. Alejandro: Got it. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. : I had, of course, a ton of energy and excitement. You have a lot more exposure across the country. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. Again, given my artistic bent, I taught myself Photoshop. Nick Huzar played a vital role in assisting the CEO with fundraising efforts which attracted over $6 million in investment. So, we found a handful of people that were willing to actually do that at that time. Its not just up and to the right. I think that were going to really enjoy the guest that we have today. 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The fast-forward, over the next year or so, we had done 30 of these. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. Dont cut corners on that. Neighborly: we have a no asshole policy. We had this concept of why cant we just emulate that online? As of February 2023, Nick Hanauer has an estimated net worth of more than $1.5 billion. The first thing in my mind was not, Hey, theres something here. : Yeah. : So, originally born and raised in the Seattle area. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. One is core values, and the other is operating principles. Alejandro: There, you talked about, Arean, your co-founder, and you were mentioning that hes an amazing engineer, and Im sure that there are a lot of people that are listening now that are maybe looking for a tech co-founder. So, we found a handful of people that were willing to actually do that at that time. Will Others Follow? It was great. : Id say definitely the people. Net Worth, Salary, House. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. Why? It was more, Can you do the work? (31) 3351-3382 | 3351-3272 | 3351-3141 | 3351-3371. location of blind frog ranch associe-se. Today, we offer that via shipping. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. Nick Huzar (@nickhuzar) March 25, 2020. 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. He figured that out on his own. Like I said, in any small startup, thats got to be there. Nick Viall is a $400 thousand net worth American actor, television personality, and model as of 2020. He understands engineering is just enabling an outcome. 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. What an amazing business that youve built with OfferUp. That was the idea behind it. Alejandro: There we go. : Very nice. 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. 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. Buyers can then message sellers to meet, and then pay for items through the app or in person. I was leading projects for Paramount Parks. 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. We give them promotions and analytics. In March 2020, the company raised another $120 million through the acquisition of Letgo. I know that OfferUp was also a result of doing a pivot. 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. Alejandro: I understand that you guys have raised quite a bit of money for the business, too. I need to have it. Id say a good healthy portion of my house, probably over half of my house are things I bought from OfferUp. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. That was a lot of work. Thats been a big part of it. That was the whole idea. 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. 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. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. 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. Relationship: Married . This is so creative. I had a blessed upbringing. You went to Washington State University, and you got involved with business and computers. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. People were throwing money everywhere. Particularly, the browsing experience when you first open up the app. He is becoming more successful day by day and will soon surpass his current net worth. I think I learned a lot of painful learning lessons from doing that. I think thats a big part early on. He set up our entire first back-end system on AWS. 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. So, I have three kids bikes. We would find that handful of engineers, and we would pay them. He has founded many companies which are doing very well. 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. She can also be seen posing for covers of several beauty magazines. I can work with engineers, and tie into databases, and be functional. So, to jump into another startup was the last thing in my mind. We started very early, way before Friendster, way before Myspace. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. I was just a sponge. What would you say really made him such an amazing tech co-founder? Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. You want to find the right people to believe in where youre going and are really motivated and excited about that. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. "Nick and Arean did a fantastic job rethinking what a smartphone could do to deliver an easier, faster and more enjoyable user experience for both buyers and sellers, which in turn has driven both liquidity and virality in the marketplace," said Justin Sadrian, a managing director at Warburg Pincus, an OfferUp investor. I feel like I build things and sculpt things, and that works well for me. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? florence nightingale concept 2 via de boleto 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. Alejandro: So, originally born and raised in the Seattle area. As of December 2022, total funding raised is $381 million. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. 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. 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. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. But my wife and I moved into a good-sized 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. 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. Theres got to be a better way. 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. Or, diving deep. : Definitely, you learned the sleeping on an air mattress and living in the office. Thats been a big part of it. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. Then once people are hired and we interview for the best, we have what we call our Operating Principles. In fact, this chair Im sitting inin my office is from OfferUp. 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 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? 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. Then once people are hired and we interview for the best, we have what we call our Operating Principles. I used to go to Goodwill stores, and Id realized the cars never stopped. We raised millions of dollars, mostly from angels. So, Im sure he thinks what Im doing is a little crazy to him. I played every different sport you can imagine, so that meant I wasnt great in any one thing. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. : Currently, we have about 280, and we are actively hiring at the moment. 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. OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth. He is a founder that has done it multiple times. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. 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. 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. So, that was some of the initial sketches that we did. . 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. Then, adaptable. 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 think I was making $27,000 a year back then. Nick Huzar: What I love about building companies. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? I could code that. 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. In this technology shift, Huzar and van Veelen saw massive opportunity, particularly as Craigslist did not adapt to the new mobile paradigm. Musk Made a Mess at Twitter. For years, Craigslist has been the go-to website to buy and sell used items online. The other one is payments. 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. In this episode, we hear how she became a sponge for product design, figured out how to make accessible yet high-end jewelry, and how she even relocated to China for the better part of a year to personally see to her brand's manufacturing. 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. 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. I had a room full of stuff. I essentially told them, Look. show. He was definitely that. Most days, I feel like I am playing with Legos. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 We have really good features like search alerts and things you can say that will notify people right away. He set that up. nick huzar net worth 2020. nick huzar net worth 2020. I just wanted them to believe it actually worked. You can literally use it for almost anything. You may opt-out by. Theres got to be a better way. : I think businesses are about people, so when I think about it and when I think about the investors and the team. Thats been the whole focal point of the business since Day One. So, there were a series of different changes over a period of time to be explored. There are two areas in which OfferUp generates revenue. An example of that is, can I take complex problems and distill them down? We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million (see it here). : Very cool. We didnt see any examples of what we were doing in a smartphone. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. That was a lot of work. My parents threw me into a bunch of things as a kid. 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. One is promotions, and thats simply helping sellers to be more successful. 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. And if you got any value either from this episode or from the show itself, share it with a friend. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Thats probably the biggest one. 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 learned through that experience. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. He definitely did that, and I feel like I did that. So, Im sure he thinks what Im doing is a little crazy to him.
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