Andrew Mason grew up in a family of entrepreneurs. His parents both owning their own business. Andrew seems to have inherited some of his parents genes, at age 15 he started a weekend bagel-delivery service called Bagel Express. He went on to found several more businesses until he hit an absolute gold mine. As he went on to co-found a massively successful business called groupon!
In 2008, Groupon was birthed out of a desire to improve to the concept of collective buying. Collective buying being- a practice in which a group of customers pledges to purchase a product from a vendor and the vendor in turn provides the product to the group at a reduced price. Mason starting the business with two partners. Mason became the company’s chief executive officer, while his partners took on other major roles in the company. By negotiating deep discounts on vendors’ products and services, Groupon sought to link vendors with new customers through its updated new day everyday deal for a spotlighted product or service as well as through other, less-prominent deals. Groupon has some amazing profit margins as it receives up to 50 percent of the retail value of the product or service. Which is pretty crazy.
After the massive success story Groupon has been, in 2010 Google took notice and wanted to buy them! Offering an amazing 6 billion dollars! Mason and his partners turned down the deal ultimately to keep ownership and the business as independently owned. In June of 2011 Groupon went public.
Groupon is a great success story of a young millennial entrepreneur that saw a market gap and had the audacity to capitalize on it!