Hello everyone, and welcome to the DealMakers show. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Nick Huzar: I had, of course, a ton of energy and excitement. 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. He figured that out on his own. Why? Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. I can work with engineers, and tie into databases, and be functional. I would build out the website. We came up with those three because we looked around the company at the time. He bagged this fortune because of his hard work and his excellent gaming skills. I just wanted them to believe it actually worked. 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 the largest mobile marketplace in the USA. Articles about Nick Huzar - GeekWire He set that up. I think I learned a lot of painful learning lessons from doing that. meritain health timely filing limit 2020; larry davis obituary 2020; sharon perkins instagram; dave ramsey jobs remote; nick huzar net worth 2020 . So, there were a series of different changes over a period of time to be explored. I was leading projects for Paramount Parks. You also are going to see a lot of big changes this year in our product. Again, were only in the United States. 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. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. The other one is payments. Its not just up and to the right. And, by the way, I never told the seller that I worked at OfferUp. That was the idea behind it. It was Driven, Neighborly, and Adaptable. I essentially told them, Look. Founded in 2011, the peer-to-peer commerce marketplace generated more transactions in less than five years than EBay North America had generated in its first 10 years. 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. The other one was the cameras would get better, and we could leverage that. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. How much money have you guys raised to date that is probably disclosed? : You can always reach out to me on Twitter. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. Can I communicate succinctly? Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. : And this led you in your 20s to your first company. 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. 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. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. That would have just ended it for me. 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. Is that right? Then, adaptable. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. I dont think we even had core values or anything. Alejandro: And this led you in your 20s to your first company. OfferUp CEO: Reinventing Commerce | PYMNTS.com 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. 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If you look at commerce in general in the U.S., about 85% of it is still not online today. I cant exist without my computer. I think thats another learning lesson Ive seen over the years where you have people that have these ideas, and they say, Im going to go do this. My response is, Okay. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. Product. Just enter your email below. Between he and I, we were able to build the first website, the first mobile app. Nicki Minaj Net Worth. Id say our vision, as you think long-term, is really to help people to connect and prosper. I grew up in a suburb about 20 minutes south of Seattle. 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. is the queen taller than the king in chess; all inclusive wedding venues under $5,000; david meade obituary 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 were making more money doing that than we were in our day job. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. Id say as hard as it is, the people are everything. Nick Huzar is CEO and Co-Founder of OfferUp. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. Will Others Follow? Today, we offer that via shipping. Please subscribe to unlock this content. I knew I was passionate about computers. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. There were thousands of them. I played every different sport you can imagine, so that meant I wasnt great in any one thing. It was barely enough to eat and pay my rent. Alejandro: There we go. I came up with a logo. How do you guys make money for the people that are listening? : Got it. I had a room full of stuff. 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. 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. I think it was good. One is promotions, and thats simply helping sellers to be more successful. He is a founder that has done it multiple times. Opinions expressed by Forbes Contributors are their own. : When I left Konnect, I had no intention of leading another company. : Ive heard you talk about core values a few times and how that ties into culture. Meet Two Young Entrepreneurs Who Raised $221 Million To - Forbes According to a 2016 OfferUp and ClearVoice survey, OfferUp found that 48% of respondents consider their home to be cluttered with items they do not use, and 62% own more than 10 items they have not used in the past year. This is so creative. The hottest area in real estate is not commercial, is not residential; its actually storage. We were finding that theyre able to sell cars way faster by signing up for this program. 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. The fast-forward, over the next year or so, we had done 30 of these. Nick Saban Net Worth | Celebrity Net Worth An example of that is, can I take complex problems and distill them down? We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. We raised millions of dollars, mostly from angels. Van Veelen. Success is not a linear line. : By the way, he would hate it if I called him an engineer because he is definitely more than that. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) 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? OfferUp was one of the first, truly mobile marketplaces and more and more experiences are going to continue to happen exclusively via smartphones., Top 3 Tips From OfferUp To Convert Your Items To Cash. We do a lot within the product to connect buyers to the right sellers. Alejandro: Very nice. So, there were a series of different changes over a period of time to be explored. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. Jonas formed a band with his older brothers, Joe, and Kevin, known as the Jonas Brothers. In this case, it led you to where you are today. 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. Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? Van Veelen sees the mobile trend continuing in 2017. In this technology shift, Huzar and van Veelen saw massive opportunity, particularly as Craigslist did not adapt to the new mobile paradigm. nick huzar net worth 2020 There are so many things that you can influence and help drive. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. Why? : I had, of course, a ton of energy and excitement. Ask Jeff Jordan, a general partner at Andreessen Horowitz (an OfferUp investor), the former president of PayPal and the former president and chief executive officer of OpenTable. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. : Thank you so much for having me. 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? Nick Huzar - Founder, President & Chief Product Officer and CEO The boss, obviously, in your life. Its not engineering for the sake of engineering. Thats the focus on why we want shipping was not necessarily to build a new line of revenue for us, but again, to further remove friction in the process. 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. Im happy to chat. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. He set up our entire first back-end system on AWS. And, by the way, I never told the seller that I worked at OfferUp. And if you got any value either from this episode or from the show itself, share it with a friend. We said, Who are the people that are striving here, and why? You look at driven, for example. Like I said, in any small startup, thats got to be there. The only examples we could look to at the time were dating sites. How do you guys make money for the people that are listening? Alejandro: I understand that you guys have raised quite a bit of money for the business, too. You went to Washington State University, and you got involved with. I can design things, and then I can cut them up, and I can make them interactive. 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? Nick Saban is an American college football head coach who has a net worth of $70 million. There are two areas in which OfferUp generates revenue. 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? Alejandro: Very nice. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Nick Huzar: 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. 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 . He has an estimated net worth of $15 million, which includes his luxurious home in Canberra, Australia. 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. 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 Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. : I think businesses are about people, so when I think about it and when I think about the investors and the team. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. We started very early, way before Friendster, way before Myspace. Nick Lachey Net Worth | Celebrity Net Worth Youve probably thought about this very well at the beginning, and now as youre looking at pushing other markets, how do you guys think about liquidity in the marketplace? So, Im sure he thinks what Im doing is a little crazy to him. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. 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 How will you associate putting paint on a canvas with perhaps building and scaling a business? We made a series of pivots. But my wife and I moved into a good-sized house. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. She can also be seen posing for covers of several beauty magazines. We give them promotions and analytics. Like I said, in any small startup, thats got to be there. He understands engineering is just enabling an outcome. And if you got any value either from this episode or from the show itself, share it with a friend. : Very nice. You may opt-out by. I left, and I had a co-founder and an investor that ran it for another year. 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. What an amazing business that youve built with OfferUp. This is so creative. If youre not intentional, culture is just going to take the form that its going to take for better or worse. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Alejandro: Marketplaces are obviously a beast. I had a blessed upbringing. Within a year, year and a half, I was loving the internet. : Marketplaces are obviously a beast. OfferUp Founder Nick Huzar Sent This Message to All Employees and They had a bunch of theme parks, but they had no online ticketing. 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. Probably just not the best advisors and folks around the table. Unlike EBay, OfferUp currently does not charge sellers a listing fee or transaction fee. 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. In March 2020, the company raised another $120 million through the acquisition of Letgo. But, luckily, she was supportive, and I think shes always believed in me. I think thats a big part early on. This guy that I worked with, he was like, I want to go through a big event together and bring all these different tech companies together in the Seattle area. 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 feel like I build things and sculpt things, and that works well for me. We hired too quickly, and we didnt know what we wanted. You can keep going as a company and think about how those things get shaped. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. Nick Jonas' Net Worth (Updated 2023) | Wealthy Gorilla Im sure that all those experiences and lessons with Konnects you were able to apply them here. Alejandro: Very cool. : 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. California Weighs $360,000 in Reparations to Eligible Black Residents. Take photos of your item from all angles so that buyers can get a feel for the size and dimensions of the item you are selling. How do you hire? I essentially told them, Look. 5 Entrepreneurs Who Started Out At Microsoft And - Celebrity Net Worth 'America needs our help': Q&A with OfferUp CEO Nick Huzar - GeekWire : I understand that you guys have raised quite a bit of money for the business, too. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Weve always focused a lot on this excess of sellers and buyers and connecting them. I was fortunate to sit next to engineers who taught me how to code. OfferUp Revenue Model | How Does OfferUp Make Money? For years, Craigslist has been the go-to website to buy and sell used items online. We made a lot of mistakes hiring. People were throwing money everywhere. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Alejandro: So, originally born and raised in the Seattle area. 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.. Nick Huzar, OfferUp Inc: Profile and Biography - Bloomberg Markets We raised a little bit of money. They had a bunch of theme parks, but they had no online ticketing. Vance Lile, a Vancouver, Washington resident, owns an antique reselling businesses that he uses as a second source of income. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. The only examples we could look to at the time were dating sites. We were finding that theyre able to sell cars way faster by signing up for this program. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. But I kept thinking to myself, Man, because of these devices, can we re-imagine what local commerce actually is? I started to uncover things like 25% of U.S. households with a two-car garage cant park in their garage. Thats interesting. The other one is payments. Well, Nick, thank you so much for being on the DealMakers show. : Yeah, definitely. According to Jordan, as a mobile-first platform, OfferUp emerged as a disruptor by providing an improved user interface, frictionless experience and on-demand transactions from anywhere. I go back to even reflecting on my own decisions. 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. Even though we have these amazing giant tech companies, we still think theres a huge opportunity in local, and thats going to be our focus and continue to be our focus. The first thing in my mind was not, Hey, theres something here. Founded in 1995 by Craig Newmark, Craigslist is the local classified advertisements website that generates over 50 billion page views per month all without an iOS or Android app. How was life growing up there? : Very nice, and very timely given the times that were living in. 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. So, thats one way to think about it. I think that were going to really enjoy the guest that we have today. Dont cut corners on that. I go back to even reflecting on my own decisions. Nick Hanauer Net Worth. Alejandro: 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.
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