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. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. One is core values, and the other is operating principles. I think I learned a lot of painful learning lessons from doing that. You want to find the right people to believe in where youre going and are really motivated and excited about that. He and I would sit down and rift on things quite a bit. In fact, this chair Im sitting inin my office is from OfferUp. I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. He coded our first Android app in the summer, all by himself. He set that up. He has founded many companies which are doing very well. The first thing in my mind was not, Hey, theres something here. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. Thats been the whole focal point of the business since Day One. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. I think thats a great idea. He and I threw in $800 the first event. So, obviously, part of the startup experience too. We made a lot of mistakes hiring. 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. Hello everyone, and welcome to the DealMakers show. Theyre constantly in this process of bettering themselves. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. "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. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. 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. So, Im sure he thinks what Im doing is a little crazy to him. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. OfferUp CEO: Reinventing Commerce | PYMNTS.com You went to Washington State University, and you got involved with business and computers. Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. We were not paying ourselves. : Got it. As of December 2022, total funding raised is $381 million. He has an estimated net worth of $15 million, which includes his luxurious home in Canberra, Australia. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. Eine andere -Site. Just enter your email below. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. Alejandro: There we go. . This has led me to seek answers to questions about how my very existence impacts our planet. Alejandro: Got it. Im thinking to myself, Chill me now. 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. I started to buy and sell things locally. The second promotional area is our auto business. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. So, Im sure he thinks what Im doing is a little crazy to him. He understands engineering is just enabling an outcome. I started to buy and sell things locally. 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? She has made most of her net worth through her record sales as well as her music tours. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. That was the whole idea. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. We have really good features like search alerts and things you can say that will notify people right away. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. We could make it a visual experience, this kind of geo-aware. Arean van Veelen (left) and Nick Huzar (right) are the co-founders of OfferUp. In this case, it led you to where you are today. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. He bagged this fortune because of his hard work and his excellent gaming skills. Tell us about the turning page here, going into a new chapter. 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. Nicholas J Huzar, 43 - Wentzville, MO - Has Court or Arrest Records I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. So, thats the time in history when I graduated. We had this concept of why cant we just emulate that online? : So, originally born and raised in the Seattle area. 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. '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. See How I Can Help You With Your Fundraising Efforts. It was Driven, Neighborly, and Adaptable. And, by the way, I never told the seller that I worked at OfferUp. The other one is payments. : Then, after this, you ended up leaving, and then the company ended up closing down. I think they were all great people in their own right, but for what we were trying to build, probably not. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. Again, because were always focusing on removing friction. 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 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. We learned through that experience. What an amazing business that youve built with OfferUp. 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. 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? So, that was some of the initial sketches that we did. Or, diving deep. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. 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. I used to go to Goodwill stores, and Id realized the cars never stopped. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. 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. I cant exist without my computer. We do a lot within the product to connect buyers to the right sellers. Alejandro: Very nice, and very timely given the times that were living in. 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. He was able to figure things out. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? We only raised about $100,000 our first year, but we didnt have an office space. He set up our entire first back-end system on AWS. 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. I could code that. We do a lot within the product to connect buyers to the right sellers. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. We hired. In our case, we happen to have three to make it easy. We sell a ton of cars at OfferUp. OfferUp Revenue Model | How Does OfferUp Make Money? We were not paying ourselves. 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. 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. 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. The fast-forward, over the next year or so, we had done 30 of these. Nick Huzar Email Address Found 5 email address listings: @dealspringer.com @offerup.com @konnects.com @gmail.com @offerupnow.com Nick Huzar Phone Number Found 6 phone numbers: 206-356-XXXX 253-356-XXXX 804519XXXX 210538XXXX 425-291-XXXX +1 more View Nick's Email & Phone (It's Free) 5 free lookups per month. Nick Huzar: Thank you so much for having me. 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. 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. 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. Theres got to be a better way. I would design. Nick Huzar: Yeah. . Then, adaptable. Its not engineering for the sake of engineering. We hired. Nicki Minaj's Net Worth (Updated 2023) | Wealthy Gorilla : What I love about building companies. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? We had been married, and we always wanted to have kids. The only examples we could look to at the time were dating sites. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. I can work with engineers, and tie into databases, and be functional. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. 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. How much money have you guys raised to date that is probably disclosed? 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. This is a BETA experience. Again, were only in the United States. Nick Huzar (@nickhuzar) March 25, 2020. Ultimately, they decided to close it down. We made a series of pivots. 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. In the last years, as we got more intentional about this, we say, Okay, every review cycle, half of your review is the overall performance in getting the work done. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. You can literally use it for almost anything. For me, the most basic way, when I started an offer up, I came up with a design. Will Others Follow? One is core values, and the other is operating principles. He did a lot of back-end database. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. We were finding that theyre able to sell cars way faster by signing up for this program. 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. Since the smartphone was just starting to really permeate our everyday lives, we wanted to make the most seamless, user-friendly mobile app that makes buying and selling locally easier than ever, van Veelen said.
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