I think were probably one of the top places in the country in terms of units. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. You may opt-out by. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. : And this led you in your 20s to your first company. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Weve always focused a lot on this excess of sellers and buyers and connecting them. This is so creative. I think that also ties nicely into culture and the intention about that. He began acting in theater at the age of 7 and released his debut single in 2002. We expect people to dive deep into things like that. We hired. Nick Hanauer Net Worth. I knew I was passionate about computers. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. 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. Those are our overall what we look for in people before they even come into the halls of OfferUp. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? Most recently, Nick Huzar was the co-founded of Konnects Inc. It wasnt to be great in search like other marketplaces are. But, luckily, she was supportive, and I think shes always believed in me. That was the idea behind it. Why is this problem existing? As of February 2023, Nick Jonas' net worth is estimated to be $70 Million. 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? If you can leave a review as well, that would be fantastic. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. Tell us about the turning page here, going into a new chapter. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. Nick Huzar Net Worth. I think well continue to see a shift towards mobile, van Veelen said. 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. He bagged this fortune because of his hard work and his excellent gaming skills. Nick Huzar: As I mentioned earlier, with some of the founding stories, Id say liquidity [28:19] is the number one metric that we spend a lot of time focusing on because we want to make sure that were creating the best experience for buyers and sellers. To give you an idea of scale, weve been installed about 90 million times. What would you say really made him such an amazing tech co-founder? It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. : Id say definitely the people. meritain health timely filing limit 2020; larry davis obituary 2020; sharon perkins instagram; dave ramsey jobs remote; nick huzar net worth 2020 . The way we separated those out was intentional, where we came up with core values fairly early in our evolution, and what we didnt want to do is what I think a lot of companies do. We raised millions of dollars, mostly from angels. I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. The first year, thats what we did. Where do you hire? So, you can wrap a 77 square around every man, woman, and child in this country in storage space. If you look at annual adoption from our customers, were looking at over 44 million. The other one is payments. We sell a ton of cars at OfferUp. Youve got a job. Thats probably one of my biggest painful lessons from back then. Now valued at over $1 billion, OfferUp is no different. Or, diving deep. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. I would build out the website. Together, they oversee over 100 OfferUp employees. Alejandro: I understand that you guys have raised quite a bit of money for the business, too. The only examples we could look to at the time were dating sites. At the time, I think we were the first app to do that. One is core values, and the other is operating principles. : Very cool. 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. As of February 2023, Nick Hanauer has an estimated net worth of more than $1.5 billion. The shoes Im wearing are from OfferUp. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? So, there were a series of different changes over a period of time to be explored. Net Worth, Salary, House. Theyre constantly in this process of bettering themselves. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? We raised a little bit of money. So, that was some of the initial sketches that we did. We could leverage chat. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. 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. peggy gustafson barnett obituary; human causes of the millennium drought; robert hagg scouting report; competitive edge softball Alejandro: Alrighty. Between he and I, we were able to build the first website, the first mobile app. 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 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. 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. : While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. Nick Huzar is CEO and Co-Founder of OfferUp. 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. 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. Im happy to chat. We expect people to dive deep into things like that. : Definitely, you learned the sleeping on an air mattress and living in the office. Again, because were always focusing on removing friction. The hottest area in real estate is not commercial, is not residential; its actually storage. Why? For some people, thats not comfortable, so you need people that can zig and zag with the company as it scales. 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. If you want me to do your fundraising for you, click here. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. I had a blessed upbringing. 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. If you like the show, make sure that you hit that subscribe button. is the queen taller than the king in chess; all inclusive wedding venues under $5,000; david meade obituary Well, Nick, thank you so much for being on the DealMakers show. 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 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. In our case, we happen to have three to make it easy. We made a series of pivots. We have really good features like search alerts and things you can say that will notify people right away. 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. show. Nick Eh 30 Net Worth. He set up our entire first back-end system on AWS. How much money have you guys raised to date that is probably disclosed? 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. : In our case, we happen to have two different buckets. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Alejandro: What ended up being the business model of the business? What are your core values at OfferUp? I go back to even reflecting on my own decisions. We raised a little bit of money. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. 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. I analyzed every way, everybody. 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. That helps them to sell things faster. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Nick Huzar: When I left Konnect, I had no intention of leading another company. That was the whole idea. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? 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. The Investment Thesis: A Venture Capitalist Perspective. 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. 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. Id say our vision, as you think long-term, is really to help people to connect and prosper. 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 it was good. We were not paying ourselves. So, that was some of the initial sketches that we did. You want to find the right people to believe in where youre going and are really motivated and excited about that. : Got it. Neighborly: we have a no asshole policy. : You can always reach out to me on Twitter. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. In our case, we happen to have three to make it easy. Like I said, in any small startup, thats got to be there. : Thank you so much for having me. I think an important lesson for people that are building businesses: have an amazing significant other thats understanding because had she said no, we wouldnt be talking right now. I had a father who worked at Boeing his whole life. So, we built the first online ticketing for them. 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. So, we found a handful of people that were willing to actually do that at that time. Then he got the idea for. Alejandro: Very nice. 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? I grew up in a suburb about 20 minutes south of Seattle. Most days, I feel like I am playing with Legos. 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. He was definitely that. He is a founder that has done it multiple times. 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. We had been married, and we always wanted to have kids. He did a lot of back-end database. OfferUp is the largest mobile marketplace in the USA. Or, for BMX, we built their first-ever eCommerce website. I think that were going to really enjoy the guest that we have today. 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. Thats something I definitely advise people to not do just given how much I learned through that. Between he and I, we were able to build the first website, the first mobile app. This guy that I worked with, he was like, I want to go through a big event together and bring all these different tech companies together in the Seattle area. I left, and I had a co-founder and an investor that ran it for another year. : Very nice. We learned through that experience. Relationship: Married . brooke posch wedding; cockatiel breeders nsw Men umschalten. I need to have it. : Ive heard you talk about core values a few times and how that ties into culture. But there are other dimensions to that. The second promotional area is our auto business. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? 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? Theres got to be a better way. The fast-forward, over the next year or so, we had done 30 of these. This is going to take me a whole weekend just to post these items online yourself. 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. I told her; I said, Look. It was to explore, like more of the treasure hunt type of experience. : 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. You can literally use it for almost anything. Okay, great. 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 could make it a visual experience, this kind of geo-aware. I analyzed every way, everybody. 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. The founders furnished the companys headquarters with a Yoda statue and Stormtrooper suit that they purchased from the OfferUp app. Probably just not the best advisors and folks around the table. He set up our entire first back-end system on AWS. 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. But my wife and I moved into a good-sized house. I would build out the website. The first thing in my mind was not, Hey, theres something here. He figured that out on his own. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. So, obviously, part of the startup experience too. There are two areas in which OfferUp generates revenue. We were finding that theyre able to sell cars way faster by signing up for this program. Ultimately, they decided to close it down. : By the way, he would hate it if I called him an engineer because he is definitely more than that. Twenty years later, the smart phone is the new digital disruptor and a major force in driving users from PC to mobile. It was extremely expensive back then. Perhaps they will also appreciate it. Jonas formed a band with his older brothers, Joe, and Kevin, known as the Jonas Brothers. She is a rapper, singer, and songwriter from Trinidad & Tobago. I have a trampoline that I purchased. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. An example of that is, can I take complex problems and distill them down? His main source of income is his career as an entrepreneur. I played every different sport you can imagine, so that meant I wasnt great in any one thing. Nick Huzar: Yeah. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. Im sure that all those experiences and lessons with Konnects you were able to apply them here. I think I learned a lot of painful learning lessons from doing that. If youre not intentional, culture is just going to take the form that its going to take for better or worse. 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. Net Worth:$100 MillionAge:39Born:December 8, 1982Gender:FemaleHeight:1.57 m (5 ft 2 in)Country of Origin:Trinidad & TobagoSource of Wealth:Rapper/ActorLast Updated:August 2, 2022. Again, given my artistic bent, I taught myself Photoshop. People were throwing money everywhere. Today, we offer that via shipping. I can design things, and then I can cut them up, and I can make them interactive. Theyre constantly in this process of bettering themselves. 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 many employees do you guys have, Nick? 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. I knew I was passionate about computers. We raised millions of dollars, mostly from angels. Thats what we did for a while. You also are going to see a lot of big changes this year in our product. Bestselling Author, The Lemonade Life. Alejandro: Ive heard you talk about core values a few times and how that ties into culture. 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. See How I Can Help You With Your Fundraising Efforts. Arean van Veelen (left) and Nick Huzar (right) are the co-founders of OfferUp. 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. CEO, Mentor (mentormoney.com). I could code that. He coded our first Android app in the summer, all by himself. Particularly, the browsing experience when you first open up the app. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. What is in the retail store down the street, and why dont people know that those things exist in there. I look forward to it. We started very early, way before Friendster, way before Myspace. He has a small car collection also which . What would you say was the most painful and the biggest lesson, at the same time, for you? We had this concept of why cant we just emulate that online? Our homes are actually 30% larger than the 1950s, but were having less children.
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