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In 2006, Andrew Mason got frustrated with the cancellation of his cell phone contract. He thought, “Perhaps I can create a website that allows for groups of people to protest things.” It was an enlightening idea, but Mason soon found out it was a money loser.
So, he came up with a twist: Why not use the platform to allow people to get huge discounts on deals from local merchants? The result, of course, was the birth of Groupon (NASDAQ:GRPN).
While it was a brilliant idea, it was easy to replicate, which meant Mason has had to find creative ways to set Groupon apart. A big key was his wackiness, and he made “daily deals” fun — and big. Groupon now has a market value of $12 billion, greater than names like Harley-Davidson (NYSE:HOG), Mattel (NYSE:MAT) and Dollar Tree (NASDAQ:DLTR).
The most recent sign of Mason’s success: He was interviewed by 60 Minutes‘ Lesley Stahl. The interview will air during this week’s episode at 7 p.m. Sunday on CBS (NYSE:CBS). It should be interesting. And if you want a peek, here��s a preview:
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He also is the author of ��All About Short Selling�� and ��All About Commodities.�� Follow him on Twitter at @ttaulli. As of this writing, he did not own a position in any of the aforementioned securities.
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