The speaker discusses how his experiences with natural wonders and his previous company, The Point, led to the creation and growth of Groupon, and shares insights on scaling a business, empathizing with partners, and sticking to core values.
💡 The speaker discusses how finding beauty in natural wonders can teach us about business, and how his previous company, The Point, led to the creation of Groupon.
The speaker discussed how one can learn about business by finding beauty in natural wonders, such as witnessing the birth of an octopus.
The speaker discusses the company he started before Groupon, called The Point, and how it led to the creation of Groupon.
The Point was a social platform that allowed people to organize and take collective action or give money towards something once they hit a tipping point of participation, similar to Kickstarter, and was funded by a developer who offered a million dollars for the founder to drop out of grad school and work on the idea.
The speaker received a million dollars in funding for a startup idea, launched a different product which floundered for a year before pivoting into Groupon.
Started Groupon as a side project and launched it in 30 days while running another project, without ever admitting to himself that the other project wasn't working.
The speaker tried search engine marketing to drive traffic to their website, but the Juggalos, a community of insane clown posse fans, ended up trolling their campaigns instead of becoming high-value customers.
Building a startup is intense and irrational, and many people quit during the phase when things aren't working.
Groupon was started as a result of The Point not working and investors wanting their money back.
Before a business deal, the speaker empathized with the other person's hobbies; 🪙 a man collects coins and enjoys thinking about their value, while Groupon partnered with values-aligned and savvy Samra brothers instead of acquiring a company with a bad reputation.
Before a business deal, the speaker tried to see the world through the eyes of the person he was meeting with by having a conversation about their hobbies.
A man collects coins as a hobby and enjoys thinking about their value while sitting on his couch.
Groupon considered acquiring a company with a bad reputation for building unsustainable businesses, but ultimately decided to partner with the Samra brothers who were values-aligned and savvy.
Yahoo offered to buy the company for $2B, but the founder met with Google instead and the board decided not to sell; owning a business is an opportunity to make a difference, going public is awful, and Groupon's decision to go public was the worst.
Yahoo offered to buy the company for around two billion dollars, but the founder didn't want to sell and managed to get a meeting with Google, but ultimately the board decided not to sell due to the business's success.
The speaker believes that owning a business is an opportunity to inject an idea into the world that hopefully makes a difference, and going public is awful.
Groupon going public was the worst decision and now 50% of the company's time is spent on something unrelated to building a great company.