So, that was some of the initial sketches that we did. 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. The other half is how did you do the work. An example of that is, can I take complex problems and distill them down? 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. The advent of the mobile revolution transformed the way in which people transact. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. The other one is payments. One is core values, and the other is operating principles. I used to go to Goodwill stores, and Id realized the cars never stopped. The fast-forward, over the next year or so, we had done 30 of these. Particularly, the browsing experience when you first open up the app. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. He is a founder that has done it multiple times. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. I knew I was passionate about computers. . In this case, it led you to where you are today. I go back to even reflecting on my own decisions. If youre not intentional, culture is just going to take the form that its going to take for better or worse. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. Weve always focused a lot on this excess of sellers and buyers and connecting them. I think were probably one of the top places in the country in terms of units. nick huzar net worth 2020 - artlib.jp We expect people to dive deep into things like that. You can literally use it for almost anything. 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. Can I communicate succinctly? Articles about Nick Huzar - GeekWire 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 need to have it. Its not engineering for the sake of engineering. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. You can keep going as a company and think about how those things get shaped. So, you get the green light, and what happened next? Alejandro: Got it. I have a trampoline that I purchased. Your email address is 100% safe from spam! We made a series of pivots. nick huzar net worth 2020 - theicebird.at So, good stuff. He definitely did that, and I feel like I did that. Nicholas J Huzar, 43 - Wentzville, MO - Has Court or Arrest Records florence nightingale concept 2 via de boleto In her 2016 Internet Trends report, Mary Meeker, a senior partner at venture firm Kleiner Perkins Caufield and Byers, wrote that OfferUp users spend an average of 25 minutes per day on the OfferUp app, which is the same amount of time users spend on Instagram and Snapchat (and more time than on both Pinterest and Twitter). Again, were only in the United States. Perhaps they will also appreciate it. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Find out how former world number one professional tennis player, writer, and politician Ilie Nstase earned his net worth. Alejandro: Marketplaces are obviously a beast. He has a small car collection also which . 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. What an amazing business that youve built with OfferUp. The other half is how did you do the work. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. Weve always focused a lot on this excess of sellers and buyers and connecting them. Success is not a linear line. If you like the show, make sure that you hit that subscribe button. Youve got a job. Thats probably one of my biggest painful lessons from back then. I played every different sport you can imagine, so that meant I wasnt great in any one thing. The first thing in my mind was not, Hey, theres something here. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. 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. 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. 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. CEO, Mentor (mentormoney.com). So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. We hired. 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. Success is not a linear line. The boss, obviously, in your life. At the time, I think we were the first app to do that. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. Well, Nick, thank you so much for being on the DealMakers show. We were not paying ourselves. Or, diving deep. For some people, thats not comfortable, so you need people that can zig and zag with the company as it scales. As of March 2023,Nicki Minaj has an estimated net worth of over $100 million. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. 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. : While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. Relationship: Married . Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS | More. 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. Hello everyone, and welcome to the. 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. I can work with engineers, and tie into databases, and be functional. As of December 2022, total funding raised is $381 million. 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. We sell a ton of cars at OfferUp. 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. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. 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 . So, I have three kids bikes. nick huzar net worth 2020 - sittracon.org.br : Got it. 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. Van Veelen sees the mobile trend continuing in 2017. : It was great. How do you guys make money for the people that are listening? If you look at commerce in general in the U.S., about 85% of it is still not online today. : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? How do you hire? 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. OfferUp CEO: Reinventing Commerce | PYMNTS.com Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. So, thats one way to think about it. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. 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? We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. Musk Made a Mess at Twitter. Some users use OfferUp to help grow their small businesses. Alejandro: Very nice, and very timely given the times that were living in. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. Its not engineering for the sake of engineering. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. He was able to figure things out. show. : You can always reach out to me on Twitter. Nick Huzar: Yeah. It was barely enough to eat and pay my rent. He bagged this fortune because of his hard work and his excellent gaming skills. 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. 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. What is in the retail store down the street, and why dont people know that those things exist in there. I need to have it. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. We raised millions of dollars, mostly from angels. Alejandro: What ended up being the business model of the business? Again, given my artistic bent, I taught myself Photoshop. I told her; I said, Look. 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. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. How Does OfferUp Make Money? 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. OfferUp taps Booking.com exec for CEO role - Puget Sound Business Journal Once down to its last $350, this fast-growing startup is now - GeekWire She has made most of her net worth through her record sales as well as her music tours. I think I knew, right out of the gate, what I wanted to do with my life, which was something involved with the internet. Get a custom action plan and all the help that you need to start raising more capital. He and I would sit down and rift on things quite a bit. Thats equally as important. Nick Huzar Net Worth. How did venture capitalists view the investment opportunity? . How do you guys make money for the people that are listening? So, to jump into another startup was the last thing in my mind. So, we found a handful of people that were willing to actually do that at that time. Today, we offer that via shipping. How much is Nick Kyrgios' Net Worth in 2022? : By the way, he would hate it if I called him an engineer because he is definitely more than that. 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. Nick Huzar On Raising $380 Million To Build A Marketplace App That Is We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth. I think thats a big part early on. Perhaps they will also appreciate it. In this case, it led you to where you are today. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. 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. And if you got any value either from this episode or from the show itself, share it with a friend. Thats interesting. Thats a nice, easy way to get ahold of me. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. He set up our entire first back-end system on AWS. That was the whole idea. Nick Huzar: Thanks for having me. 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. I can design things, and then I can cut them up, and I can make them interactive. Nick Huzar: While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. Id say a good healthy portion of my house, probably over half of my house are things I bought from OfferUp. Just enter your email below. 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. Nick Huzar: What I love about building companies. That was a lot of work. Alejandro: Definitely, you learned the sleeping on an air mattress and living in the office. I started to buy and sell things locally. 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. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . I knew I was passionate about computers. I have a trampoline that I purchased. Nick Huzar: Thank you so much for having me. I know that OfferUp was also a result of doing a pivot. 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.