They had a bunch of theme parks, but they had no online ticketing. 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. . We give them promotions and analytics. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. Thats what we did for a while. I was fortunate to sit next to engineers who taught me how to code. OfferUp is the largest mobile marketplace in the USA. Just enter your email below. Thats been the whole focal point of the business since Day One. There he designed the original platform and directly managed the engineering and design teams in addition to his daily duties as the companys Chief Technology Officer. Nick Viall is a $400 thousand net worth American actor, television personality, and model as of 2020. 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. Nick Huzar played a vital role in assisting the CEO with fundraising efforts which attracted over $6 million in investment. Why? Successful minimalist websites are a rarity, but Drudge Report (which generates more than 750 million page views per month) and Craigslist are two that have bucked the trend. Great investments are built on a solid investment thesis. Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. : Yeah, definitely. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. Perhaps they will also appreciate it. So, Im sure he thinks what Im doing is a little crazy to him. We had been married, and we always wanted to have kids. The company has raised $380 million from top tier investors such as Andreessen Horowitz, GGV Capital, Tiger Global Management, Warburg Pincus, T. Rowe Price, and Allen & Company to name a few. OfferUp has more than doubled its employee count in the last year and is reportedly set to raise $120 million in a round that would give the. How do you guys make money for the people that are listening? Theres got to be a better way. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. We only raised about $100,000 our first year, but we didnt have an office space. To ensure a more trustworthy transaction, the marketplace has a verified identification system (which requires state-issued identification and Facebook profile), user profiles, buyer and seller ratings and in-app messaging. How much money have you guys raised to date that is probably disclosed? 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. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 This is going to take me a whole weekend just to post these items online yourself. We raised a little bit of money. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. I analyzed every way, everybody. What would you say really made him such an amazing tech co-founder? I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. This has led me to seek answers to questions about how my very existence impacts our planet. What is in the retail store down the street, and why dont people know that those things exist in there. Most recently, Nick Huzar was the co-founded of Konnects Inc. 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. : Then, after this, you ended up leaving, and then the company ended up closing down. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. I look forward to it. See How I Can Help You With Your Fundraising Efforts. Huzar wanted to change that, so the company partnered with the non-partisan Civic Alliance to offer voting information to all OfferUp employees and, via a link in its app, to millions of customers . He was definitely that. I can work with engineers, and tie into databases, and be functional. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. I can work with engineers, and tie into databases, and be functional. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. You may opt-out by. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). What do you think? I said, Hey. That was the idea behind it. Im thinking to myself, Chill me now. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. We raised millions of dollars, mostly from angels. I essentially told them, Look. That helps them to sell things faster. 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 . Rather than specify a price, sellers can also list their item as not firm on price, which means buyers are able to chat and negotiate with sellers before deciding on a price. We hired. OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. The company has raised $380 million from top tier investors such as Andreessen Horowitz, GGV Capital, Tiger Global Management, Warburg Pincus, T. Rowe Price, and Allen & Company to name a few. Hello everyone, and welcome to the. We could leverage chat. 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. My wife is also my boss. Those are our overall what we look for in people before they even come into the halls of OfferUp. The first year, thats what we did. For years, Craigslist has been the go-to website to buy and sell used items online. So, I have three kids bikes. I have a trampoline that I purchased. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? What are your core values at OfferUp? 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. 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. She can also be seen posing for covers of several beauty magazines. Amazing. 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. How do you hire? We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. Will His AI Plans Be Any Different? northern state university softball roster. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. 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? 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. OfferUp is one the most exciting e-commerce companies I have come across in a long time, Levchin said in a statement last November. : You can always reach out to me on Twitter. Dont cut corners on that. Im sure this was an incredible MBA experience for you in real life. 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. Nick Saban is an American college football head coach who has a net worth of $70 million. We could make it a visual experience, this kind of geo-aware. He and I would sit down and rift on things quite a bit. We were finding that theyre able to sell cars way faster by signing up for this program. A few other stats that I think might be interesting about our OfferUp community and usage is, especially with this transaction coming together, well have 20 million users across the U.S. We also have a lot of our top markets where we started to see double-digit growth. show. To achieve this, they need to continue growing consumer awareness, increase seller liquidity (percentage of items that sell), and continue to emphasize ease of use and trust for all users.. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Get a custom action plan and all the help that you need to start raising more capital. Id say our vision, as you think long-term, is really to help people to connect and prosper. Hello everyone, and welcome to the DealMakers show. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. I think it was good. In fact, in the early days, before we had a lot of traction, I used to show up to peoples houses, and I would buy their items, and I would stick them in our very small office that we had. : There, you talked about, Arean, your co-founder, and you were mentioning that hes an amazing engineer, and Im sure that there are a lot of people that are listening now that are maybe looking for a tech co-founder. : So, originally born and raised in the Seattle area. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. Together, they oversee over 100 OfferUp employees. If you had the opportunity to go back in time, knowing what you know now, and give your younger self one piece of business advice before launching a company, what would that be and why knowing what you know now? 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. I would design. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? I think I learned a lot of painful learning lessons from doing that. Again, given my artistic bent, I taught myself Photoshop. Theres got to be a better way. We made a series of pivots. In our case, we happen to have three to make it easy. : Very cool. 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 think for anybody thats building a company, it feels good when you fill that role, and then 90 days later, you realize you made a huge mistake. I came back to my wife after probably four-and-a-half months, at least, and she kept asking, When are you getting your job? One day, I said, You need to come home tomorrow. Today, we offer that via shipping. How Does OfferUp Make Money? Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. Alejandro: Got it. What would you say was the most painful and the biggest lesson, at the same time, for you? So, obviously, part of the startup experience too. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. As of January 2023, The net worth of Nick is $2 million, and he earns $19K-$32K per video. We started very early, way before Friendster, way before Myspace. From the tough moments, from the tough experiences is where we learn the most. One is core values, and the other is operating principles. Net Worth:$100 MillionAge:39Born:December 8, 1982Gender:FemaleHeight:1.57 m (5 ft 2 in)Country of Origin:Trinidad & TobagoSource of Wealth:Rapper/ActorLast Updated:August 2, 2022. What an amazing business that youve built with OfferUp. Okay, great. He definitely did that, and I feel like I did that. So, we built the first online ticketing for them. University of Seville Alumni Founded Companies, College of Charleston Alumni Founded Companies, West Coast Companies With Less Than $10M in Revenue (Top 10K), University of Texas Alumni Founded Companies, University of North Florida Alumni Founded Companies, Chapman University Alumni Founded Companies, Colorado State University Alumni Founded Companies, University of Limerick Alumni Founded Companies, University of Notre Dame Mendoza College of Business Alumni Founded Companies, Florida Institute of Technology Alumni Founded Companies, Total number of current Advisors and Board roles the person has, Number of Organizations that the person founded, The organization associated to the person's primary job, Where the person is located (e.g. I left, and I had a co-founder and an investor that ran it for another year. So, you get the green light, and what happened next? How many employees do you guys have, Nick? : Got it. There are so many things that you can influence and help drive. He coded our first Android app in the summer, all by himself. I started to buy and sell things locally. We made a series of pivots. But Id say the first year working there, there were about 25 people in that company. The second promotional area is our auto business. : Very nice. At the time, I think we were the first app to do that. : By the way, he would hate it if I called him an engineer because he is definitely more than that. It was extremely expensive back then. . Alejandro: Very nice. Within a year, year and a half, I was loving the internet. I designed the app. Thats a nice, easy way to get ahold of me. 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. I grew up in a suburb about 20 minutes south of Seattle. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) The only examples we could look to at the time were dating sites. 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. 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. A few other stats that I think might be interesting about our OfferUp community and usage is, especially with this transaction coming together, well have 20 million users across the U.S. We also have a lot of our top markets where we started to see double-digit growth. : Ive heard you talk about core values a few times and how that ties into culture. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has partnered in, Total number of current Jobs the person has, Total number of events the individual appeared in, Number of news articles that reference the Person, Founder, President & Chief Product Officer and CEO. Success is not a linear line. Id say as hard as it is, the people are everything. We learned through that experience. What would you say was the most painful and the biggest lesson, at the same time, for you? Id say our vision, as you think long-term, is really to help people to connect and prosper. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. I could design all the apps, but Im not a great back-end engineer at all. I had a room full of stuff. Why is this problem existing? 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. Nick Huzar Chief Executive Officer OfferUp Bellevue, Washington Get Nick's Email (it's Free) Takes 5 seconds to join, no credit card required Nick's Email xxxx@xxx.com + Full Profile Information + Social Network Profiles + See who you and Nick Huzar know in common Example: Nick Huzar , Elon Musk 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. It was to explore, like more of the treasure hunt type of experience. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. Vance Lile, a Vancouver, Washington resident, owns an antique reselling businesses that he uses as a second source of income. '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. How deep in the business are you going and understanding the metrics and inputs and the outputs, and we expect that from everybody, whether an executive or somebody on the frontlines of our customer service team. Net Worth: $250,000 - $499,999. I'm Nick Huzar, the cofounder of OfferUp, the largest local mobile marketplace in the U.S. On a monthly basis, I would watch billions of dollars worth of second hand goods exchange hands through the marketplace we started over a decade ago in 2011. : When I left Konnect, I had no intention of leading another company. An example of that is, can I take complex problems and distill them down? 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. Im sure that all those experiences and lessons with Konnects you were able to apply them here. You want to find the right people to believe in where youre going and are really motivated and excited about that. Relationship: Married . Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. People were throwing money everywhere. In fact, this chair Im sitting inin my office is from OfferUp. 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. Theyre using it, and if you look at the usage overall, were looking at billions of dollars every month worth of goods being sold on the OfferUp marketplace. Here, I think that you were alluding to it by hiring the wrong people, maybe not having the right people seated in the right seats. I think well continue to see a shift towards mobile, van Veelen said. He figured that out on his own. I think that were going to really enjoy the guest that we have today. : What I love about building companies. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. We expect people to dive deep into things like that. His main source of income is his career as an entrepreneur. The other one was the cameras would get better, and we could leverage that. 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. I need to understand how these things work. So, I finally bought one, and then I graduated and worked in a startup for one of my fraternity brothers, making half as much as all my friends did. But my wife and I moved into a good-sized house. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. 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 was leading projects for Paramount Parks. : There we go. We said, Who are the people that are striving here, and why? You look at driven, for example. Other OfferUp investors include Coatue Management, Tiger Global, T. Rowe Price, Allen & Company, High Line Venture Partners, GGV Capital, Third Kind Capital, Altimeter Capital and Vy Capital, among others. And if you got any value either from this episode or from the show itself, share it with a friend. I think thats a big part early on. : 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. He bagged this fortune because of his hard work and his excellent gaming skills. Follow Zack on Twitter and read his columns in Forbes. Theres a handful of operating principles that we use, and then for people that are on the interview loop, we ask them to ask some questions to probe for those, and we also bring those principles into our performance reviews. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. I knew I was passionate about computers. We didnt see any examples of what we were doing in a smartphone. It was to explore, like more of the treasure hunt type of experience. I can design things, and then I can cut them up, and I can make them interactive. So, thats the time in history when I graduated. Its not just up and to the right. There were thousands of them. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. Nick Huzar (@nickhuzar) March 25, 2020. Now valued at over $1 billion, OfferUp is no different. We said, Who are the people that are striving here, and why? You look at driven, for example. On the promotions bucket, we have what we call 1P ads, and thats simply going into the product, and the seller can decide to increase their visibility and pay either one time or a subscription to dramatically increase the visibility of their listings. Some users use OfferUp to help grow their small businesses. Again, because were always focusing on removing friction. He set up our entire first back-end system on AWS. It was Driven, Neighborly, and Adaptable. Neighborly: we have a no asshole policy. Amazing. 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. Id say as hard as it is, the people are everything. The second promotional area is our auto business. You can literally use it for almost anything. 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. 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 had, of course, a ton of energy and excitement. We had a lot of great. Designer and entrepreneur Melody Ehsani takes us on a journey from her early days working retail, to designing her first shoes and jewelry lines, to collaborating with Red Hot Chili Peppers and Jordan brand before taking on a bespoke role at Foot Locker. It was barely enough to eat and pay my rent. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. He set that up. 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. Alejandro: So, originally born and raised in the Seattle area. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. He set up our entire first back-end system on AWS. On the promotions bucket, we have what we call 1P ads, and thats simply going into the product, and the seller can decide to increase their visibility and pay either one time or a subscription to dramatically increase the visibility of their listings. 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. How is your office laid out? With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. : Currently, we have about 280, and we are actively hiring at the moment. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. This is just the consumer side of things, but I also started to spend time in local retail stores. It was barely enough to eat and pay my rent. Thats interesting. . I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. Product. Tell us about the turning page here, going into a new chapter. 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. 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. Probably just not the best advisors and folks around the table. An example of that is, can I take complex problems and distill them down? What do you look for in culture? Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? It was extremely expensive back then. I was leading projects for Paramount Parks. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? : Definitely, you learned the sleeping on an air mattress and living in the office.
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