Nick Huzar: I had, of course, a ton of energy and excitement. 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. Tell us about the early days, and also how you incubated the concept of the idea. 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. Some users use OfferUp to help grow their small businesses. Why? He understands engineering is just enabling an outcome. Between he and I, we were able to build the first website, the first mobile app. So, there were a series of different changes over a period of time to be explored. Alejandro: Ive heard you talk about core values a few times and how that ties into culture. Is that right? : I think businesses are about people, so when I think about it and when I think about the investors and the team. I played every different sport you can imagine, so that meant I wasnt great in any one thing. The only examples we could look to at the time were dating sites. I had a wife that was working, and I had a daughter on the way. This is so creative. It was Driven, Neighborly, and Adaptable. : By the way, he would hate it if I called him an engineer because he is definitely more than that. OfferUp - Wikipedia Alejandro: I understand that you guys have raised quite a bit of money for the business, too. The boss, obviously, in your life. Net Worth:$100 MillionAge:39Born:December 8, 1982Gender:FemaleHeight:1.57 m (5 ft 2 in)Country of Origin:Trinidad & TobagoSource of Wealth:Rapper/ActorLast Updated:August 2, 2022. 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. Despite these statistics, 68% plan to donate their unneeded items, and more than one in eight people planned to throw them in the trash. Well, Nick, thank you so much for being on the DealMakers show. OfferUp taps Booking.com exec for CEO role - Puget Sound Business Journal I essentially told them, Look. 2022.7.1; prince of wales hospital hong kong address; Tweet; Share +1; Hatena; RSS . He understands engineering is just enabling an outcome. We have markets like LA and Phoenix, for example, where over 18% of the adult population is now using OfferUp on a monthly basis. 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. I think I learned a lot of painful learning lessons from doing that. Again, because were always focusing on removing friction. Alejandro: So, you got the blessing from the boss-in-house. What are your core values at OfferUp? Thats been a big part of it. 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. 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? Amazing. Today, we offer that via shipping. 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. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. CEO, Mentor (mentormoney.com). 'America needs our help': Q&A with OfferUp CEO Nick Huzar after Seattle-area startup lands $120M by Taylor Soper on March 25, 2020 With many physical stores closed and online retailers facing. The other one is payments. Its not necessarily just aboutyoull find the most talented people you can, but you want to make sure theyre also rowing the same direction for the rest of the company. Nick Huzar facilitated the design and implementation of a completely new website as the company transitioned from Voicestream to T-Mobile. 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 have a trampoline that I purchased. 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. Nick Huzar Net Worth. Its not engineering for the sake of engineering. I can design things, and then I can cut them up, and I can make them interactive. Nick Saban is the highest-paid college football coach in the world, and his salary matches his reputation . : Definitely, you learned the sleeping on an air mattress and living in the office. 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. You also are going to see a lot of big changes this year in our product. An example of that is, can I take complex problems and distill them down? We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. 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. And, by the way, I never told the seller that I worked at OfferUp. So, Nick, for the folks that are listening, what is the best way for them to reach out and say hi? Thats interesting. That was my first big venture out on my own raising money, building out a team, everything associated with building a company. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. We learned through that experience. 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. Id say our vision, as you think long-term, is really to help people to connect and prosper. I think I was making $27,000 a year back then. I had a blessed upbringing. 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. 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. He did a lot of back-end database. : I understand that you guys have raised quite a bit of money for the business, too. Theyre constantly in this process of bettering themselves. You have a lot more exposure across the country. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. As youre looking back, and after the time with Konnects, Im sure you had a lot of time to reflect. Earlier in his Career Nick held positions at T-Mobile and Microsoft. He set that up. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. Ultimately, they decided to close it down. 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? I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. Nick Huzar: OfferUp Current Net Worth: Not known Years at Microsoft: 1 Nick Huzar spent time at Microsoft and T-Mobile after graduating from Washington State. 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 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. 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. The latest stats around storage and commerce, Two of OfferUps most important Operating Principles, : Alrighty. 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 . He is a founder that has done it multiple times. I wont list them all, but thats everything from simplified. Neighborly: we have a no asshole policy. 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. He definitely did that, and I feel like I did that. He figured that out on his own. You also are going to see a lot of big changes this year in our product. How was life growing up there? The only examples we could look to at the time were dating sites. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. . Nick Huzar is presently founder, CEO of OfferUp with a mission to revolutionize how people buy and sell locally by providing the simplest and safest solution. They had a bunch of theme parks, but they had no online ticketing. Sometimes Nicholas goes by various nicknames including John N Huzar, Nicholas J Huzar, Nicholas John Huzar, Nick Huzar and Nick J Huzar. An example of that is, can I take complex problems and distill them down? 'America needs our help': Q&A with OfferUp CEO Nick Huzar - GeekWire Success is not a linear line. She is a rapper, singer, and songwriter from Trinidad & Tobago.
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