Bridging the Gap Between Online Marketing and Bargain Hunting.
Groupon is an innovative new concept that takes advantage of the social media revolution by collaborating with multiple local restaurants or retail stores to create great bargains that can only be activated if enough people “purchase” it within the 24-hour period.
The idea is simple, yet beautifully beneficial for everyone. This commerce site allows unknown small businesses to become more widely well known in the local area, as well as create great deals for customers. And Groupon makes quite a nice amount of cash in the process. An elaborate summary of their business model can be found here.
I would definitely consider this web-site to be entrepreneurial as it has truly innovated a new way to take advantage of the social media mentality.
UPDATE: On November 30th, Google bought Groupon for $6 million. Clearly, they saw some outstanding potential in Groupon’s unique business model.