Fox News
Expand
Browse All Video
Watch Live

You're watching...

Power Player of the Week: Living Social

Details

  • Description

    Tim O'Shaughnessy's Internet success story

  • Duration 3:33
  • Date

Clips

Also in this playlist...

Latest News

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

By now it's almost a cliche the young man or woman who comes up with a business of the Internet that's worth billions.

Based on it -- something of a shock here is our power player of the Amazon's where you go when you want things show up in your doorstep and two days.

And FaceBook where you got to see where your friends are -- I think there's going to be an answer to it to that for local and I think we can beat that.

Thirty year old demo Shaughnessy has co-founder and CEO living social.

-- deals website that offers members big discounts at local businesses.

They can save up to 70%.

At restaurants spas and stores the businesses get new customers.

The yellow pages wasn't really cut -- vacancy with that performing more people coming through the doors.

And so that would put those things together and we thought that there was a strong path ahead.

What do you think a group on.

Groupon has built a great business.

Groupon is the biggest coupon website but living socialist built quite a business.

Since 200960.

Million members in 25 countries have bought 63 million coupons.

There's a competitive aspect of that I think it will end up being you know when history is written something that looks a little bit more like eBay and -- What he means is living -- is branching out from -- Offering its members adventure.

We might.

See something called Whitewater raft dean and beer tasting.

We'll take if you're rafting experience and we take your brewery -- you a beer tasting -- -- we drop you back off from the city.

And they just opened a club house in Washington where they want her experiences.

-- -- just like a two hour -- clouds would want.

Look looking -- with a top local -- But it really -- it's not enough.

Owe Shaughnessy showed us a few -- 5000 employees putting together adventures.

You'll see people all you know emailing back and forth you know figuring out contracts the other is a sexiness -- with the actual event but there's a lot of of labor that goes and actually get it there there were 700 coupon businesses on the web last year 170 shut down.

In November Groupon raised 700 million dollars and IPO the -- value it more than thirteen billion dollars.

If Groupon is worth thirteen billion dollars.

What is look at the social work but without the market to tell you what it is it's it's it's very good question what how much you wanna buy shares from.

That app after -- as a -- -- Shaughnessy used to buy candy in bulk.

Then -- -- at local playgrounds.

Triple or quadruple the prize.

Whole celery salad here you can you can get a lot of efficiencies out of that where do you think you got the entrepreneurial -- I used to be called that one has little people he's -- -- man he would check out players' performances vs their salaries.

And decide who was a bargain all of those types of characteristics I think.

Are just part of my DNA and and it's it's spend a lot of fun to be able to turn that into a career building a business he thinks will make life in the big city.

A little lines.

People want to feel connected to their cities they -- to support local businesses we can keep doing that and do that right that's going to be a fantastic business.

In case you're wondering when living social sells a -- let's say a twenty dollar meal for ten dollars.

They take thirty to 50% of that and get the rest of the local business which helps that it picks up a new customer.

Now.

Load More