But Id say the first year working there, there were about 25 people in that company. I think I learned a lot of painful learning lessons from doing that. : What I love about building companies. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? It was to explore, like more of the treasure hunt type of experience. He coded our first Android app in the summer, all by himself. That helps them to sell things faster. 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. 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. Ask Jeff Jordan, a general partner at Andreessen Horowitz (an OfferUp investor), the former president of PayPal and the former president and chief executive officer of OpenTable. Most recently, Nick Huzar was the co-founded of Konnects Inc. They have too many, and theyre just on a wall, and no one really thinks about them. 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. I think that were going to really enjoy the guest that we have today. 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. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. (31) 3351-3382 | 3351-3272 | 3351-3141 | 3351-3371. location of blind frog ranch associe-se. nick huzar net worth 2020. nick huzar net worth 2020. Tell us about the turning page here, going into a new chapter. 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? So, to jump into another startup was the last thing in my mind. Success is not a linear line. : Marketplaces are obviously a beast. Hello everyone, and welcome to the. We only raised about $100,000 our first year, but we didnt have an office space. Why is this problem existing? You can keep going as a company and think about how those things get shaped. We made a series of pivots. : What ended up being the business model of the business? Thats interesting. Van Veelen. So, you get the green light, and what happened next? Alejandro: Very nice. The boss, obviously, in your life. It was extremely expensive back then. : I had, of course, a ton of energy and excitement. OfferUp has raised over $221 million from some of the smartest minds in technology and finance, including one of its most recent investors, Max Levchin, co-founder of PayPal and co-founder and chief executive officer of Affirm. : In our case, we happen to have two different buckets. I told her; I said, Look. The first thing in my mind was not, Hey, theres something here. Id say as hard as it is, the people are everything. Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. 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. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. He is a founder that has done it multiple times. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. We do a lot within the product to connect buyers to the right sellers. 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. The hottest area in real estate is not commercial, is not residential; its actually storage. The shoes Im wearing are from OfferUp. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. We hired too quickly and didnt have a focused strategy, and we werent intentional about culture, and we can talk about how that has changed now at OfferUp, but thats another thing. In our case, we happen to have three to make it easy. Alejandro: Very cool. If you like the show, make sure that you hit that subscribe button. It wasnt to be great in search like other marketplaces are. 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. In fact, this chair Im sitting inin my office is from OfferUp. So, we found a handful of people that were willing to actually do that at that time. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. 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. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. Alejandro: Very nice, and very timely given the times that were living in. And if you got any value either from this episode or from the show itself, share it with a friend. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. Eine andere -Site. You have a lot more exposure across the country. Van Veelen sees the mobile trend continuing in 2017. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. If you look at annual adoption from our customers, were looking at over 44 million. OfferUp is one the most exciting e-commerce companies I have come across in a long time, Levchin said in a statement last November. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. You went to Washington State University, and you got involved with. 10/10 Amanda Bynes- Estimated Net Worth $3 Million. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. We didnt see any examples of what we were doing in a smartphone. I came up with a logo. Its also a lot of work. I had a room full of stuff. If you look at commerce in general in the U.S., about 85% of it is still not online today. He set up our entire first back-end system on AWS. 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. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. How was life growing up there? So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? Nick Huzar: You can always reach out to me on Twitter. Alejandro: Very nice. He has founded many companies which are doing very well. I used to go to Goodwill stores, and Id realized the cars never stopped. In fact, this chair Im sitting inin my office is from OfferUp. OfferUp plans to invest in product innovation and will hire for open roles a stark contrast to many tech startups that are trimming headcount due to . He was definitely that. There were thousands of them. Theres got to be a better way. : You can always reach out to me on Twitter. : While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. I cant exist without my computer. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. Nick Huzar: Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? But, luckily, she was supportive, and I think shes always believed in me. 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. Lets check out Nick Huzar Net worth income salary 2021 report details which is given below. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? Thats equally as important. I had a father who worked at Boeing his whole life. 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. 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]. We only raised about $100,000 our first year, but we didnt have an office space. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. 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. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. Tell us about the early days, and also how you incubated the concept of the idea. Tell us about the early days, and also how you incubated the concept of the idea. "2020 was a pivotal year for OfferUp," said Nick Huzar, OfferUp co-founder and current CEO."OfferUp was a critical lifeline to millions of . I'm Nick Huzar, the cofounder of OfferUp, the largest local mobile marketplace in the U.S. On a monthly basis, I would watch billions of dollars worth of second hand goods exchange hands through the marketplace we started over a decade ago in 2011. But my wife and I moved into a good-sized house. 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. What an amazing business that youve built with OfferUp. : Thank you so much for having me. He set that up. "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.". 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. That would have just ended it for me. Then, adaptable. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Together, they oversee over 100 OfferUp employees. 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. Nick Huzar: I had, of course, a ton of energy and excitement. He understands engineering is just enabling an outcome. Thats been the whole focal point of the business since Day One. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. Particularly, the browsing experience when you first open up the app. 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. Success is not a linear line. We give them promotions and analytics. From the tough moments, from the tough experiences is where we learn the most. 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. We had a lot of great. 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. So, good stuff. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. 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. Again, given my artistic bent, I taught myself Photoshop. We said, Who are the people that are striving here, and why? You look at driven, for example. Some users use OfferUp to help grow their small businesses.