Saturday, September 18, 2010

"Meet the Fastest Growing Company Ever" from Forbes.com

A graduate from Northwestern, Andrew Mason formed a company called Groupon.  This is the fastest growing company in web history.  The name is a combination of the two words group and coupon.  This company buys advertising space from Google and Facebook.  They sign contracts with businesses looking to advertise and split the proceeds from the purchases 50/50.  These ads are brief usually running just one day.  Things such as event tickets or specials with a major price reduction to get consumers to act immediately.  The business is located inside an eight story building in Chicago.  Mason has 250 salespeople and 70 writers.  Most of these writers are comedians who come up with wild and crazy ideas that work.  In one and a half years, the firm is now worth 1.35 billion.  To me it is amazing how successful young people are these days especially in the technology area.  This young man was a music major and here he has built an empire in the world of advertising.  This reminds me a lot of record label companies or motion picture companies that basically make their money from sales of someone else's product.  Hiring comedians as writers is also genius.  I would like to meet this guy.

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