When daily deal website Groupon was still The Point, Chi-town CEO Andrew Mason doodled the company’s business plan on a napkin on the day they 1st got real money.
Groupon offers a range of locally tailored consumer daily discounts of as high as 90% and takes a cut of business revenue. Their biggest competitor is LivingSocial. Groupon’s 50 million subscribers across 35 countries, represents a 2,400% subscriber growth rate over last year. With dizzying growth, Google-ilk bidders and IPO suitors in Goldman Sachs and Morgan Stanley, napkin phase 3 is now upon it.
Moral of the story is napkins are about the right size for a decent business plan.