I think I learned a lot of painful learning lessons from doing that. 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, 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. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. Can I communicate succinctly? What would you say really made him such an amazing tech co-founder? Nick Huzar: I think businesses are about people, so when I think about it and when I think about the investors and the team. 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. 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. So, that was some of the initial sketches that we did. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. We came up with those three because we looked around the company at the time. Nick Huzar: I had, of course, a ton of energy and excitement. Its also a lot of work. We have really good features like search alerts and things you can say that will notify people right away. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. I just wanted them to believe it actually worked. Then, also, the dot-com bubble hit, and everyone stopped sponsoring those events. OfferUp is the largest mobile marketplace in the USA. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. Or, diving deep. Earlier in his Career Nick held positions at T-Mobile and Microsoft. Im sure this was an incredible MBA experience for you in real life. She can also be seen posing for covers of several beauty magazines. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. If you like the show, make sure that you hit that subscribe button. Like I said, in any small startup, thats got to be there. 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. Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 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. Total Nick Huzar Net Worth in 2021 $1 Million - $5 Million (Approx.) Previous to OfferUp Nick cofounded Konnects raising $6M in capital, scaling to over 1M users within 18months. 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. We only raised about $100,000 our first year, but we didnt have an office space. Theres got to be a better way. 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? 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 boss, obviously, in your life. Follow Zack on Twitter and read his columns in Forbes. : Very nice, and very timely given the times that were living in. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Today, we offer that via shipping. 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. Then, adaptable. What an amazing business that youve built with OfferUp. You may opt-out by. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. 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). We could leverage chat. She has made most of her net worth through her record sales as well as her music tours. How Does OfferUp Make Money? The fast-forward, over the next year or so, we had done 30 of these. They have too many, and theyre just on a wall, and no one really thinks about them. He was definitely that. Im sure this was an incredible MBA experience for you in real life. 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. As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. Particularly, the browsing experience when you first open up the app. People were throwing money everywhere. Ultimately, they decided to close it down. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. 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 Id say the first year working there, there were about 25 people in that company. Alejandro: So, you got the blessing from the boss-in-house. The first year, thats what we did. 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? As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. We sell a ton of cars at OfferUp. : 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. Alejandro: Marketplaces are obviously a beast. Conclusion OfferUp revenue model may have been complex to understand, but it is definitely an effective one. Between he and I, we were able to build the first website, the first mobile app. Thats been the whole focal point of the business since Day One. We were not paying ourselves. 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. Bestselling Author, The Lemonade Life. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. This is a BETA experience. Also. 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]. Theyre constantly in this process of bettering themselves. We made a series of pivots. : So, originally born and raised in the Seattle area. 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. 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. I look forward to it. You went to Washington State University, and you got involved with business and computers. Tell us about the early days, and also how you incubated the concept of the idea. To ensure a more trustworthy transaction, the marketplace has a verified identification system (which requires state-issued identification and Facebook profile), user profiles, buyer and seller ratings and in-app messaging. According to a 2016 OfferUp and ClearVoice survey, OfferUp found that 48% of respondents consider their home to be cluttered with items they do not use, and 62% own more than 10 items they have not used in the past year. How do you guys make money for the people that are listening? Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. There he designed the original platform and directly managed the engineering and design teams in addition to his daily duties as the companys Chief Technology Officer. So, good stuff. I dont think we even had core values or anything. We hired too quickly, and we didnt know what we wanted. Nicholas Jerry Jonas is an American singer, songwriter, and actor from Dallas. He has a small car collection also which . Why is it that way? He is becoming more successful day by day and will soon surpass his current net worth. Probably just not the best advisors and folks around the table. I designed the app. Alejandro: And this led you in your 20s to your first company. We were making more money doing that than we were in our day job. 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. The hottest area in real estate is not commercial, is not residential; its actually storage. They have too many, and theyre just on a wall, and no one really thinks about them. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. I was leading projects for Paramount Parks. The second promotional area is our auto business. Our homes are actually 30% larger than the 1950s, but were having less children. I would design. I think I was making $27,000 a year back then. Well continue to obsess over liquidity. 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. Bloomberg Business of Sports lets you follow the money in the world of sports, reporting on trades, salaries, endorsements, contracts and collective bargaining. I can design things, and then I can cut them up, and I can make them interactive. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. 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. : I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. And, by the way, I never told the seller that I worked at OfferUp. Nick Huzar Greater Seattle Area 2K followers 500+ connections Join to follow Articles by Nick Accomplishing One Of My 2021 Goals and Reflections As An Entrepreneur By Nick Huzar Jan 2, 2022. 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 left, and I had a co-founder and an investor that ran it for another year. : Definitely, you learned the sleeping on an air mattress and living in the office. I think I was making $27,000 a year back then. 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. Okay, great. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. He and I would sit down and rift on things quite a bit. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? He set up our entire first back-end system on AWS. What are your core values at OfferUp? 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. 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 just given the fact that I had just come off of another startup, I had no income because I had just quit. The shoes Im wearing are from OfferUp.
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