The shoes Im wearing are from OfferUp. I think just given the fact that I had just come off of another startup, I had no income because I had just quit. We sell a ton of cars at OfferUp. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. Together, they oversee over 100 OfferUp employees. It was to explore, like more of the treasure hunt type of experience. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . We could make it a visual experience, this kind of geo-aware. I think that were going to really enjoy the guest that we have today. He bagged this fortune because of his hard work and his excellent gaming skills. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. . Nick Huzar: 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. You went to Washington State University, and you got involved with. 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. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. Alejandro: There we go. Tell us about the turning page here, going into a new chapter. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. Nick Huzar: I had, of course, a ton of energy and excitement. I had a room full of stuff. He set up our entire first back-end system on AWS. 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. That would have just ended it for me. The other half is how did you do the work. Bestselling Author, The Lemonade Life. Her salary is under review. If youre not intentional, culture is just going to take the form that its going to take for better or worse. 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. We had been married, and we always wanted to have kids. This documentary-style series follows investigative journalists as they uncover the truth. My parents threw me into a bunch of things as a kid. Thats been the whole focal point of the business since Day One. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. 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. It was more, Can you do the work? The shoes Im wearing are from OfferUp. 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. This has led me to seek answers to questions about how my very existence impacts our planet. 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. Alejandro: Very nice, and very timely given the times that were living in. Nick Huzar: What I love about building companies. That would have just ended it for me. Tell us about the early days, and also how you incubated the concept of the idea. Nick Huzar is CEO and Co-Founder of OfferUp. I think you need to do it. As soon as she gave me the blessing, I completely stopped interviewing, and I went all-in on OfferUp. Ive 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. 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 just wanted them to believe it actually worked. Is that right? The first year, thats what we did. In March 2020, the company raised another $120 million through the acquisition of Letgo. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. Follow Zack on Twitter and read his columns in Forbes. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. The hottest area in real estate is not commercial, is not residential; its actually storage. I could design all the apps, but Im not a great back-end engineer at all. florence nightingale concept 2 via de boleto 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. If you like the show, make sure that you hit that subscribe button. Im happy to chat. 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. That was the idea behind it. 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. The Net worth of Nick Viall is still yet to be revealed. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. : I think businesses are about people, so when I think about it and when I think about the investors and the team. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. It was Driven, Neighborly, and Adaptable. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. 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. Youve got a job. Thats probably one of my biggest painful lessons from back then. : Got it. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. Alejandro: Ive heard you talk about core values a few times and how that ties into culture. Nick Huzar: Yeah, definitely. Europe, Menlo Park, China), Where the person is located (e.g. We could leverage chat. Nick Huzar (@nickhuzar) March 25, 2020. We could leverage chat. In our case, we happen to have three to make it easy. One is core values, and the other is operating principles. Within a year, year and a half, I was loving the internet. I grew up in a suburb about 20 minutes south of Seattle. So, there were a series of different changes over a period of time to be explored. Alejandro: Got it. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. I was leading projects for Paramount Parks. Earlier in his Career Nick held positions at T-Mobile and Microsoft. 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 was fortunate to sit next to engineers who taught me how to code. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. : By the way, he would hate it if I called him an engineer because he is definitely more than that. Little did we know social media was coming. If you look at annual adoption from our customers, were looking at over 44 million. 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. 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. There are plenty of things that you just dont sign up for that you have to address as somebody thats running a business, but I think of companies as the ultimate creative experience. He is becoming more successful day by day and will soon surpass his current net worth. We came up with those three because we looked around the company at the time. 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. He only had one job. That was a lot of work. I analyzed every way, everybody. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. Dont cut corners on that. How do you guys make money for the people that are listening? How will you associate putting paint on a canvas with perhaps building and scaling a business? How many employees do you guys have, Nick? Like I said, in any small startup, thats got to be there. : Very nice. That was the whole idea. 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. 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. He set that up. I had a blessed upbringing. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. How much money have you guys raised to date that is probably disclosed? So, that was some of the initial sketches that we did. 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. How was life growing up there? I need to have it. 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. 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. How is your office laid out? 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. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. What an amazing business that youve built with OfferUp. So, there were a series of different changes over a period of time to be explored. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. So, obviously, part of the startup experience too. One is promotions, and thats simply helping sellers to be more successful. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. For years, Craigslist has been the go-to website to buy and sell used items online. 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. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. 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. The latest stats around storage and commerce, Two of OfferUps most important Operating Principles, : Alrighty. Nick Huzar: Currently, we have about 280, and we are actively hiring at the moment. From the tough moments, from the tough experiences is where we learn the most. Net Worth: $250,000 - $499,999. 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. He definitely did that, and I feel like I did that. We raised a little bit of money. Perhaps they will also appreciate it. Nick Huzar: While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. : 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. Van Veelen. I can work with engineers, and tie into databases, and be functional. 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. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. We would find that handful of engineers, and we would pay them. Nick Huzar Net Worth. So, we got very intentional about that. I left, and I had a co-founder and an investor that ran it for another year. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. "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.". Probably just not the best advisors and folks around the table. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. 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. Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. Weve always focused a lot on this excess of sellers and buyers and connecting them. : What I love about building companies. 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? I think were probably one of the top places in the country in terms of units. OfferUp has raised over $221 million from some of the smartest minds in technology and finance, including one of its most recent investors, Max Levchin, co-founder of PayPal and co-founder and chief executive officer of Affirm. 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. Nick Huzar Greater Seattle Area 2K followers 500+ connections Join to follow Articles by Nick Accomplishing One Of My 2021 Goals and Reflections As An Entrepreneur By Nick Huzar Jan 2, 2022. 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. 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. So, I have three kids bikes. Alejandro: So, originally born and raised in the Seattle area. : So, you got the blessing from the boss-in-house. People were throwing money everywhere. 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. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) Alejandro: Very nice. 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 designed the app. 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. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. I dont think we even had core values or anything. It wasnt to be great in search like other marketplaces are. I feel like I build things and sculpt things, and that works well for me. How much is Nick Kyrgios' Net Worth in 2022? There were thousands of them. 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 cant exist without my computer. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. 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: 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. I would build out the website. 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. I played every different sport you can imagine, so that meant I wasnt great in any one thing. Youve got a job. Thats probably one of my biggest painful lessons from back then. OfferUp also found that 46% of respondents find it difficult to meet their household expenses on time each month, and 50% have more than $1,000 in credit card debt. For me, the most basic way, when I started an offer up, I came up with a design. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. And if you got any value either from this episode or from the show itself, share it with a friend. 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. 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. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. Great investments are built on a solid investment thesis. I had a father who worked at Boeing his whole life. Nick Hanauer Net Worth. I dont think we even had core values or anything. I was fortunate to sit next to engineers who taught me how to code. 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. How will you associate putting paint on a canvas with perhaps building and scaling a business? Or, diving deep. Im sure this was an incredible MBA experience for you in real life. : Yeah, definitely. show. You want to find the right people to believe in where youre going and are really motivated and excited about that. 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. You can literally use it for almost anything. But, luckily, she was supportive, and I think shes always believed in me. 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. That was the whole idea. He figured that out on his own. At the time, I think we were the first app to do that. 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 Huzar: When I left Konnect, I had no intention of leading another company. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. So, I have three kids bikes. Where do you hire? 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. 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. Its also a lot of work. Neighborly: we have a no asshole policy. He set up our entire first back-end system on AWS. From the tough moments, from the tough experiences is where we learn the most. 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 were making more money doing that than we were in our day job. Jonas formed a band with his older brothers, Joe, and Kevin, known as the Jonas Brothers. Like I said, in any small startup, thats got to be there. It was to explore, like more of the treasure hunt type of experience. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. 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. We were finding that theyre able to sell cars way faster by signing up for this program. This is going to take me a whole weekend just to post these items online yourself. I need to have it. My wife is also my boss. We were never going to beat and become something like a Facebook. I think it was good. 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. If you look at commerce in general in the U.S., about 85% of it is still not online today. We were not paying ourselves. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. But my wife and I moved into a good-sized house. 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. We do a lot within the product to connect buyers to the right sellers. If you look at commerce in general in the U.S., about 85% of it is still not online today. 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. I think they were all great people in their own right, but for what we were trying to build, probably not. We have really good features like search alerts and things you can say that will notify people right away. Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? I told her; I said, Look. We sell a ton of cars at OfferUp. So, you get the green light, and what happened next? Nick Eh 30 Net Worth. Amazing. I think it was good. Most recently, Nick Huzar was the co-founded of Konnects Inc. Your email address is 100% safe from spam! Also, remember, if you need any help, whether it is with your fundraising efforts or with selling your business, you can reach me at, EP 199 Nick Huzar On Raising $380M To Build A Marketplace App That Is Used By 44 Million People, Bill Powers On Raising $500 Million To Improve Your Driving Behavior, Cap Table: Everything Entrepreneurs Need To Know, He Cofounded A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, Sacha Michaud On Cofounding A Business Of 4,000 Employees That Just Sold For $2.6 Billion To Delivery Hero, His Previous Business Is Worth $1 Billion And Now Raised $54 Million To Create A Cloud-Native Database Service, Nikita Shamgunov On Building A $1 Billion Business And Now Raising $54 Million To Create A Cloud-Native Database Service. We have really good features like search alerts and things you can say that will notify people right away. Hello everyone, and welcome to the. He is a founder that has done it multiple times. Sure, there are plenty of challenges. We started very early, way before Friendster, way before Myspace. We were making more money doing that than we were in our day job. 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. I had a wife that was working, and I had a daughter on the way. I think that also ties nicely into culture and the intention about that. Again, given my artistic bent, I taught myself Photoshop. The second promotional area is our auto business. Success is not a linear line. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Between he and I, we were able to build the first website, the first mobile app. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. The first thing in my mind was not, Hey, theres something here. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Nick Huzar played a vital role in assisting the CEO with fundraising efforts which attracted over $6 million in investment. Get a custom action plan and all the help that you need to start raising more capital. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. We hired too quickly, and we didnt know what we wanted. Nick Huzar: During my Konnects experience? Our homes are actually 30% larger than the 1950s, but were having less children. See How I Can Help You With Your Fundraising Efforts. Alejandro: Very nice. 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. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. Twenty years later, the smart phone is the new digital disruptor and a major force in driving users from PC to mobile. The fast-forward, over the next year or so, we had done 30 of these. But, luckily, she was supportive, and I think shes always believed in me. Thats what we did for a while. We made a series of pivots. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. Nick Eh 30 is a Canadian YouTube gamer and a live-streamer who . Can I communicate succinctly? Well, Nick, thank you so much for being on the DealMakers show. Nick Viall is a $400 thousand net worth American actor, television personality, and model as of 2020. Nick Huzar: It was great. Under Huzar, the Bellevue-based company reached a valuation of $1.4 billion as of 2018 and had over 56 million users in 2020, but Huzar said he hopes letting go of his CEO duties will give him . Some users use OfferUp to help grow their small businesses. Please subscribe to unlock this content. I look forward to it. Then, adaptable. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. The top unused items in our homes are clothes and shoes (67%), games and toys (34%), electronics (33%), jewelry and accessories (22%) and kitchen supplies (18%).