If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. Again, given my artistic bent, I taught myself Photoshop. The first year, thats what we did. Im happy to chat. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. That would have just ended it for me. She has made most of her net worth through her record sales as well as her music tours. So, I have three kids bikes. Perhaps they will also appreciate it. With its headquarters in Bellevue, Washington, OfferUp enables users to buy and sell everything from furniture and electronics to cars and boats through its free mobile app. What an amazing business that youve built with OfferUp. We were not paying ourselves. : Definitely, you learned the sleeping on an air mattress and living in the office. I remember when we launched it, one of the questions was, Are we now becoming like other online businesses wherewhy are we focusing on shipping? My response to that was, We are about removing friction. There are many times when you wont even get in your car to drive 30 minutes for an item. Theyre constantly in this process of bettering themselves. Amazing. Together, they oversee over 100 OfferUp employees. Can I communicate succinctly? If youre not intentional, culture is just going to take the form that its going to take for better or worse. Like I said, in any small startup, thats got to be there. People were throwing money everywhere. You went to Washington State University, and you got involved with. Id say as hard as it is, the people are everything. I had a blessed upbringing. The other one was the cameras would get better, and we could leverage that. Im sure this was an incredible MBA experience for you in real life. Id say our vision, as you think long-term, is really to help people to connect and prosper. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. That was the whole idea. Theres got to be a better way. But Id say the first year working there, there were about 25 people in that company. brooke posch wedding; cockatiel breeders nsw Men umschalten. Users can conduct the entire transaction through their smart phone: snapping and uploading photos of an item to sell, adding a description and interacting with potential buyers. Im sure that all those experiences and lessons with Konnects you were able to apply them here. I think you need to do it. As soon as she gave me the blessing, I completely stopped interviewing, and I went all-in on OfferUp. When we could find engineers, we would pay them just a teeny bit, but wed compensate them more with ownership and stock in what we were building. If you want me to help you with your fundraising, just book a call. Okay, great. Within a year, year and a half, I was loving the internet. I grew up in a suburb about 20 minutes south of Seattle. We hired. Nick Huzar is CEO and Co-Founder of OfferUp. So, you get the green light, and what happened next? With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Thats been the whole focal point of the business since Day One. I strongly believe OfferUp will surpass Craigslist and all other competitors as the go-to marketplace for the American consumer to buy and sell locally, said Josh Breinlinger, an OfferUp board member and managing director at Jackson Square Ventures, which led OfferUps Series A financing round. What are your core values at OfferUp? The founders furnished the companys headquarters with a Yoda statue and Stormtrooper suit that they purchased from the OfferUp app. 'America needs our help': Q&A with OfferUp CEO Nick Huzar after Seattle-area startup lands $120M by Taylor Soper on March 25, 2020 With many physical stores closed and online retailers facing. . Its not engineering for the sake of engineering. He was definitely that. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 I analyzed every way, everybody. His main source of income is his career as an entrepreneur. They have too many, and theyre just on a wall, and no one really thinks about them. Also. nick huzar net worth 2020 How much money have you guys raised to date that is probably disclosed? From the tough moments, from the tough experiences is where we learn the most. Nick Huzar Net Worth. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. I essentially told them, Look. One is core values, and the other is operating principles. Here are some pointers from OfferUp co-founder Arean van Veelen to maximize your profit: Who knows OfferUp may even buy one of your items for sale. We were making more money doing that than we were in our day job. What are you going to go do? Im going to go hire people to build all this for me. My response is usually, Thats probably not going to work. If you just had the idea, you need to bring more to the table. He figured that out on his own. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. I would build out the website. I know that OfferUp was also a result of doing a pivot. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. Nick Huzar: During my Konnects experience? She is a rapper, singer, and songwriter from Trinidad & Tobago. Between he and I, we were able to build the first website, the first mobile app. In the first year, I think the hard part was, I had convinced a brilliant engineer that I worked with and connected to co-found OfferUp with me. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. So, there were a series of different changes over a period of time to be explored. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Great investments are built on a solid investment thesis. How do you guys make money for the people that are listening? Thats a nice, easy way to get ahold of me. : Then, after this, you ended up leaving, and then the company ended up closing down. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. In fact, the first code that I ever wrote for OfferUp was sitting in a Goodwill parking lot all day, and I was just sitting there starting to code, starting to think about and mapping out how Goodwill works or how Value Village works or how the existing eCommerce players work. I mentioned the stories of our origin; I still feel like were very much in the early days. 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Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. Like I said, its been a lot of work, and as you mentioned, I was sleeping on an air mattress, which is not that comfortable. During his time at T-mobile Nick Huzar helped to redevelop the online channel enabling the company to accept over $45 million a month in payments and 8 million customers. Sure, there are plenty of challenges. Particularly, the browsing experience when you first open up the app. Id say as hard as it is, the people are everything. Unsure about a selling price? We sell a ton of cars at OfferUp. How was life growing up there? But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Again, were only in the United States. Tell us about the early days, and also how you incubated the concept of the idea. We had been married, and we always wanted to have kids. This is a BETA experience. There are two areas in which OfferUp generates revenue. He has a small car collection also which . I would design. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) But there are other dimensions to that. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. So, when we built out shipping, we said, Why not just enable this so you can continue to do local transactions, but now you dont even need to get in your car. And it opens up the nation for buyers and sellers. And, by the way, I never told the seller that I worked at OfferUp. I could code that. : By the way, he would hate it if I called him an engineer because he is definitely more than that. One is promotions, and thats simply helping sellers to be more successful. I would build out the website. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. We said, Who are the people that are striving here, and why? You look at driven, for example. Weve always focused a lot on this excess of sellers and buyers and connecting them. I could design all the apps, but Im not a great back-end engineer at all. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. How many employees do you guys have, Nick? And if you got any value either from this episode or from the show itself, share it with a friend. But Id say the first year working there, there were about 25 people in that company. I came up with a logo. This is just the consumer side of things, but I also started to spend time in local retail stores. : Thank you so much for having me. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. Then he got the idea for. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? I had a room full of stuff. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. I knew I was passionate about computers. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Again, were only in the United States. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. So, we found a handful of people that were willing to actually do that at that time. For me, the most basic way, when I started an offer up, I came up with a design. We raised a little bit of money. Unlike EBay, OfferUp currently does not charge sellers a listing fee or transaction fee. Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. I think that also ties nicely into culture and the intention about that. It was extremely expensive back then. You want to find the right people to believe in where youre going and are really motivated and excited about that. So, another great learning lesson I had is, find partners and co-founders that are very different than you and can complement the areas youre not that strong in. The Net worth of Nick Viall is still yet to be revealed. I go back to even reflecting on my own decisions. Its not just up and to the right. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, EP 199 Nick Huzar On Raising $380M To Build A Marketplace App That Is Used By 44 Million People, Bill Powers On Raising $500 Million To Improve Your Driving Behavior, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service. We came up with those three because we looked around the company at the time. : Very cool. My parents threw me into a bunch of things as a kid. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. Dont cut corners on that. : There we go. Little did we know social media was coming. Perhaps they will also appreciate it. I think that were going to really enjoy the guest that we have today. Relationship: Married . So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. : As I mentioned earlier, with some of the founding stories, Id say liquidity [28:19] is the number one metric that we spend a lot of time focusing on because we want to make sure that were creating the best experience for buyers and sellers. I think were probably one of the top places in the country in terms of units. Im sure this was an incredible MBA experience for you in real life. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. I think you need to do it. As soon as she gave me the blessing, I completely stopped interviewing, and I went all-in on OfferUp. Ive got to go get a job. Im out there interviewing for a job and spending a bunch of time on that, but I think like any good ideas, for entrepreneurs that are out there, I believe that if you cant get it out of your head, you should listen to that voice. I think I was making $27,000 a year back then. We raised millions of dollars, mostly from angels. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. You add all these things up, and I kept thinking to myself, I think while there are existing solutions for this problem, I dont think theyre meeting the needs of people, clearly. We would find that handful of engineers, and we would pay them. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. Alejandro: Very nice, and very timely given the times that were living in. Then, adaptable. Alejandro: Very nice. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. I think just given the fact that I had just come off of another startup, I had no income because I had just quit. An example of that is, can I take complex problems and distill them down? I just wanted them to believe it actually worked. In the first year, I think the hard part was, I had convinced a brilliant engineer that I worked with and connected to co-found OfferUp with me. Net Worth & Salary of Nick Hanauer in 2023. So, Im sure he thinks what Im doing is a little crazy to him. If you look at annual adoption from our customers, were looking at over 44 million. And, by the way, I never told the seller that I worked at OfferUp. In this episode, we hear how she became a sponge for product design, figured out how to make accessible yet high-end jewelry, and how she even relocated to China for the better part of a year to personally see to her brand's manufacturing. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. What are your core values at OfferUp? Ultimately, they decided to close it down. Thats equally as important. Twenty years later, the smart phone is the new digital disruptor and a major force in driving users from PC to mobile. I think were probably one of the top places in the country in terms of units. I kept thinking about that moment in the doorway, and I kept looking at my iPhone, which is the second-gen iPhone, and at this time, theres no Android phone even on the scene. But, luckily, she was supportive, and I think shes always believed in me. We expect people to dive deep into things like that. : So, you got the blessing from the boss-in-house. In fact, this chair Im sitting inin my office is from OfferUp. Or, for BMX, we built their first-ever eCommerce website. Until now. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. I could design all the apps, but Im not a great back-end engineer at all. Alejandro: Alrighty. Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. I think it was good. I feel like if you get those things rightsure, there are plenty of other challenges, but theyre going to be a lot easier to navigate if you have the right people on the bus. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. The way we separated those out was intentional, where we came up with core values fairly early in our evolution, and what we didnt want to do is what I think a lot of companies do. Why is this problem existing? Since the smartphone was just starting to really permeate our everyday lives, we wanted to make the most seamless, user-friendly mobile app that makes buying and selling locally easier than ever, van Veelen said. : Very nice. Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at [emailprotected]. Nick Huzar: Thank you so much for having me. We were never going to beat and become something like a Facebook. I wont list them all, but thats everything from simplified. If you look at commerce in general in the U.S., about 85% of it is still not online today. : Got it. So, another great learning lesson I had is, find partners and co-founders that are very different than you and can complement the areas youre not that strong in. I just wanted them to believe it actually worked. We were never going to beat and become something like a Facebook. Our homes are actually 30% larger than the 1950s, but were having less children. I played every different sport you can imagine, so that meant I wasnt great in any one thing. Van Veelen. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. Or, diving deep. : Got it. Today, we offer that via shipping. I think thats a great idea. He and I threw in $800 the first event. I have a trampoline that I purchased. Her salary is under review. We had this concept of why cant we just emulate that online? From the tough moments, from the tough experiences is where we learn the most. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. Then once people are hired and we interview for the best, we have what we call our Operating Principles. I was just a sponge. As a marketplace, OfferUp is not only positioned to help declutter your life, but it is also a monetization platform to convert unwanted items to extra cash. He coded our first Android app in the summer, all by himself. So, I think its a founders job to be intentional about the type of culture that theyre going to build as a company and bring that into everything they do from promotions to recruiting. I had a father who worked at Boeing his whole life. We hired too quickly and didnt have a focused strategy, and we werent intentional about culture, and we can talk about how that has changed now at OfferUp, but thats another thing. That was the idea behind it. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. Buyers can then message sellers to meet, and then pay for items through the app or in person. I had a wife that was working, and I had a daughter on the way. Or, diving deep. You have a lot more exposure across the country. Ive been interviewing, but I also have this idea I want to run by you. The pitch, to be clear, had nothing to do with used goods, and it still doesnt to this day. To date, OfferUp is the largest mobile market place in the United States, where people are using our app to buy and sell anything from cars to shoes to furniture. Despite these statistics, 68% plan to donate their unneeded items, and more than one in eight people planned to throw them in the trash. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Pres/Chief Product Ofcr/Co-Founder, OfferUp Inc. So, thats the time in history when I graduated. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . There were thousands of them. We have really good features like search alerts and things you can say that will notify people right away. Ive got to go get a job. Im out there interviewing for a job and spending a bunch of time on that, but I think like any good ideas, for entrepreneurs that are out there, I believe that if you cant get it out of your head, you should listen to that voice. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. So, we built the first online ticketing for them. Find out how former world number one professional tennis player, writer, and politician Ilie Nstase earned his net worth. I had a mother who was a therapist, so I like to think Im a pretty good mix of both of my parents, which happens to, I think, be an advantage given what I work on. We learned through that experience. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. I think thats a big part early on. Zack Friedman is the founder of Make Lemonade, a personal finance platform that offers free and unbiased financial advice, including to the over 40 million borrowers looking to manage,repayand save money on their student loans. Nick Huzar: Yeah, definitely. In fact, this chair Im sitting inin my office is from OfferUp. The other one is payments. One is promotions, and thats simply helping sellers to be more successful. Thats been a big part of it. Im thinking to myself, Chill me now. I think they were all great people in their own right, but for what we were trying to build, probably not. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. You add all these things up, and I kept thinking to myself, I think while there are existing solutions for this problem, I dont think theyre meeting the needs of people, clearly. Product. OfferUp plans to invest in product innovation and will hire for open roles a stark contrast to many tech startups that are trimming headcount due to . : It was great. The shoes Im wearing are from OfferUp. : I understand that you guys have raised quite a bit of money for the business, too. So, to jump into another startup was the last thing in my mind. : Very nice, and very timely given the times that were living in. How much is Nick Kyrgios' Net Worth in 2022? Tell us about the turning page here, going into a new chapter. Most days, I feel like I am playing with Legos. florence nightingale concept 2 via de boleto Alejandro: For sure, and especially during the early days when you dont have anything tangible, its like literally all in your own head, and its helping people understand what that canvas looks like. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. In the last years, as we got more intentional about this, we say, Okay, every review cycle, half of your review is the overall performance in getting the work done. OfferUp is one the most exciting e-commerce companies I have come across in a long time, Levchin said in a statement last November. How Does OfferUp Make Money? I think just given the fact that I had just come off of another startup, I had no income because I had just quit. Our homes are actually 30% larger than the 1950s, but were having less children. Thats interesting. He set up our entire first back-end system on AWS. peggy gustafson barnett obituary; human causes of the millennium drought; robert hagg scouting report; competitive edge softball I want to ask you this: if you had the opportunity to go back in time, and maybe to that time when you were in your early 20s thinking about how to launch a business, how to start a company, how to scale and build it. Or, for BMX, we built their first-ever eCommerce website. I have a trampoline that I purchased. Nick Viall is an actor, model, and television personality who is known for his starring role in the 21st season of ABC's The Bachelor. When we could find engineers, we would pay them just a teeny bit, but wed compensate them more with ownership and stock in what we were building. In this case, it led you to where you are today. : Ive heard you talk about core values a few times and how that ties into culture. : I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. Follow Zack on Twitter and read his columns in Forbes. Tell us about the turning page here, going into a new chapter. How do you guys make money for the people that are listening? I feel like if you get those things rightsure, there are plenty of other challenges, but theyre going to be a lot easier to navigate if you have the right people on the bus. You can literally use it for almost anything. If you can leave a review as well, that would be fantastic. So, there were a series of different changes over a period of time to be explored. They created OfferUp to create a simpler and more trusted way to buy and sell locally one in which users leverage the power and ease of their smart phone to take photos and then list and sell items in a more seamless way. We raised a little bit of money. So, we built the first online ticketing for them. Thats probably the biggest one. New OfferUp CEO Aims To Grow Commercial Side Of Local Commerce Platform, COVID Creates A Sellers Market In reCommerce, OfferUp CEO: Reinventing Commerce One Local Seller At A Time, Online marketplace OfferUp raises $120M, acquires top competitor letgo, Mobile marketplace OfferUp adds Hold Offers feature as it battles Craigslist, eBay and Facebook, OfferUp launches new Autos section focused on buying and selling used cars, OfferUp Keys In On Used Car Market With the Launch of OfferUp Autos, OfferUp launches SafeTradeSpots.com in conjunction with AIM Group, OfferUp Expands Its Local Marketplace, Launches Nationwide Shipping. I really just wanted to understand the landscape, but then, with a clean slate, a brand-new slate, how can you do it differently because of the smartphone? And if you got any value either from this episode or from the show itself, share it with a friend. As I move from work or wherever Im at, I just want to be able to open up the app and see and discover things that are all around me. So, Im sure he thinks what Im doing is a little crazy to him. Europe, Menlo Park, China), Where the person is located (e.g. Now, in terms of the business itself, how big is the platform, or can you talk to us about the number of employees or users that are using this so that people get a sense of the operation? As of January 2023, The net worth of Nick is $2 million, and he earns $19K-$32K per video. In our case, we happen to have three to make it easy. The other half is how did you do the work. I grew up in a suburb about 20 minutes south of Seattle. Most recently, Nick Huzar was the co-founded of Konnects Inc. The other one was the cameras would get better, and we could leverage that. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. Why is this problem existing? Nick Huzar is presently founder, CEO of OfferUp with a mission to revolutionize how people buy and sell locally by providing the simplest and safest solution. I think I learned a lot of painful learning lessons from doing that. He was able to figure things out. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. "We have been one of the most active investors in marketplace businesses around the world, and rarely have we seen the scale, liquidity, virality and growth that OfferUp has demonstrated in a market this big.". So, we found a handful of people that were willing to actually do that at that time.
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