I increasingly suspect that Groupon is the WebVan of the current tech bubble.
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- the question is "will they leave their cup holders in every seat in the stadium" - evidence of their greed, excesses and Silicon Valley thinking, by-way-of-Chicago - will teach us reams of lessons on what NOT to do - when it comes to hyper-local!Apr 21, 2012
- I wasn't all that impressed by Groupon to begin with, and saw their IPO success as having a lot more to do with huge amounts of money looking for a promising tech IPO to invest in than any real strength in the underlying business model and fundamentals. The question from the beginning was whether they'd wind up underwater when the dust settled.Apr 21, 2012
- I concluded GroupOn was a stock scam when they turned down Google's buyout offer. Like they're going to sustain their business model against competition from Google and Facebook?Apr 21, 2012
- niceApr 22, 2012
- The story of Webvan is sad because of the loss of HomeGrocer (the van's with the pretty peach). But then someone in the Puget Sound area brought it back to life I recall (years later). There was a story once, something about all the money Webvan spent to paint over all the pretty peaches with their crappy logo. Then the vans just sat there in a giant lot as the company twisted away. Groupon reminds me more of Pets.com, sans the puppet!Apr 22, 2012
- I could never "find the faith," not because of the model but Groupon's execution. So-called 'irreverent' ad copy, choppy sales training & seemingly poor understanding of small businesses.
There is no "secret sauce" here. The value add is good customer service (both consumer-facing & b2b).
Living Social seems to have figured out the customer service. Even Google Offers w/Google's famous "mob support" model seems to provide fewer gotchas than Groupon.
The more I write about Groupon, the more it reminds me of Yelp...Apr 22, 2012