I had a blessed upbringing. 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. : Very cool. Huzar and van Veelen focused intently on understanding the competitive landscape, consumer behavior and the economic backdrop to design a tech-enabled solution for its customer base. I would design. I can design things, and then I can cut them up, and I can make them interactive. : In our case, we happen to have two different buckets. 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 would find that handful of engineers, and we would pay them. 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. 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. I played every different sport you can imagine, so that meant I wasnt great in any one thing. Or, diving deep. What would you say really made him such an amazing tech co-founder? Thats interesting. Dunlap joins OfferUp at an exciting time for the company. Thats been the whole focal point of the business since Day One. 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. He coded our first Android app in the summer, all by himself. My parents threw me into a bunch of things as a kid. I was fortunate to sit next to engineers who taught me how to code. 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. So, obviously, part of the startup experience too. Will Others Follow? At the time, I think we were the first app to do that. Our homes are actually 30% larger than the 1950s, but were having less children. That was the idea behind it. Europe, Menlo Park, China), Where the person is located (e.g. They had a bunch of theme parks, but they had no online ticketing. You can keep going as a company and think about how those things get shaped. 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. That was the whole idea. : Very nice, and very timely given the times that were living in. OfferUp was created in 2011 by Nick Huzar, former co-founder and CTO of Konnects, Inc., and Arean van Veelen. 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 . What if we can unlock all that value, but focusing on removing as much friction and bringing trust into that local experience? There were thousands of them. So, Im sure he thinks what Im doing is a little crazy to him. Nick Huzar Net Worth. Its not engineering for the sake of engineering. 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. It was barely enough to eat and pay my rent. I wont list them all, but thats everything from simplified. 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. Then, adaptable. You went to Washington State University, and you got involved with. You can literally use it for almost anything. People were throwing money everywhere. When we could find engineers, we would pay them just a teeny bit, but wed compensate them more with ownership and stock in what we were building. What is in the retail store down the street, and why dont people know that those things exist in there. Most days, I feel like I am playing with Legos. We had this concept of why cant we just emulate that online? We didnt see any examples of what we were doing in a smartphone. Thats a growth mindset whether theyre at OfferUp or in their own lives, theyre not happy with the status quo. I think Ive even learned that mistake early on at Konnects, but I think at OfferUp, we definitely made mistakes there too. 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. Van Veelen sees the mobile trend continuing in 2017. Dont cut corners on that. Together, they oversee over 100 OfferUp employees. Its become a part of peoples daily lives that use it on an ongoing basis throughout the country. Huzar, 39, serves as chief executive officer and van Veelen, 43, is chief technology officer. Alejandro: Very cool. This is so creative. Youve got a job. Thats probably one of my biggest painful lessons from back then. You may opt-out by. The first year, thats what we did. 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. : 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. Greg Theer of Tacoma, Washington uses OfferUp to sell his unique clock and garden sculpture creations to help fund his sons college tuition. Nick Huzar: Id say definitely the people. 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. Earlier in his Career Nick held positions at T-Mobile and Microsoft. I think they were all great people in their own right, but for what we were trying to build, probably not. Neighborly: we have a no asshole policy. Theres got to be a better way. 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. If you look at commerce in general in the U.S., about 85% of it is still not online today. 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. It was Driven, Neighborly, and Adaptable. I left, and I had a co-founder and an investor that ran it for another year. I need to show you something. Basically, I had prepared a 12-slide pitch deck to pitch my wife on the idea. Its not just up and to the right. 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. 10/10 Amanda Bynes- Estimated Net Worth $3 Million. They have too many, and theyre just on a wall, and no one really thinks about them. Like I said, in any small startup, thats got to be there. Thats going to continue to evolve this year in a big way just to make it an even better buying experience for people. The shoes Im wearing are from OfferUp. For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel (see it here) that I recently covered. I analyzed every way, everybody. What do you think? I said, Hey. You can literally use it for almost anything. As of February 2023, Nick Jonas' net worth is estimated to be $70 Million. Arean van Veelen (left) and Nick Huzar (right) are the co-founders of OfferUp. I am excited to work with Nick, Arean and the team there to continue to usher in the era of mobile-driven local commerce.. 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 So, that was some of the initial sketches that we did. Find out how former world number one professional tennis player, writer, and politician Ilie Nstase earned his net worth. The show takes listeners inside the business end of the sports world, and explains what it means to fans and their pocketbooks. I can work with engineers, and tie into databases, and be functional. 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. Nick Huzar: Yeah. I was fortunate to sit next to engineers who taught me how to code. 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 think thats a big part early on. I look forward to it. You have a lot more exposure across the country. : Definitely, you learned the sleeping on an air mattress and living in the office. Youve got a job. Thats probably one of my biggest painful lessons from back then. I essentially told them, Look. Sure, there are plenty of challenges. He was able to figure things out. With her blessing, I decided to move forward and dedicate all my time to building up what is now OfferUp. 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? This is just the consumer side of things, but I also started to spend time in local retail stores. 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. : Got it. Net Worth: $250,000 - $499,999. 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. show. 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 could make it a visual experience, this kind of geo-aware. I think I was making $27,000 a year back then. Then once people are hired and we interview for the best, we have what we call our Operating Principles. 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. How deep in the business are you going and understanding the metrics and inputs and the outputs, and we expect that from everybody, whether an executive or somebody on the frontlines of our customer service team. There were thousands of them. 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. I think that were going to really enjoy the guest that we have today. You also are going to see a lot of big changes this year in our product. Alejandro: Then, after this, you ended up leaving, and then the company ended up closing down. We were never going to beat and become something like a Facebook. So, good stuff. We made a lot of mistakes hiring. Her salary is under review. I told her; I said, Look. He set that up. His name is Arean, and hes very talented, and I think in the first year, it was just he and I coding. I had a father who worked at Boeing his whole life. Nick Huzar: Today, years and years later, we try to figure out how can we help buyers and sellers be more successful? The second promotional area is our auto business. 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. How much is Nick Kyrgios' Net Worth in 2022? Nick Huzar: In our case, we happen to have two different buckets. At the time, I think we were the first app to do that. We started very early, way before Friendster, way before Myspace. It was more, Can you do the work? Also. Hes seen the ups, the downs, and obviously, now, hes seen a lot of traction. So, Im sure he thinks what Im doing is a little crazy to him. 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. We sell a ton of cars at OfferUp. I think thats a great idea. He and I threw in $800 the first event. From the tough moments, from the tough experiences is where we learn the most. Relationship: Married . Amazing. 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. We were finding that theyre able to sell cars way faster by signing up for this program. We were not paying ourselves. 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. Alejandro: Got 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. Well, Nick, thank you so much for being on the DealMakers show. She has made most of her net worth through her record sales as well as her music tours. Why is this problem existing? 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. He is a founder that has done it multiple times. Prior to OfferUp, Huzar worked at Microsoft and T-Mobile and founded several start-ups. So, we got very intentional about that. The only examples we could look to at the time were dating sites. florence nightingale concept 2 via de boleto It was extremely expensive back then. Vance Lile, a Vancouver, Washington resident, owns an antique reselling businesses that he uses as a second source of income. I had a room full of stuff. 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. Successful minimalist websites are a rarity, but Drudge Report (which generates more than 750 million page views per month) and Craigslist are two that have bucked the trend. But there are other dimensions to that. Nick Huzar is the Founder, President & Chief Product Officer and CEO at OfferUp. I had a wife that was working, and I had a daughter on the way. My wife is also my boss. So without further ado, Id like to welcome our guest today, Nick Huzar, welcome to the show. I think the learning lesson was interesting because we realized that networking is valuable, but its also inefficient.
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