Here are some pointers from OfferUp co-founder Arean van Veelen to maximize your profit: Who knows OfferUp may even buy one of your items for sale. peggy gustafson barnett obituary; human causes of the millennium drought; robert hagg scouting report; competitive edge softball And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. Id say as hard as it is, the people are everything. 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. 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. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. : Currently, we have about 280, and we are actively hiring at the moment. Nick Huzar: By the way, he would hate it if I called him an engineer because he is definitely more than that. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. I came back to my wife after probably four-and-a-half months, at least, and she kept asking, When are you getting your job? One day, I said, You need to come home tomorrow. Product. "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. What do you look for in culture? Okay, great. They are the two young entrepreneurs behind OfferUp, the mobile-driven local marketplace that is disrupting the way that we buy and sell merchandise. When you first open up the OfferUp app, there are a lot of different things that we are doing and surfacing to buyers on the platform because were trying to find things that we think people are really interested in. : There we go. Im thinking to myself, Chill me now. He has founded many companies which are doing very well. But Id say the first year working there, there were about 25 people in that company. So, you can wrap a 77 square around every man, woman, and child in this country in storage space. We do a lot within the product to connect buyers to the right sellers. : Thank you so much for having me. 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. So, when we built out shipping, we said, Why not just enable this so you can continue to do local transactions, but now you dont even need to get in your car. And it opens up the nation for buyers and sellers. 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. (Source: Mary Meeker/KPCB, 2016 Internet Trends Report). How do you guys make money for the people that are listening? Like I said, its been a lot of work, and as you mentioned, I was sleeping on an air mattress, which is not that comfortable. We had a lot of great. 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. 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? OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. 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. She is a rapper, singer, and songwriter from Trinidad & Tobago. I started to buy and sell things locally. How many employees do you guys have, Nick? Thats a nice, easy way to get ahold of me. : And this led you in your 20s to your first company. The first thing in my mind was not, Hey, theres something here. 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 If you look at commerce in general in the U.S., about 85% of it is still not online today. Alejandro: Very nice. We said, Who are the people that are striving here, and why? You look at driven, for example. Thats interesting. How much money have you guys raised to date that is probably disclosed? OfferUp is one the most exciting e-commerce companies I have come across in a long time, Levchin said in a statement last November. 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? Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. 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. That was the idea behind it. . Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. And if you got any value either from this episode or from the show itself, share it with a friend. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. CEO, Mentor (mentormoney.com). 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. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? 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. Nick Huzar Net Worth. We have really good features like search alerts and things you can say that will notify people right away. I essentially told them, Look. (Photo Credit: [+] OfferUp), At the 2013 White House Correspondents Dinner, Conan OBrien quipped that Matt Drudge, founder of the Drudge Report, was not in attendance because he had a prior commitment to teach a web design class in 1997.. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. I need to understand how these things work. So, I finally bought one, and then I graduated and worked in a startup for one of my fraternity brothers, making half as much as all my friends did. Twenty years later, the smart phone is the new digital disruptor and a major force in driving users from PC to mobile. Alejandro: Marketplaces are obviously a beast. I came up with a logo. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. We hired. This is just the consumer side of things, but I also started to spend time in local retail stores. : What ended up being the business model of the business? is the queen taller than the king in chess; all inclusive wedding venues under $5,000; david meade obituary 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. What would you say really made him such an amazing tech co-founder? Please subscribe to unlock this content. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? If you like the show, make sure that you hit that subscribe button. I had a wife that was working, and I had a daughter on the way. The second promotional area is our auto business. The pitch is, why is value sitting, and why is it sitting all around us, and why cant we see it. I had a room full of stuff. Our homes are actually 30% larger than the 1950s, but were having less children. : I understand that you guys have raised quite a bit of money for the business, too. There were thousands of them. He set that up. Its not just up and to the right. Nick Huzar: During my Konnects experience? We expect people to dive deep into things like that. Theres got to be a better way. We hired. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient. The first year, thats what we did. Well continue to obsess over liquidity. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. The latest stats around storage and commerce, Two of OfferUps most important Operating Principles, : Alrighty. I think they were all great people in their own right, but for what we were trying to build, probably not. We could leverage chat. It was more, Can you do the work? 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. We made a lot of mistakes hiring. My wife is also my boss. I go back to even reflecting on my own decisions. If you look at commerce in general in the U.S., about 85% of it is still not online today. Theres a handful of operating principles that we use, and then for people that are on the interview loop, we ask them to ask some questions to probe for those, and we also bring those principles into our performance reviews. Then, adaptable. I think they were all great people in their own right, but for what we were trying to build, probably not. We came up with those three because we looked around the company at the time. What do you think? I said, Hey. I mentioned the stories of our origin; I still feel like were very much in the early days. 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. Hello everyone, and welcome to the DealMakers show. So, we got very intentional about that. How do you guys make money for the people that are listening? Well continue to obsess over liquidity. Then once people are hired and we interview for the best, we have what we call our Operating Principles. I think that were going to really enjoy the guest that we have today. Id say our vision, as you think long-term, is really to help people to connect and prosper. Opinions expressed by Forbes Contributors are their own. I used to go to Goodwill stores, and Id realized the cars never stopped. He is a founder that has done it multiple times. The other half is how did you do the work. 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. 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. With over 33 million downloads and more than $14 billion in transactions, OfferUp is now the largest mobile marketplace in the U.S. I designed the app. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. Theyre constantly in this process of bettering themselves. They have too many, and theyre just on a wall, and no one really thinks about them. 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OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth. He only had one job. We were finding that theyre able to sell cars way faster by signing up for this program. We were not paying ourselves. Between he and I, we were able to build the first website, the first mobile app. 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. Prior to Konnects, Nick Huzar played a key role on the web team at T-Mobile for 3 years where he was pivotal in leading the development and integration of web applications. : You can always reach out to me on Twitter. How was life growing up there? Alejandro: So, you got the blessing from the boss-in-house. I was leading projects for Paramount Parks. My wife is also my boss. If you want me to do your fundraising for you, click here. We had been married, and we always wanted to have kids. 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? They had a bunch of theme parks, but they had no online ticketing. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? I feel like I build things and sculpt things, and that works well for me. Or, diving deep. Alejandro: And this led you in your 20s to your first company. We had been married, and we always wanted to have kids. : Ive heard you talk about core values a few times and how that ties into culture. So, thats the time in history when I graduated. The first thing in my mind was not, Hey, theres something here. You also are going to see a lot of big changes this year in our product. You may opt-out by. Particularly, the browsing experience when you first open up the app. You went to Washington State University, and you got involved with. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. It was great. He only had one job. Then he got the idea for. The advent of the mobile revolution transformed the way in which people transact. 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. This is just the consumer side of things, but I also started to spend time in local retail stores. I think thats a big part early on. We started very early, way before Friendster, way before Myspace. 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 think thats a great idea. He and I threw in $800 the first event. That would have just ended it for me. But Id say the first year working there, there were about 25 people in that company. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Why is it that way? In this case, it led you to where you are today. An example of that is, can I take complex problems and distill them down? 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. 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. 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. What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? Nick Huzar Net Worth. 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. Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. Why? He definitely did that, and I feel like I did that. They claim and aim to increase this amount further as time passes. We were finding that theyre able to sell cars way faster by signing up for this program. I would design. So, that was some of the initial sketches that we did. 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. It was extremely expensive back then. The first year, thats what we did. Tell us about the turning page here, going into a new chapter. Amazing. The shoes Im wearing are from OfferUp. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Its not engineering for the sake of engineering. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. Jonas formed a band with his older brothers, Joe, and Kevin, known as the Jonas Brothers. 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 have a trampoline that I purchased. : Got it. Vance Lile, a Vancouver, Washington resident, owns an antique reselling businesses that he uses as a second source of income. 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. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. One is core values, and the other is operating principles. What would you say was the most painful and the biggest lesson, at the same time, for you? Alejandro: Very cool. I used to go to Goodwill stores, and Id realized the cars never stopped. We only raised about $100,000 our first year, but we didnt have an office space. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. I grew up in a suburb about 20 minutes south of Seattle. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. As of March 2023, Nicki Minaj's net worth being estimated at $100 Million. 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. The boss, obviously, in your life. Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. In fact, this chair Im sitting inin my office is from OfferUp. On the promotions bucket, we have what we call 1P ads, and thats simply going into the product, and the seller can decide to increase their visibility and pay either one time or a subscription to dramatically increase the visibility of their listings. Neighborly: we have a no asshole policy. If you can leave a review as well, that would be fantastic. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Or, for BMX, we built their first-ever eCommerce website. 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). You also are going to see a lot of big changes this year in our product. What is in the retail store down the street, and why dont people know that those things exist in there. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. It was event networking, but this led to your real first experience, which was Konnects Inc. Tell us about this. As of December 2022, total funding raised is $381 million. He began acting in theater at the age of 7 and released his debut single in 2002. 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. : When I left Konnect, I had no intention of leading another company. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. The other one was the cameras would get better, and we could leverage that. I think thats a big part early on. Under Huzar, the Bellevue-based company reached a valuation of $1.4 billion as of 2018 and had over 56 million users in 2020, but Huzar said he hopes letting go of his CEO duties will give him . Is that right? 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. Now valued at over $1 billion, OfferUp is no different. I had a father who worked at Boeing his whole life. Nick Huzar is CEO and Co-Founder of OfferUp. Thats equally as important. He set that up. Alejandro: Very nice, and very timely given the times that were living in. : Yeah, definitely. Theyre constantly in this process of bettering themselves. He understands engineering is just enabling an outcome. I can design things, and then I can cut them up, and I can make them interactive. Alejandro: Got it. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. Nick Huzar: Yeah. Im sure that all those experiences and lessons with Konnects you were able to apply them here. 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. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. So, thats one way to think about it. Its also a lot of work. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. So, obviously, part of the startup experience too. I have a trampoline that I purchased. Nick Huzar: Yeah, definitely. Ultimately, they decided to close it down. Net Worth & Salary of Nick Hanauer in 2023. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . Again, you have to convince people why do they want to come along in this journey, this risk of this fun, proven idea? 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. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. Will His AI Plans Be Any Different? : I think businesses are about people, so when I think about it and when I think about the investors and the team. 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? My parents threw me into a bunch of things as a kid. The hottest area in real estate is not commercial, is not residential; its actually storage. I would build out the website. : While I was out of college, within that first year, the whole dot-com scene was happening, and it was big. It was Driven, Neighborly, and Adaptable. nick huzar net worth 2020 Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. Nick Huzar: In our case, we happen to have two different buckets. Particularly, the browsing experience when you first open up the app. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. 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. 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. . The Investment Thesis: A Venture Capitalist Perspective. OfferUp is hoping technology will simplify the sale process and enable users to monetize the cash hiding in their home. Again, given my artistic bent, I taught myself Photoshop. Read More: Michael Joseph Jackson The First Son of King of Pop-Short Biography Awards and Nominations. Little did we know social media was coming. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. If you want me to help you with your fundraising, just book a call. This has led me to seek answers to questions about how my very existence impacts our planet. 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. Probably just not the best advisors and folks around the table. We were never going to beat and become something like a Facebook. You have a lot more exposure across the country. And if you got any value either from this episode or from the show itself, share it with a friend. We expect people to dive deep into things like that. Bestselling Author, The Lemonade Life. Great investments are built on a solid investment thesis. I cant exist without my computer. I grew up in a suburb about 20 minutes south of Seattle. He did a lot of back-end database. We didnt see any examples of what we were doing in a smartphone. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. 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. You can literally use it for almost anything. I had a wife that was working, and I had a daughter on the way. 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. 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. How many employees do you guys have, Nick? I think I learned a lot of painful learning lessons from doing that. Nick Huzar: You can always reach out to me on Twitter. I cant exist without my computer. I think I learned a lot of painful learning lessons from doing that. How Does OfferUp Make Money? You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. Nick Huzar, CEO of OfferUp at a Startup Grind event. An example of that is, can I take complex problems and distill them down? But, luckily, she was supportive, and I think shes always believed in me. So, to jump into another startup was the last thing in my mind.

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