This Week in Startups E1082: OfferUp CEO & Co-Founder Nick Huzar on creating liquidity in a marketplace, acquiring their largest competitor in Letgo, location-based pay & more!
Jul 7, 2020
Nick Huzar, Co-founder and CEO of OfferUp, shares his insights on building a thriving marketplace for local buying and selling. He discusses the challenges of ensuring liquidity in online marketplaces and acquiring Letgo, their largest competitor. Huzar reflects on adapting business strategies during the pandemic, emphasizing the importance of communication and transparency in leadership. The conversation also touches on balancing monetization with user experience and innovative solutions to enhance engagement in a competitive market.
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Leading Through Crisis
- Over-communicate and build alignment within your team, especially during a crisis.
- Huzar's team at OfferUp has felt more connected while working remotely due to increased communication.
Frequent Check-ins
- Shorter, more frequent check-ins are better than long, infrequent ones.
- Huzar increased all-hands meetings from monthly to weekly, leading to better team connection.
COVID Impact
- OfferUp experienced significant growth during the COVID-19 pandemic.
- This was driven by increased demand for items like bikes, puzzles, fitness equipment, and toys.