Rather than specify a price, sellers can also list their item as not firm on price, which means buyers are able to chat and negotiate with sellers before deciding on a price. 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. If you can leave a review as well, that would be fantastic. Within a year, year and a half, I was loving the internet. California Weighs $360,000 in Reparations to Eligible Black Residents. 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. To date, OfferUp is the largest mobile market place in the United States, where people are using our app to buy and sell anything from cars to shoes to furniture. But there are other dimensions to that. You went to Washington State University, and you got involved with business and computers. According to Jordan, as a mobile-first platform, OfferUp emerged as a disruptor by providing an improved user interface, frictionless experience and on-demand transactions from anywhere. Id say our vision, as you think long-term, is really to help people to connect and prosper. I think thats a big part early on. We started very early, way before Friendster, way before Myspace. Unsure about a selling price? I need to have it. What do you think? I said, Hey. Its not just up and to the right. I had a wife that was working, and I had a daughter on the way. Ive got to go get a job. Im out there interviewing for a job and spending a bunch of time on that, but I think like any good ideas, for entrepreneurs that are out there, I believe that if you cant get it out of your head, you should listen to that voice. The shoes Im wearing are from OfferUp. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. 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. That is a combined net worth with his wife, model/actress Vanessa . 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 think were probably one of the top places in the country in terms of units. Arean van Veelen (left) and Nick Huzar (right) are the co-founders of OfferUp. University of Seville Alumni Founded Companies, College of Charleston Alumni Founded Companies, West Coast Companies With Less Than $10M in Revenue (Top 10K), University of Texas Alumni Founded Companies, University of North Florida Alumni Founded Companies, Chapman University Alumni Founded Companies, Colorado State University Alumni Founded Companies, University of Limerick Alumni Founded Companies, University of Notre Dame Mendoza College of Business Alumni Founded Companies, Florida Institute of Technology Alumni Founded Companies, Total number of current Advisors and Board roles the person has, Number of Organizations that the person founded, The organization associated to the person's primary job, Where the person is located (e.g. show. Then once people are hired and we interview for the best, we have what we call our Operating Principles. 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? CEO, Mentor (mentormoney.com). As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. We learned through that experience. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. 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. OfferUp is the largest mobile marketplace in the USA. 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. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. There are two areas in which OfferUp generates revenue. Alejandro: So, you got the blessing from the boss-in-house. I look forward to it. There are so many things that you can influence and help drive. I told her; I said, Look. Is that right? I think that were going to really enjoy the guest that we have today. 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. Nick Huzar is presently founder, CEO of OfferUp with a mission to revolutionize how people buy and sell locally by providing the simplest and safest solution. I mentioned the stories of our origin; I still feel like were very much in the early days. Today, we offer that via shipping. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. So, we found a handful of people that were willing to actually do that at that time. I had a father who worked at Boeing his whole life. He is a founder that has done it multiple times. I had a father who worked at Boeing his whole life. I cant exist without my computer. 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. 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. There are two areas in which OfferUp generates revenue. This is so creative. One is promotions, and thats simply helping sellers to be more successful. OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. I can design things, and then I can cut them up, and I can make them interactive. Thats a nice, easy way to get ahold of me. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. Net Worth: $250,000 - $499,999. I would build out the website. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. : Ive heard you talk about core values a few times and how that ties into culture. They created OfferUp to create a simpler and more trusted way to buy and sell locally one in which users leverage the power and ease of their smart phone to take photos and then list and sell items in a more seamless way. Im happy to chat. 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. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. If you want me to do your fundraising for you, click here. An example of that is, can I take complex problems and distill them down? Find out how former world number one professional tennis player, writer, and politician Ilie Nstase earned his net worth. Thats been a big part of it. I analyzed every way, everybody. I had a blessed upbringing. Its also a lot of work. I used to go to Goodwill stores, and Id realized the cars never stopped. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. I dont think we even had core values or anything. I played every different sport you can imagine, so that meant I wasnt great in any one thing. But, luckily, she was supportive, and I think shes always believed in me. Theres got to be a better way. It was more, Can you do the work? Where do you hire? There are plenty of things that you just dont sign up for that you have to address as somebody thats running a business, but I think of companies as the ultimate creative experience. Alejandro: There we go. : 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. Thats equally as important. Thats probably the biggest one. He is a founder that has done it multiple times. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. : Very nice. So, to jump into another startup was the last thing in my mind. Nick Huzar: In our case, we happen to have two different buckets. We do a lot within the product to connect buyers to the right sellers. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. 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. 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. So, good stuff. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. He was able to figure things out. I think thats a great idea. He and I threw in $800 the first event. 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 ended up being the business model of the business? 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, there were a series of different changes over a period of time to be explored. 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. (Source: Mary Meeker/KPCB, 2016 Internet Trends Report). I think in any business, you have to bring more to the table than an idea, and you have to be able to contribute. The first year, thats what we did. Alejandro: Marketplaces are obviously a beast. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. Why is it that way? You add all these things up, and I kept thinking to myself, I think while there are existing solutions for this problem, I dont think theyre meeting the needs of people, clearly. 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. 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 can work with engineers, and tie into databases, and be functional. We expect people to dive deep into things like that. Theyre constantly in this process of bettering themselves. How do you guys make money for the people that are listening? 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. The shoes Im wearing are from OfferUp. The other one was the cameras would get better, and we could leverage that. Again, given my artistic bent, I taught myself Photoshop. I cant exist without my computer. The show takes listeners inside the business end of the sports world, and explains what it means to fans and their pocketbooks. To achieve this, they need to continue growing consumer awareness, increase seller liquidity (percentage of items that sell), and continue to emphasize ease of use and trust for all users.. So, that was some of the initial sketches that we did. 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. That was the idea behind 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. 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. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. Amazing. One is core values, and the other is operating principles. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. He began acting in theater at the age of 7 and released his debut single in 2002. She can also be seen posing for covers of several beauty magazines. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. Angel, Fund of Funds, Venture Capital), Number of Investments the Individual has partnered in, Total number of current Jobs the person has, Total number of events the individual appeared in, Number of news articles that reference the Person, Founder, President & Chief Product Officer and CEO. Thats something I definitely advise people to not do just given how much I learned through that. The other one is payments. He and I would sit down and rift on things quite a bit. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. The second promotional area is our auto business. If you can leave a review as well, that would be fantastic. Opinions expressed by Forbes Contributors are their own. 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. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) Between he and I, we were able to build the first website, the first mobile app. Id say a good healthy portion of my house, probably over half of my house are things I bought from OfferUp. He has a small car collection also which . Today, we offer that via shipping. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) 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. I had a room full of stuff. I knew I was passionate about computers. The boss, obviously, in your life. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. We had this concept of why cant we just emulate that online? I could design all the apps, but Im not a great back-end engineer at all. We were finding that theyre able to sell cars way faster by signing up for this program. He was able to figure things out. Nick Huzar played a vital role in assisting the CEO with fundraising efforts which attracted over $6 million in investment. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. 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. Ultimately, they decided to close it down. 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. Dont cut corners on that. : So, you got the blessing from the boss-in-house. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. He set that up. Nick Saban is an American college football head coach who has a net worth of $70 million. Earlier in his Career Nick held positions at T-Mobile and Microsoft. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. To give you an idea of scale, weve been installed about 90 million times. 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. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. : Got it. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. If youre not intentional, culture is just going to take the form that its going to take for better or worse. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. You may opt-out by. Im sure this was an incredible MBA experience for you in real life. We were making more money doing that than we were in our day job. 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. As a marketplace, OfferUp is not only positioned to help declutter your life, but it is also a monetization platform to convert unwanted items to extra cash. He understands engineering is just enabling an outcome. I designed the app. Nick Huzar is CEO and Co-Founder of OfferUp. 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. What would you say really made him such an amazing tech co-founder? People were throwing money everywhere. Like I said, in any small startup, thats got to be there. We learned through that experience. 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. Thats interesting. We sell a ton of cars at OfferUp. What do you look for in culture? : Thank you so much for having me. I would design. "We have been one of the most active investors in marketplace businesses around the world, and rarely have we seen the scale, liquidity, virality and growth that OfferUp has demonstrated in a market this big.". We started very early, way before Friendster, way before Myspace. The hottest area in real estate is not commercial, is not residential; its actually storage. I used to go to Goodwill stores, and Id realized the cars never stopped. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Other OfferUp investors include Coatue Management, Tiger Global, T. Rowe Price, Allen & Company, High Line Venture Partners, GGV Capital, Third Kind Capital, Altimeter Capital and Vy Capital, among others. Again, given my artistic bent, I taught myself Photoshop. I could code that. You want to find the right people to believe in where youre going and are really motivated and excited about that. 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 just the consumer side of things, but I also started to spend time in local retail stores. Get a custom action plan and all the help that you need to start raising more capital. He understands engineering is just enabling an outcome. Ultimately, they decided to close it down. We give them promotions and analytics. In this case, it led you to where you are today. He figured that out on his own. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. I could design all the apps, but Im not a great back-end engineer at all. 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. 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. 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? I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. Probably just not the best advisors and folks around the table. Is that right? We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. I can design things, and then I can cut them up, and I can make them interactive. : While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. We were finding that theyre able to sell cars way faster by signing up for this program. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . I have a trampoline that I purchased. We raised a little bit of money. 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? He only had one job. 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. As of December 2022, total funding raised is $381 million. Most days, I feel like I am playing with Legos. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. Perhaps they will also appreciate it. We hired. 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? Why is this problem existing? Neighborly: we have a no asshole policy. He and I would sit down and rift on things quite a bit. 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. As of February 2023, Nick Jonas' net worth is estimated to be $70 Million. Thats a nice, easy way to get ahold of me. Hello everyone, and welcome to the DealMakers show. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. How much money have you guys raised to date that is probably disclosed? Relationship: Married . For some people, thats not comfortable, so you need people that can zig and zag with the company as it scales. They had a bunch of theme parks, but they had no online ticketing. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. In this case, it led you to where you are today. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. Perhaps they will also appreciate it. : Id say definitely the people. Users can conduct the entire transaction through their smart phone: snapping and uploading photos of an item to sell, adding a description and interacting with potential buyers. : 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. nick huzar net worth 2020. nick huzar net worth 2020. Dunlap joins OfferUp at an exciting time for the company. Alejandro: What ended up being the business model of the business? From the tough moments, from the tough experiences is where we learn the most. That would have just ended it for me. 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 We only raised about $100,000 our first year, but we didnt have an office space. Nick Huzar: During my Konnects experience? That was the idea behind it. 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. Alejandro: Very nice. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. So, we got very intentional about that. I think it was good. The other one is payments. We raised millions of dollars, mostly from angels. 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. 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. That was a lot of work. 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. How will you associate putting paint on a canvas with perhaps building and scaling a business? We had been married, and we always wanted to have kids. Nick Huzar Net Worth. Our homes are actually 30% larger than the 1950s, but were having less children. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. OfferUp has more than doubled its employee count in the last year and is reportedly set to raise $120 million in a round that would give the. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. He coded our first Android app in the summer, all by himself. He set that up. We only raised about $100,000 our first year, but we didnt have an office space. Then he got the idea for. Will Others Follow? So, thats one way to think about it. In fact, this chair Im sitting inin my office is from OfferUp. The other one was the cameras would get better, and we could leverage that. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. He set up our entire first back-end system on AWS. How did you develop that love for computers, too? Sure, there are plenty of challenges. 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. I left, and I had a co-founder and an investor that ran it for another year. : When I left Konnect, I had no intention of leading another company. There were thousands of them. Again, because were always focusing on removing friction. But Id say the first year working there, there were about 25 people in that company. We were never going to beat and become something like a Facebook. I think that also ties nicely into culture and the intention about that. Well, Nick, thank you so much for being on the DealMakers show. If you like the show, make sure that you hit that subscribe button. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. Product. Particularly, the browsing experience when you first open up the app. You can literally use it for almost anything. 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 were probably one of the top places in the country in terms of units. Just enter your email below.