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: When I left Konnect, I had no intention of leading another company. How will you associate putting paint on a canvas with perhaps building and scaling a business? I knew I was passionate about computers. One is promotions, and thats simply helping sellers to be more successful. 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. Within a year, year and a half, I was loving the internet. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. You want to find the right people to believe in where youre going and are really motivated and excited about that. I know that OfferUp was also a result of doing a pivot. He has a small car collection also which . But Id say the first year working there, there were about 25 people in that company. What would you say was the most painful and the biggest lesson, at the same time, for you? So, thats the time in history when I graduated. I think well continue to see a shift towards mobile, van Veelen said. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. He understands engineering is just enabling an outcome. The other half is how did you do the work. 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. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. Okay, great. Just enter your email below. Today, we offer that via shipping. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. You went to Washington State University, and you got involved with. : 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. 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 One is core values, and the other is operating principles. 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. 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. The other one is payments. 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? 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. My wife is also my boss. I was leading projects for Paramount Parks. Alejandro: Very nice. You also are going to see a lot of big changes this year in our product. He was able to figure things out. I was just a sponge. 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? Id say a good healthy portion of my house, probably over half of my house are things I bought from OfferUp. Little did we know social media was coming. 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. Its not just up and to the right. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. Despite these statistics, 68% plan to donate their unneeded items, and more than one in eight people planned to throw them in the trash. : So, originally born and raised in the Seattle area. 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? So, you can wrap a 77 square around every man, woman, and child in this country in storage space. 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. Unlike EBay, OfferUp currently does not charge sellers a listing fee or transaction fee. 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? Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. Her salary is under review. Particularly, the browsing experience when you first open up the app. That was a lot of work. Nick Eh 30 is a Canadian YouTube gamer and a live-streamer who . He set that up. Hello everyone, and welcome to the DealMakers show. Also, I spent a lot of my time in a private art class most of my life, which again, as we talked about, building up companies, and I think theres a lot of creativity involved in that, so thats been part of who I am. : And this led you in your 20s to your first company. He understands engineering is just enabling an outcome. Sure, there are plenty of challenges. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. Nick Huzar Net Worth. This documentary-style series follows investigative journalists as they uncover the truth. : Thank you so much for having me. That helps them to sell things faster. Nick Huzar: When I left Konnect, I had no intention of leading another company. In this technology shift, Huzar and van Veelen saw massive opportunity, particularly as Craigslist did not adapt to the new mobile paradigm. What would you say really made him such an amazing tech co-founder? 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. Or, diving deep. 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. The other one is payments. "2020 was a pivotal year for OfferUp," said Nick Huzar, OfferUp co-founder and current CEO."OfferUp was a critical lifeline to millions of . 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. So, we got very intentional about that. : Id say definitely the people. This has led me to seek answers to questions about how my very existence impacts our planet. We would find that handful of engineers, and we would pay them. Product. We could leverage chat. We said, Who are the people that are striving here, and why? You look at driven, for example. Theyre constantly in this process of bettering themselves. 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. 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. The other half is how did you do the work. Id say our vision, as you think long-term, is really to help people to connect and prosper. That was a lot of work. I think that also ties nicely into culture and the intention about 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. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. '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. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. Im sure this was an incredible MBA experience for you in real life. 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 I learned a lot of painful learning lessons from doing that. There were thousands of them. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. Nick Lachey is an American singer, actor, songwriter, television personality, and host who has a net worth of $25 million. We expect people to dive deep into things like that. Nick Huzar: In our case, we happen to have two different buckets. From the tough moments, from the tough experiences is where we learn the most. 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. Is that right? . 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. Then once people are hired and we interview for the best, we have what we call our Operating Principles. I could design all the apps, but Im not a great back-end engineer at all. This is just the consumer side of things, but I also started to spend time in local retail stores. He set up our entire first back-end system on AWS. See How I Can Help You With Your Fundraising Efforts. Nick Huzar: OfferUp Current Net Worth: Not known Years at Microsoft: 1 Nick Huzar spent time at Microsoft and T-Mobile after graduating from Washington State. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. Prior to Konnects, Nick Huzar played a key role on the web team at T-Mobile for 3 years where he was pivotal in leading the development and integration of web applications. 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. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. I look forward to it. 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? It was more, Can you do the work? At the time, I think we were the first app to do that. So, thats the time in history when I graduated. We expect people to dive deep into things like that. That is a combined net worth with his wife, model/actress Vanessa . If you look at annual adoption from our customers, were looking at over 44 million. 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. Nick Hanauer Net Worth. 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. : So, you got the blessing from the boss-in-house. 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. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . Thats a nice, easy way to get ahold of me. Net Worth & Salary of Nick Hanauer in 2023. Alejandro: And this led you in your 20s to your first company. We had been married, and we always wanted to have kids. I used to go to Goodwill stores, and Id realized the cars never stopped. We sell a ton of cars at OfferUp. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. 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]. But my wife and I moved into a good-sized house. I dont think we even had core values or anything. He is a founder that has done it multiple times. Im thinking to myself, Chill me now. I came up with a logo. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. Unsure about a selling price? 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. You have a lot more exposure across the country. This is so creative. Nicki Minaj Net Worth. If you like the show, make sure that you hit that subscribe button. Thats what we did for a while. Like I said, in any small startup, thats got to be there. Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? If you look at commerce in general in the U.S., about 85% of it is still not online today. 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. meritain health timely filing limit 2020; larry davis obituary 2020; sharon perkins instagram; dave ramsey jobs remote; nick huzar net worth 2020 . That was the whole idea. 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. If you want me to help you with your fundraising, just book a call. Nick Huzar: What I love about building companies. He coded our first Android app in the summer, all by himself. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Europe, Menlo Park, China), Where the person is located (e.g. Its not engineering for the sake of engineering. In our case, we happen to have three to make it easy. What do you look for in culture? I have a trampoline that I purchased. I think thats a great idea. He and I threw in $800 the first event. I essentially told them, Look. Earlier in his Career Nick held positions at T-Mobile and Microsoft. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. 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. : Got it. In this case, it led you to where you are today. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. Within a year, year and a half, I was loving the internet. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. Neighborly: we have a no asshole policy. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. They have too many, and theyre just on a wall, and no one really thinks about them. Thats equally as important. 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 give them promotions and analytics. Again, because were always focusing on removing friction. But, luckily, she was supportive, and I think shes always believed in me. 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. Alejandro: There we go. But my wife and I moved into a good-sized house. Your email address is 100% safe from spam! What an amazing business that youve built with OfferUp. Alejandro: Marketplaces are obviously a beast. Please subscribe to unlock this content. Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. How many employees do you guys have, Nick? Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. OfferUp is hoping technology will simplify the sale process and enable users to monetize the cash hiding in their home. And, by the way, I never told the seller that I worked at 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. 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. : Got it. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. I had a room full of stuff. How do you guys make money for the people that are listening? Nick Huzar, CEO of OfferUp at a Startup Grind event. 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. For some people, thats not comfortable, so you need people that can zig and zag with the company as it scales. I wont list them all, but thats everything from simplified. Thats equally as important. If youre not intentional, culture is just going to take the form that its going to take for better or worse. 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. We raised a little bit of money. I think thats a big part early on. : Very nice. It was barely enough to eat and pay my rent. 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. This is a BETA experience. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? Or, for BMX, we built their first-ever eCommerce website. Thats probably the biggest one. Tell us about the early days, and also how you incubated the concept of the idea. So, obviously, part of the startup experience too. I think that were going to really enjoy the guest that we have today. How Does OfferUp Make Money? The shoes Im wearing are from OfferUp. Then he got the idea for. So, that was some of the initial sketches that we did. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. You can literally use it for almost anything. Im happy to chat. 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. Its also a lot of work. The hottest area in real estate is not commercial, is not residential; its actually storage. And, by the way, I never told the seller that I worked at OfferUp. It was Driven, Neighborly, and Adaptable. We made a lot of mistakes hiring. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. 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. We do a lot within the product to connect buyers to the right sellers. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. Together, they oversee over 100 OfferUp employees. I think just given the fact that I had just come off of another startup, I had no income because I had just quit. 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. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. I had a father who worked at Boeing his whole life. 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. You have a lot more exposure across the country. The hottest area in real estate is not commercial, is not residential; its actually storage. We were not paying ourselves. I started to buy and sell things locally. Is that right? Id say our vision, as you think long-term, is really to help people to connect and prosper. Opinions expressed by Forbes Contributors are their own. It was extremely expensive back then. Perhaps they will also appreciate it. Get a custom action plan and all the help that you need to start raising more capital. 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. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. Alejandro: Very cool. Then once people are hired and we interview for the best, we have what we call our Operating Principles. . Thats interesting. Nick Huzar: Currently, we have about 280, and we are actively hiring at the moment. 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. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. Youve got a job. Thats probably one of my biggest painful lessons from back then. I left, and I had a co-founder and an investor that ran it for another year. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. One is core values, and the other is operating principles. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Follow Zack on Twitter and read his columns in Forbes. Nick Saban is an American college football head coach who has a net worth of $70 million. Ultimately, they decided to close it down. 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. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. So, we found a handful of people that were willing to actually do that at that time. In our case, we happen to have three to make it easy. I played every different sport you can imagine, so that meant I wasnt great in any one thing. Weve always focused a lot on this excess of sellers and buyers and connecting them. 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. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. 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. 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. March 20, 2020 Nick Huzar, CEO OfferUp 1745 114th Ave SE Bellevue, WA 98004 Dear Mr. Huzar: I write to express my concern about the prevalence of postings on third party platforms, such as yours, attempting to capitalize on the current public health crisis caused by novel coronavirus, or COVID-19. So, we got very intentional about that. I grew up in a suburb about 20 minutes south of Seattle. He began acting in theater at the age of 7 and released his debut single in 2002. northern state university softball roster. 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. : Then, after this, you ended up leaving, and then the company ended up closing down. What would you say was the most painful and the biggest lesson, at the same time, for you? 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 . 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. In fact, this chair Im sitting inin my office is from OfferUp. We made a series of pivots. We raised a little bit of money. Sure, there are plenty of challenges. 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. I told her; I said, Look. I could code that. In fact, this chair Im sitting inin my office is from OfferUp. Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. It was great. They claim and aim to increase this amount further as time passes.

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