The company Groupon Inc was launched in November of 2008 and essentially offers daily deals in 45 different companies across the world. Consumers can take advantage of “groupons” (groupon coupon deals) and earn discounts off tourism, dining, or even shopping prices around the world. Video on how Groupon works.
In terms of entrepreneurship, Groupon is a prime example of a huge success. Launched only a few years ago, it’s already worth over $1B. It innovated and provided a new product as well as a completely new market – online daily deals/coupons. Since its inception, the Groupon model has been replicated by many others such as Living Social.
Another point supporting my point is this: Groupon became the fastest growing company in web history, under the leadership of the young CEO Andrew Mason. It grew to the billions in a record amount of time, while innovating the coupon industry by computerizing everyday deals and making them available to people around the world.
In a nut shell, this company showcases experience in creating a new product, new markets, and new forms of organization through the international, online nature of Groupon. Furthermore, the amount of wealth generated, and the speed at which it was done, is remarkably under 5 years. Very typical of a successful entrepreneurial venture.
Groupon has got to be the quickest way anyone has ever become a billionaire… wow, definitely a great example of entrepreneurship at its best.