June 11, 2010
Groupon is a website that features a unique coupon every day. However, the deal becomes valid only if a minimum number of people purchase the "groupon." Andrew Mason, founder & CEO of Groupon, says he came up with the idea of a "group-action platform" website while still in grad school. It would be called "The Point," and Mason tells Business Insider CEO Henry Blodget that he made some common entrepreneurial mistakes such as taking too long to launch the product. Mason and his team learned their lesson and took only a month to turn their idea for a blog called Groupon into a product. "It was a total piece of junk, at first," says Mason. "We got something up there as a proof of concept and it just immediately started to take off."
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