I knew I was passionate about computers. What is in the retail store down the street, and why dont people know that those things exist in there. 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. 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. I started to buy and sell things locally. That was a lot of work. He is a founder that has done it multiple times. He set that up. I dont think we even had core values or anything. He did a lot of back-end database. We thought to ourselves, why couldnt you just build a platform that would enable anybody to build basically what is now known as social media? They have too many, and theyre just on a wall, and no one really thinks about them. I was fortunate to sit next to engineers who taught me how to code. Why? The fast-forward, over the next year or so, we had done 30 of these. The first year, thats what we did. "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.". There are plenty of things that you just dont sign up for that you have to address as somebody thats, : 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. In our case, we happen to have three to make it easy. OfferUp CEO Nick Huzar says the surge in eCommerce demand has created a "seller's market" in recommerce and one that includes a larger variety of seller types. I started to buy and sell things locally. If youre not intentional, culture is just going to take the form that its going to take for better or worse. 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. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. 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. He and I would sit down and rift on things quite a bit. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. We said, Who are the people that are striving here, and why? You look at driven, for example. You have a lot more exposure across the country. 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. Nick Huzar is CEO and Co-Founder of OfferUp. 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, you see a lot of apps that have this long, infinite scrolling pic list of pictures. Probably just not the best advisors and folks around the table. It was Driven, Neighborly, and Adaptable. Im happy to chat. 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 think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. We give them promotions and analytics. Also. Net Worth: $250,000 - $499,999. : Currently, we have about 280, and we are actively hiring at the moment. The founders furnished the companys headquarters with a Yoda statue and Stormtrooper suit that they purchased from the OfferUp app. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. If you can leave a review as well, that would be fantastic. What is in the retail store down the street, and why dont people know that those things exist in there. Tell us about the early days, and also how you incubated the concept of the idea. Thats interesting. 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. Now valued at over $1 billion, OfferUp is no different. 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? Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. I think just given the fact that I had just come off of another startup, I had no income because I had just quit. Again, because were always focusing on removing friction. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. Theyre constantly in this process of bettering themselves. : When I was in college, I was pretty fortunate that I lived in a fraternity, and the majority of the people living there were getting MIS degrees, which is Management Information Systems, basically a business major with an influence in computer science. The fast-forward, over the next year or so, we had done 30 of these. He only had one job. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . How do you hire? 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. I had a blessed upbringing. I think it was good. Nick Huzar: While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. The advent of the mobile revolution transformed the way in which people transact. Alejandro: So, you got the blessing from the boss-in-house. I was just a sponge. 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 just wanted them to believe it actually worked. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. Your email address is 100% safe from spam! Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. Id say our vision, as you think long-term, is really to help people to connect and prosper. I need to have it. I could code that. One is promotions, and thats simply helping sellers to be more successful. Dunlap joins OfferUp at an exciting time for the company. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) And, by the way, I never told the seller that I worked at OfferUp. : I understand that you guys have raised quite a bit of money for the business, too. Thats what we did for a while. 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. Despite these statistics, 68% plan to donate their unneeded items, and more than one in eight people planned to throw them in the trash. 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. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Nick Huzar Net Worth. We said, Who are the people that are striving here, and why? You look at driven, for example. Nick Huzar: What I love about building companies. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. I used to go to Goodwill stores, and Id realized the cars never stopped. 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. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. We could leverage chat. 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. 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 had a lot of great. Earlier in his Career Nick held positions at T-Mobile and Microsoft. I wont list them all, but thats everything from simplified. We were making more money doing that than we were in our day job. For some people, thats not comfortable, so you need people that can zig and zag with the company as it scales. He is a founder that has done it multiple times. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. 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. She has made most of her net worth through her record sales as well as her music tours. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? 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. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. It was barely enough to eat and pay my rent. The shoes Im wearing are from OfferUp. He set up our entire first back-end system on AWS. An example of that is, can I take complex problems and distill them down? So, we built the first online ticketing for them. Today, we offer that via shipping. Nick Huzar: Yeah, definitely. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. Thats something I definitely advise people to not do just given how much I learned through that. An example of that is, can I take complex problems and distill them down? So, thats one way to think about it. : So, you got the blessing from the boss-in-house. Huzar and van Veelen focused intently on understanding the competitive landscape, consumer behavior and the economic backdrop to design a tech-enabled solution for its customer base. Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. From the tough moments, from the tough experiences is where we learn the most. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Please subscribe to unlock this content. 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. Alejandro: Very cool. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. 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. : Definitely, you learned the sleeping on an air mattress and living in the office. 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. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. 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. 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. We made a series of pivots. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. 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. 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. See How I Can Help You With Your Fundraising Efforts. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. VW Will Build a $2 Billion Electric Truck and SUV Plant in South Carolina, Meta Cuts the Price of Its Quest Headset Up to 33% After Disappointing Demand, John Malone andCharter Directors Agree to $87.5 Million Settlement, Apples Cloud Chief to Leave, Adding to Wave of Departures, Anti-ESG Crusader Wants to Take Trumps Agenda to Next Level, Turkeys Erdogan Criticizes Rivals Over Candidate Squabbles, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, The Exhibit Reality TV Show PittingArtist Against ArtistIs No Masterpiece. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Hello everyone, and welcome to the DealMakers show. : Yeah. Buyers can then message sellers to meet, and then pay for items through the app or in person. I think I learned a lot of painful learning lessons from doing that. To give you an idea of scale, weve been installed about 90 million times. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. One day, she said, Im pregnant. Im like, Im so excited! I go into dad mode, and I open up that door to this room that Im going to turn into her nursery, my soon-to-be daughters nursery. In our case, we happen to have three to make it easy. People were throwing money everywhere. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. The first year, thats what we did. This is a BETA experience. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. Nick Huzar Net Worth. 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. Success is not a linear line. I could design all the apps, but Im not a great back-end engineer at all. Nick Saban is an American college football head coach who has a net worth of $70 million. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. So, to jump into another startup was the last thing in my mind. From the tough moments, from the tough experiences is where we learn the most. 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? Again, given my artistic bent, I taught myself Photoshop. Little did we know social media was coming. I think thats a big part early on. He did a lot of back-end database. The second promotional area is our auto business. He understands engineering is just enabling an outcome. I think I was making $27,000 a year back then. OfferUp is hoping technology will simplify the sale process and enable users to monetize the cash hiding in their home. Nick Huzar is the co-founder and CEO of Offerup which provides an online and mobile C2C marketplace app for people to buy and sell electronics, furniture, and cars. Sure, there are plenty of challenges. brooke posch wedding; cockatiel breeders nsw Men umschalten. We had this concept of why cant we just emulate that online? Success is not a linear line. . In March 2020, the company raised another $120 million through the acquisition of Letgo. 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. You went to Washington State University, and you got involved with business and computers. Tell us about the turning page here, going into a new chapter. : Got it. CEO, Mentor (mentormoney.com). What do you think? I said, Hey. So, to jump into another startup was the last thing in my mind. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. Or, diving deep. I could design all the apps, but Im not a great back-end engineer at all. Until now. He was able to figure things out. Get a custom action plan and all the help that you need to start raising more capital. 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. Will His AI Plans Be Any Different? Youve got a job. Thats probably one of my biggest painful lessons from back then. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. Weve always focused a lot on this excess of sellers and buyers and connecting them. We were finding that theyre able to sell cars way faster by signing up for this program. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. That would have just ended it for me. And if you got any value either from this episode or from the show itself, share it with a friend. Then once people are hired and we interview for the best, we have what we call our Operating Principles. 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. One is core values, and the other is operating principles. Thats equally as important. If you like the show, make sure that you hit that subscribe button. Like I said, in any small startup, thats got to be there. 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. As of January 2023, The net worth of Nick is $2 million, and he earns $19K-$32K per video. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. 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. Just enter your email below. So, you get the green light, and what happened next? So, I have three kids bikes. 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. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. You also are going to see a lot of big changes this year in our product. 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. We made a series of pivots. Well continue to obsess over liquidity. You also are going to see a lot of big changes this year in our product. He and I would sit down and rift on things quite a bit. Neighborly: we have a no asshole policy. We sell a ton of cars at OfferUp. We would find that handful of engineers, and we would pay them. I had a room full of stuff. At the time, I think we were the first app to do that. That helps them to sell things faster. How did you develop that love for computers, too? : Got it. He was able to figure things out. The only examples we could look to at the time were dating sites. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. 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. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. I analyzed every way, everybody. Is that right? In fact, this chair Im sitting inin my office is from OfferUp. 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. Huzar attributed the high level of engagement to OfferUps focus on a secure, frictionless user experience, an image-driven platform and the creation of a community built on personal connectivity. Nick Huzar: In our case, we happen to have two different buckets. For me, the most basic way, when I started an offer up, I came up with a design. Nick Huzar played a vital role in assisting the CEO with fundraising efforts which attracted over $6 million in investment. I essentially told them, Look. We have really good features like search alerts and things you can say that will notify people right away. Thats a nice, easy way to get ahold of me. Im sure that all those experiences and lessons with Konnects you were able to apply them here. I think that were going to really enjoy the guest that we have today. Alejandro: So, originally born and raised in the Seattle area. Thats been a big part of it. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. 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. 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. We only raised about $100,000 our first year, but we didnt have an office space. That helps them to sell things faster. I think they were all great people in their own right, but for what we were trying to build, probably not. We had been married, and we always wanted to have kids. Nick Huzar: When I left Konnect, I had no intention of leading another company. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 So, that was some of the initial sketches that we did. The show takes listeners inside the business end of the sports world, and explains what it means to fans and their pocketbooks. Alejandro: There we go. If you look at annual adoption from our customers, were looking at over 44 million. : Very cool. We give them promotions and analytics. We raised a little bit of money. Im sure this was an incredible MBA experience for you in real life. So, thats the time in history when I graduated. Our homes are actually 30% larger than the 1950s, but were having less children. Nick Huzar: You can always reach out to me on Twitter. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. The other half is how did you do the work. I had a wife that was working, and I had a daughter on the way. This is going to take me a whole weekend just to post these items online yourself. As of December 2022, total funding raised is $381 million. : Yeah, definitely. He coded our first Android app in the summer, all by himself. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. But, luckily, she was supportive, and I think shes always believed in me. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? I used to go to Goodwill stores, and Id realized the cars never stopped. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. My parents threw me into a bunch of things as a kid. 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. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. You can literally use it for almost anything. The other one was the cameras would get better, and we could leverage that. I played every different sport you can imagine, so that meant I wasnt great in any one thing.
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