Remind us how Groupon began just two years ago.
The magical moment was when the company figured out, hey, we can take collective action from the web and translate that into customers for brick-and-mortar businesses.
Did you see Groupon as a deal site or as a city guide?
We really viewed ourselves as a city guide. In Chicago, if you run on Groupon, you get exposed to double the circulation of the Tribune. That means exposure to a whole bunch of new customers.
Can the Groupon model succeed in any economic climate?
Whether it’s recessionary times or good times, the model will probably work. [Participating businesses] don’t pay anything to advertise on Groupon. It’s pure performance-based marketing.
How were you able to attract investors to your company?
We started growing very quickly and there was a lot of interest from the top venture capitalists in the world.
Your social buying site is the fastest growing company ever. Did the recession help you?
Absolutely. The recession magnified the value we’re creating. Consumers may have to skimp, but they don’t want to suffer. And they always want great value.