Just enter your email below. 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. If you can leave a review as well, that would be fantastic. 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. She has made most of her net worth through her record sales as well as her music tours. 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. What would you say was the most painful and the biggest lesson, at the same time, for you? As new fathers, they needed to sell their old belongings to make room for their newborns, but felt limited by the existing online options. And I didnt tell my parents, and then my mom found out about it because they wouldnt buy me one. We dont have to send out our phone numbers and our emails anymore, and we can make it much more secure. That helps them to sell things faster. He coded our first Android app in the summer, all by himself. What is in the retail store down the street, and why dont people know that those things exist in there. : Very nice, and very timely given the times that were living in. This is a BETA experience. We had a lot of great business minds on our board, but not tech-minded individuals, which created a challenge. Tell us about the early days, and also how you incubated the concept of the idea. In our case, we happen to have three to make it easy. Our homes are actually 30% larger than the 1950s, but were having less children. 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. If you can leave a review as well, that would be fantastic. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. We had this concept of why cant we just emulate that online? Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Pres/Chief Product Ofcr/Co-Founder, OfferUp Inc. Well, Nick, thank you so much for being on the DealMakers show. 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. Today, we offer that via shipping. That is a combined net worth with his wife, model/actress Vanessa . Youve been at it now for quite a while with OfferUp and also what you did with your previous initiatives, like Konnects. In fact, in the early days, before we had a lot of traction, I used to show up to peoples houses, and I would buy their items, and I would stick them in our very small office that we had. Nick Hanauer Net Worth. Okay, great. I had a father who worked at Boeing his whole life. University of Seville Alumni Founded Companies, College of Charleston Alumni Founded Companies, West Coast Companies With Less Than $10M in Revenue (Top 10K), University of Texas Alumni Founded Companies, University of North Florida Alumni Founded Companies, Chapman University Alumni Founded Companies, Colorado State University Alumni Founded Companies, University of Limerick Alumni Founded Companies, University of Notre Dame Mendoza College of Business Alumni Founded Companies, Florida Institute of Technology Alumni Founded Companies, Total number of current Advisors and Board roles the person has, Number of Organizations that the person founded, The organization associated to the person's primary job, Where the person is located (e.g. Nick Huzar: Yeah, definitely. Van Veelen also worked at start-ups, including with Huzar at Konnects, a networking platform. We have really good features like search alerts and things you can say that will notify people right away. Or, diving deep. : In our case, we happen to have two different buckets. Some users use OfferUp to help grow their small businesses. Those are our overall what we look for in people before they even come into the halls of OfferUp. Tell us about the turning page here, going into a new chapter. We didnt see any examples of what we were doing in a smartphone. We were making more money doing that than we were in our day job. 10/10 Amanda Bynes- Estimated Net Worth $3 Million. What an amazing business that youve built with OfferUp. 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. Why I definitely appreciate him is, he definitely thinks a lot like an engineer, but he also has a great business mind. We had a lot of great. Unsure about a selling price? The other one is payments. I go back to even reflecting on my own decisions. We have lots of information about Nicholas: religious views are listed as Christian, ethnicity is Caucasian, and political affiliation is unknown. The first year, thats what we did. Alejandro: So, you got the blessing from the boss-in-house. If you can imagine five guys sitting down in a room coding with just stuff everywhere, thats what our first office looked like. One is core values, and the other is operating principles. He bagged this fortune because of his hard work and his excellent gaming skills. You also are going to see a lot of big changes this year in our product. Opinions expressed by Forbes Contributors are their own. In the last years, as we got more intentional about this, we say, Okay, every review cycle, half of your review is the overall performance in getting the work done. They have too many, and theyre just on a wall, and no one really thinks about them. He set up our entire first back-end system on AWS. Van Veelen sees the mobile trend continuing in 2017. I can work with engineers, and tie into databases, and be functional. But my wife and I moved into a good-sized house. I think I learned a lot of painful learning lessons from doing that. He set up our entire first back-end system on AWS. : Ive heard you talk about core values a few times and how that ties into culture. 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. OfferUp has a very visual interface so the quality of your photos can impact how many offers you receive. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Arean van Veelen (left) and Nick Huzar (right) are the co-founders of OfferUp. I think it was good. 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. Also. 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. See How I Can Help You With Your Fundraising Efforts. 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? Then once people are hired and we interview for the best, we have what we call our Operating Principles. The boss, obviously, in your life. Weve always focused a lot on this excess of sellers and buyers and connecting them. During his time at T-mobile Nick Huzar helped to redevelop the online channel enabling the company to accept over $45 million a month in payments and 8 million customers. How was life growing up there? : Currently, we have about 280, and we are actively hiring at the moment. Nick Huzar: I think so far, weve raised 260, and then we just announced this latest financing, and well be raising another 120 million. And if you got any value either from this episode or from the show itself, share it with a friend. Then, the shipping business, we take a little over 12% of transactions there, but that was a business we launched in 2018. 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. How much money have you guys raised to date that is probably disclosed? So, we found a handful of people that were willing to actually do that at that time. Earlier in his Career Nick held positions at T-Mobile and Microsoft. So, thats the time in history when I graduated. Within a year, year and a half, I was loving the internet. Again, were only in the United States. How do you guys make money for the people that are listening? The second promotional area is our auto business. Its also a lot of work. We had SUN and Cisco sponsoring these events to the tune of $10,000 each, every month. Nicki Minaj Net Worth. Today, you see a lot of apps that have this long, infinite scrolling pic list of pictures. The shoes Im wearing are from OfferUp. Thats a nice, easy way to get ahold of me. I was just a sponge. I think were probably one of the top places in the country in terms of units. I didnt get halfway through it, and my wife said, This is the biggest idea youve ever had. 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. Eine andere -Site. We do a lot within the product to connect buyers to the right sellers. : 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. 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. How much is Nick Kyrgios' Net Worth in 2022? If youre not intentional, culture is just going to take the form that its going to take for better or worse. 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. He figured that out on his own. Is that right? We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. Nick Huzar: You can always reach out to me on Twitter. 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? Partner Investments Number of Partner Investments 1 Jobs Number of Current Jobs 1 I can design things, and then I can cut them up, and I can make them interactive. 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. Alejandro: Got it. He and I would sit down and rift on things quite a bit. How do you hire? 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. The Net worth of Nick Viall is still yet to be revealed. Nick Huzar oversaw the hiring of personnel, growing the team from 2 to 26 people. I knew I was passionate about computers. Follow Zack on Twitter and read his columns in Forbes. So, were looking to grow not only our Seattle office, but we also have an office in Miami as well. It was Driven, Neighborly, and Adaptable. We partner a lot with local car dealerships, and we help them to be more successful by integrating with their inventory management system. 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. I go back to even reflecting on my own decisions. So, obviously, part of the startup experience too. That was a lot of work. Theres got to be a better way. The other one was the cameras would get better, and we could leverage that. 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. You can be the most brilliant person and work hard, but if you cant work with others, its just not going to work well. They had a bunch of theme parks, but they had no online ticketing. He set that up. I was leading projects for Paramount Parks. 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. 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 could make it a visual experience, this kind of geo-aware. Its also a lot of work. Im sure that all those experiences and lessons with Konnects you were able to apply them here. 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. Will Others Follow? You can literally use it for almost anything. He figured that out on his own. Definitely, Im sure that creativity and how your mom pushed you in that regard, perhaps has had an incredible influence in your career. 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. Its not engineering for the sake of engineering. We expect people to dive deep into things like that. So, there were a series of different changes over a period of time to be explored. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. So, we got very intentional about that. Ultimately, they decided to close it down. So, we built the first online ticketing for them. While consumer commerce continues to evolve in specific areas, its rare to have a company completely redefine the marketplace experience from start to finish. 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.