How many employees do you guys have, Nick? Its not necessarily just aboutyoull find the most talented people you can, but you want to make sure theyre also rowing the same direction for the rest of the company. : Very nice, and very timely given the times that were living in. I grew up in a suburb about 20 minutes south of Seattle. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. Okay, great. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. I think that were going to really enjoy the guest that we have today. That is a combined net worth with his wife, model/actress Vanessa . What are your core values at OfferUp? I mentioned the stories of our origin; I still feel like were very much in the early days. Your email address is 100% safe from spam! We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. Amazing. It was to explore, like more of the treasure hunt type of experience. I started to buy and sell things locally. Our homes are actually 30% larger than the 1950s, but were having less children. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. I think were probably one of the top places in the country in terms of units. I analyzed every way, everybody. The shoes Im wearing are from OfferUp. 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 essentially told them, Look. 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 think thats a great idea. He and I threw in $800 the first event. 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. Nick Huzar is CEO and Co-Founder of OfferUp. Im sure this was an incredible MBA experience for you in real life. The hottest area in real estate is not commercial, is not residential; its actually storage. 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. Thats a nice, easy way to get ahold of me. I think thats a great idea. He and I threw in $800 the first event. Divided Government And The Way Forward For The Markets, How Negativity Bias Leads To Mistakes In Portfolios, Transforming The Wealth Management Experience For Todays Client, MoneyStamps Of South America - As Investments, Theyre Different Part 1, Covid-19 Related Municipal Defaults Begin, The Dynamics Of Price Discovery In The Stamp Market. I can work with engineers, and tie into databases, and be functional. 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. 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 do a lot within the product to connect buyers to the right sellers. We came up with those three because we looked around the company at the time. Well continue to obsess over liquidity. 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. : 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. Id say our vision, as you think long-term, is really to help people to connect and prosper. Alejandro: Very cool. We raised a little bit of money. Between he and I, we were able to build the first website, the first mobile app. To give you an idea of scale, weve been installed about 90 million times. Successful minimalist websites are a rarity, but Drudge Report (which generates more than 750 million page views per month) and Craigslist are two that have bucked the trend. Earlier in his Career Nick held positions at T-Mobile and Microsoft. : 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. We learned through that experience. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Alejandro: Very nice. meritain health timely filing limit 2020; larry davis obituary 2020; sharon perkins instagram; dave ramsey jobs remote; nick huzar net worth 2020 . 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 this case, it led you to where you are today. I think I was making $27,000 a year back then. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. Please subscribe to unlock this content. But my wife and I moved into a good-sized house. Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? 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. Thats a nice, easy way to get ahold of me. The shoes Im wearing are from OfferUp. We sell a ton of cars at OfferUp. Alejandro: Ive heard you talk about core values a few times and how that ties into culture. 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. We started very early, way before Friendster, way before Myspace. If you look at annual adoption from our customers, were looking at over 44 million. There are two areas in which OfferUp generates revenue. Most days, I feel like I am playing with Legos. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. 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. Id say as hard as it is, the people are everything. We were never going to beat and become something like a Facebook. How do you guys make money for the people that are listening? I was just a sponge. They claim and aim to increase this amount further as time passes. 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. It was great. If you look at commerce in general in the U.S., about 85% of it is still not online today. We hired. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. That would have just ended it for me. Nick Huzar, CEO of OfferUp at a Startup Grind event. He coded our first Android app in the summer, all by himself. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. I look forward to it. Thats what we did for a while. Tell us about the turning page here, going into a new chapter. So, we got very intentional about that. So, we built the first online ticketing for them. 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? : And this led you in your 20s to your first company. Im thinking to myself, Chill me now. Nick Eh 30 is a Canadian YouTube gamer and a live-streamer who . This is a BETA experience. We give them promotions and analytics. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. I told her; I said, Look. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. The second promotional area is our auto business. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? What do you think? I said, Hey. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. This is going to take me a whole weekend just to post these items online yourself. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). So, obviously, part of the startup experience too. What would you say was the most painful and the biggest lesson, at the same time, for you? The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. 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. nick huzar net worth 2020. nick huzar net worth 2020. : What ended up being the business model of the business? I knew I was passionate about computers. It was more, Can you do the work? Alejandro: I understand that you guys have raised quite a bit of money for the business, too. 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. Some users use OfferUp to help grow their small businesses. One is promotions, and thats simply helping sellers to be more successful. So, we found a handful of people that were willing to actually do that at that time. How do you guys make money for the people that are listening? 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. We had this concept of why cant we just emulate that online? Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. We started very early, way before Friendster, way before Myspace. Tell us about the early days, and also how you incubated the concept of the idea. Nicki also makes millions through her endorsements deals for big brands like Pepsi. That was the whole idea. In the early 2000s, Craigslist disrupted the classified advertising market by converting newspaper readers to online users and thereby decimating the print media advertising model. Its not necessarily just aboutyoull find the most talented people you can, but you want to make sure theyre also rowing the same direction for the rest of the company. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. Probably just not the best advisors and folks around the table. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. Okay, great. He set that up. I would build out the website. As of March 2023,Nicki Minaj has an estimated net worth of over $100 million. Then he got the idea for. Why is this problem existing? 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. Nick Hanauer Net Worth. '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. 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. They have too many, and theyre just on a wall, and no one really thinks about them. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. This is so creative. I think for anybody thats building a company, it feels good when you fill that role, and then 90 days later, you realize you made a huge mistake. This is just the consumer side of things, but I also started to spend time in local retail stores. I cant exist without my computer. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. That was the idea behind it. In March 2020, the company raised another $120 million through the acquisition of Letgo. nick huzar net worth 2020 You went to Washington State University, and you got involved with. : So, you got the blessing from the boss-in-house. 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. Its not engineering for the sake of engineering. We were not paying ourselves. OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth. There were thousands of them. This is going to take me a whole weekend just to post these items online yourself. . I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. Thats something I definitely advise people to not do just given how much I learned through that. Im happy to chat. Im thinking to myself, Chill me now. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. Or, for BMX, we built their first-ever eCommerce website. We raised millions of dollars, mostly from angels. I think that also ties nicely into culture and the intention about that. 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. Thats been the whole focal point of the business since Day One. florence nightingale concept 2 via de boleto We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. I think I learned a lot of painful learning lessons from doing that. The first year, thats what we did. 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. Alejandro: So, originally born and raised in the Seattle area. We were making more money doing that than we were in our day job. So, I have three kids bikes. Youve got a job. Thats probably one of my biggest painful lessons from back then. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. One is core values, and the other is operating principles. We were finding that theyre able to sell cars way faster by signing up for this program. Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. Its also a lot of work. He has a small car collection also which . Nick Huzar: When I left Konnect, I had no intention of leading another company. I look forward to it. Sure, there are plenty of challenges. Nick Huzar: Thank you so much for having 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. It was barely enough to eat and pay my rent. Then once people are hired and we interview for the best, we have what we call our Operating Principles. Nick Huzar: While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. 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. Biden Hears Oval Office Plea for Alaska Oil Project in Lobbying Frenzy, Your Saturday Briefing: Trumps Comeback Plan, Wall Street Whistles Away, British Parents Turn to Home Equity to Help Young Buy Property, Japanese Unions Seek Biggest Pay Rise in 25 Years for Workers, Sorry, Fed, Most US Mortgage Rates Were Locked In During Pandemic Lows. Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. It wasnt to be great in search like other marketplaces are. Alejandro: Got it. 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. How do you hire? 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 . California Weighs $360,000 in Reparations to Eligible Black Residents. I need to have it. 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. They have too many, and theyre just on a wall, and no one really thinks about them. The founders furnished the companys headquarters with a Yoda statue and Stormtrooper suit that they purchased from the OfferUp app. Its also a lot of work. I had a room full of stuff. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. Well continue to obsess over liquidity.

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