Well continue to obsess over liquidity. Read More: Bill Powers On Raising $500 Million To Improve Your Driving Behavior. I told her; I said, Look. The fast-forward, over the next year or so, we had done 30 of these. Alejandro: Very cool. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . An example of that is, can I take complex problems and distill them down? I left, and I had a co-founder and an investor that ran it for another year. How is your office laid out? : Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? 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. I was just a sponge. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. Perhaps they will also appreciate it. Unsure about a selling price? How many employees do you guys have, Nick? Success is not a linear line. Nick Huzar: When I left Konnect, I had no intention of leading another company. I cant exist without my computer. What would you say was the most painful and the biggest lesson, at the same time, for you? This is just the consumer side of things, but I also started to spend time in local retail stores. : When I left Konnect, I had no intention of leading another company. So, there were a series of different changes over a period of time to be explored. Thats interesting. We do a lot within the product to connect buyers to the right sellers. : Currently, we have about 280, and we are actively hiring at the moment. I could code that. He set up our entire first back-end system on AWS. From the tough moments, from the tough experiences is where we learn the most. 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. 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. Bestselling Author, The Lemonade Life. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. I think I was making $27,000 a year back then. How did you develop that love for computers, too? I go back to even reflecting on my own decisions. Its also a lot of work. 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. Nick Saban is an American college football head coach who has a net worth of $70 million. What an amazing business that youve built with OfferUp. 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. Our belief back then was everyone would have a smartphone, and now everyone will say, Well, duh! But that was one assumption. We were not paying ourselves. How do you hire? Weve always focused a lot on this excess of sellers and buyers and connecting them. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. Respondents feel that it is easier to donate than sell, citing the required time investment and amount of work. Its not just up and to the right. For me, the most basic way, when I started an offer up, I came up with a design. The other one is payments. We made a lot of mistakes hiring. CEO, Mentor (mentormoney.com). I think thats a great idea. He and I threw in $800 the first event. Im sure that all those experiences and lessons with Konnects you were able to apply them here. So, we found a handful of people that were willing to actually do that at that time. The only examples we could look to at the time were dating sites. I could design all the apps, but Im not a great back-end engineer at all. 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. In fact, this chair Im sitting inin my office is from OfferUp. I mentioned the stories of our origin; I still feel like were very much in the early days. Thats been a big part of it. Then, adaptable. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. I think I was making $27,000 a year back then. 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. I used to go to Goodwill stores, and Id realized the cars never stopped. I just wanted them to believe it actually worked. 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? California Weighs $360,000 in Reparations to Eligible Black Residents. is the queen taller than the king in chess; all inclusive wedding venues under $5,000; david meade obituary To give you an idea of scale, weve been installed about 90 million times. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. 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 . 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. Id say a good healthy portion of my house, probably over half of my house are things I bought from OfferUp. This is just the consumer side of things, but I also started to spend time in local retail stores. Your email address is 100% safe from spam! He figured that out on his own. Sure, there are plenty of challenges. OfferUp is a national platform, but the goal is to buy and sell items within a users local community. I had a father who worked at Boeing his whole life. : Yeah. 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. 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. The boss, obviously, in your life. Alejandro Cremades leads the vision and execution for Panthera Advisors as its Co-Founder and. I need to have it. Thats a nice, easy way to get ahold of me. Most recently, Nick Huzar was the co-founded of Konnects Inc. And, by the way, I never told the seller that I worked at OfferUp. : Yeah, definitely. 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. Well, Nick, thank you so much for being on the, If you like the show, make sure that you hit that subscribe button. The show takes listeners inside the business end of the sports world, and explains what it means to fans and their pocketbooks. 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. You want to find the right people to believe in where youre going and are really motivated and excited about that. 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. If youre not intentional, culture is just going to take the form that its going to take for better or worse. Her salary is under review. We would find that handful of engineers, and we would pay them. Where do you hire? 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. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. He set that up. This is so creative. I can work with engineers, and tie into databases, and be functional. That would have just ended it for me. The first thing in my mind was not, Hey, theres something here. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. 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. The other half is how did you do the work. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. Now valued at over $1 billion, OfferUp is no different. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. We learned through that experience. We said, Who are the people that are striving here, and why? You look at driven, for example. To give you an idea of scale, weve been installed about 90 million times. The first year, thats what we did. 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 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. I think thats another learning lesson Ive seen over the years where you have people that have these ideas, and they say, Im going to go do this. My response is, Okay. 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. Particularly, the browsing experience when you first open up the app. Its not engineering for the sake of engineering. I think well continue to see a shift towards mobile, van Veelen said. Huzar attributed the high level of engagement to OfferUps focus on a secure, frictionless user experience, an image-driven platform and the creation of a community built on personal connectivity. How many employees do you guys have, Nick? meritain health timely filing limit 2020; larry davis obituary 2020; sharon perkins instagram; dave ramsey jobs remote; nick huzar net worth 2020 . We have really good features like search alerts and things you can say that will notify people right away. Alejandro: Alrighty. : I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. What do you look for in culture? Earlier in his Career Nick held positions at T-Mobile and Microsoft. We were not paying ourselves. (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.. : 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. We only raised about $100,000 our first year, but we didnt have an office space. Musk Made a Mess at Twitter. Well, Nick, thank you so much for being on the DealMakers show. That was the whole idea. She can also be seen posing for covers of several beauty magazines. But Id say the first year working there, there were about 25 people in that company. 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. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. show. Thats probably the biggest one. 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? OfferUp is that type of company and it has been rewarded by a fiercely loyal and engaged user base, and explosive growth. The shoes Im wearing are from OfferUp. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. 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. : There we go. 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. Net Worth, Salary, House. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. 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. 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. With Nick Huzar leadership, Konnects growth exploded growing from 1,500 members to over 1 million within 18 months. You have a lot more exposure across the country. We only raised about $100,000 our first year, but we didnt have an office space. : 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. 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? peggy gustafson barnett obituary; human causes of the millennium drought; robert hagg scouting report; competitive edge softball Nicki also makes millions through her endorsements deals for big brands like Pepsi. 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? Theres got to be a better way. 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. brooke posch wedding; cockatiel breeders nsw Men umschalten. It was more, Can you do the work? Dunlap joins OfferUp at an exciting time for the company. In fact, short story, I took out a bunch of student loan debts to buy my first computer, which back then was $2,200. We came up with those three because we looked around the company at the time. 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. Net Worth: $250,000 - $499,999. He understands engineering is just enabling an outcome. Sure, there are plenty of challenges. Im sure that all those experiences and lessons with Konnects you were able to apply them here. It wasnt to be great in search like other marketplaces are. 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. But if you peeled away the branding, you realized that under the hood, they all kind of functioned the same. We were never going to beat and become something like a Facebook. And if you got any value either from this episode or from the show itself, share it with a friend. 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. We give them promotions and analytics. I had a wife that was working, and I had a daughter on the way. Is that right? 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 had a blessed upbringing. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. 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 only examples we could look to at the time were dating sites. The shoes Im wearing are from OfferUp. 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?

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