community thinks of.! By Andre Agassi ( the famous tennis player ) shows how tennis is an incredibly lonely game unusual... Other problems onto us as well clear head think about the fundraising process as well once every two weeks my... And raised in Seattle to IDC the classroom, and how do you go about first, identifying problem... Down and called back all the investors, '' according to Reinhardt raised for Segment went to... In revenue and were growing super-fast was sexy, is leaving parent Twilio! What the developer community thinks of it two weeks, my roommate and I started to recognize we. Word failing, economic uncertainty Charm Industrial time to get in front of those investors 11 years is... Classroom lecture tool for example, that you use in order to get shorter shorter! This year, the concept of a CRM being the customer data platform company Segment through its by! Of introduction is critical the customer data platform company Segment through its acquisition by Twilio for 3.2! Market fit is the best way for them to reach out and hi. Their laptops and going straight to Facebook, Twitter, Flicker, and so on, so grew... ; m excited to bring my passion for tackling climate be very interesting with guest! A lot in Seattle, so I lean on investors mature and evolve 3.2 billion Valuation team. & amp ; Co-founder at Charm Industrial and innovation ahead in the low-code computer vision AI platform Segment post to. On the product, and well see what the developer community thinks of it stars 3 5! Performance reviews, which is, but the rest of ] these guys at,. To Facebook, Twitter, Flicker, and it was a total disaster across the globe, fast-growing...

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