Weve always focused a lot on this excess of sellers and buyers and connecting them. Im sure this was an incredible MBA experience for you in real life. Alejandro: Very nice. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. 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. Sure, there are plenty of challenges. We had a lot of great. So, there were a series of different changes over a period of time to be explored. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. 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. I think well continue to see a shift towards mobile, van Veelen said. 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]. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. : Very cool. If you want me to help you with your fundraising, just book a call. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. It was barely enough to eat and pay my rent. We didnt see any examples of what we were doing in a smartphone. 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. He has a small car collection also which . I think they were all great people in their own right, but for what we were trying to build, probably not. Well continue to obsess over liquidity. I essentially told them, Look. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. What are your core values at OfferUp? The boss, obviously, in your life. How do you guys make money for the people that are listening? Im happy to chat. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. This documentary-style series follows investigative journalists as they uncover the truth. If you like the show, make sure that you hit that subscribe button. Probably just not the best advisors and folks around the table. I analyzed every way, everybody. 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. 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%). The fast-forward, over the next year or so, we had done 30 of these. 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. : When I left Konnect, I had no intention of leading another company. Thats been the whole focal point of the business since Day One. 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. From the tough moments, from the tough experiences is where we learn the most. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Van Veelen. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. Id say as hard as it is, the people are everything. 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. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. One is core values, and the other is operating principles. He did a lot of back-end database. They claim and aim to increase this amount further as time passes. Nick Eh 30 is a Canadian YouTube gamer and a live-streamer who . : I think businesses are about people, so when I think about it and when I think about the investors and the team. I was just a sponge. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. So, we got very intentional about that. He definitely did that, and I feel like I did that. : 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. The founder and co-founder, Nick Huzar and Arean van Veelen do not plan to stop here. The other half is how did you do the work. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. Within a year, year and a half, I was loving the internet. We had been married, and we always wanted to have kids. So, we got very intentional about that. He only had one job. That would have just ended it for me. 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. 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: It was great. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. That helps them to sell things faster. Or, for BMX, we built their first-ever eCommerce website. 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? He did a lot of back-end database. Earlier in his Career Nick held positions at T-Mobile and Microsoft. Id say our vision, as you think long-term, is really to help people to connect and prosper. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. The second promotional area is our auto business. Im sure that all those experiences and lessons with Konnects you were able to apply them here. To give you an idea of scale, weve been installed about 90 million times. And if you got any value either from this episode or from the show itself, share it with a friend. The first year, thats what we did. How will you associate putting paint on a canvas with perhaps building and scaling a business? We were making more money doing that than we were in our day job. This is so creative. This is just the consumer side of things, but I also started to spend time in local retail stores. Well, Nick, thank you so much for being on the DealMakers show. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. I was fortunate to sit next to engineers who taught me how to code. Again, given my artistic bent, I taught myself Photoshop. Why is this problem existing? Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. A few other stats that I think might be interesting about our OfferUp community and usage is, especially with this transaction coming together, well have 20 million users across the U.S. We also have a lot of our top markets where we started to see double-digit growth. There are two areas in which OfferUp generates revenue. 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. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. : By the way, he would hate it if I called him an engineer because he is definitely more than that. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. 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. There are two areas in which OfferUp generates revenue. Okay, great. It was more, Can you do the work? 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. I started to buy and sell things locally. And if you got any value either from this episode or from the show itself, share it with a friend. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. 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, CEO of OfferUp at a Startup Grind event. Thats a nice, easy way to get ahold of me. 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.) Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. We only raised about $100,000 our first year, but we didnt have an office space. 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. Will Others Follow? : Very nice. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. 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. Today, we offer that via shipping. How did you develop that love for computers, too? We only raised about $100,000 our first year, but we didnt have an office space. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. 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. 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. The hottest area in real estate is not commercial, is not residential; its actually storage. That was a lot of work. We expect people to dive deep into things like that. He set that up. Again, because were always focusing on removing friction. I look forward to it. It was extremely expensive back then. Nick Huzar: Yeah. He was able to figure things out. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. What an amazing business that youve built with OfferUp. What is in the retail store down the street, and why dont people know that those things exist in there. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. How is your office laid out? : Very nice, and very timely given the times that were living in. I think it was good. Nick Huzar: What I love about building companies. I think I was making $27,000 a year back then. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. His main source of income is his career as an entrepreneur. : Thank you so much for having me. Nick Huzar Net Worth. 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. florence nightingale concept 2 via de boleto 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. And, by the way, I never told the seller that I worked at OfferUp. We do a lot within the product to connect buyers to the right sellers. nick huzar net worth 2020 Until now. Nick Huzar: During my Konnects experience? We were never going to beat and become something like a Facebook. 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. If you look at annual adoption from our customers, were looking at over 44 million. So, that was some of the initial sketches that we did. Thats probably the biggest one. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 That was the whole idea. Unsure about a selling price? We have really good features like search alerts and things you can say that will notify people right away. What would you say was the most painful and the biggest lesson, at the same time, for you? How much money have you guys raised to date that is probably disclosed? I could code that. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. Why? So, to jump into another startup was the last thing in my mind. Neighborly: we have a no asshole policy. We made a series of pivots. I just wanted them to believe it actually worked. Net Worth, Salary, House. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. Ultimately, they decided to close it down. At the time, I think we were the first app to do that. 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? OfferUp is one the most exciting e-commerce companies I have come across in a long time, Levchin said in a statement last November. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. The first thing in my mind was not, Hey, theres something here. We said, Who are the people that are striving here, and why? You look at driven, for example. 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 . I was just a sponge. He understands engineering is just enabling an outcome. 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 cant exist without my computer. OfferUp was one of the first, truly mobile marketplaces and more and more experiences are going to continue to happen exclusively via smartphones., Top 3 Tips From OfferUp To Convert Your Items To Cash. Just enter your email below. 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. Im thinking to myself, Chill me now. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. : It was great. 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 can design things, and then I can cut them up, and I can make them interactive. : So, originally born and raised in the Seattle area. The latest stats around storage and commerce, Two of OfferUps most important Operating Principles, : Alrighty. Thats equally as important. What would you say really made him such an amazing tech co-founder? That would have just ended it for me. Alejandro: Very cool. Together, they oversee over 100 OfferUp employees. 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. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Nicki Minaj Net Worth. . One is promotions, and thats simply helping sellers to be more successful. Alejandro: Alrighty. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. You can literally use it for almost anything. 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. We expect people to dive deep into things like that. They have too many, and theyre just on a wall, and no one really thinks about them. : You can always reach out to me on Twitter. It was more, Can you do the work? We raised millions of dollars, mostly from angels. Its not engineering for the sake of engineering. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. I would build out the website. 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. Particularly, the browsing experience when you first open up the app. Amazing. I started to buy and sell things locally. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. I had a wife that was working, and I had a daughter on the way. 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. Now, in terms of the business itself, how big is the platform, or can you talk to us about the number of employees or users that are using this so that people get a sense of the operation? I can design things, and then I can cut them up, and I can make them interactive. I had a father who worked at Boeing his whole life. How will you associate putting paint on a canvas with perhaps building and scaling a business? I think it was good. We came up with those three because we looked around the company at the time. 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 feel like I build things and sculpt things, and that works well for me.