In case you did not get a chance to watch 60 minutes this evening, you can watch the interview of CEO Andrew Mason (31 same age as myself) below. It was quite a good broadcast, and thought I’d share some takeaways from tonight.
1. High tech start-up CEO’s are becoming younger, more transparent, authentic, and open compared to traditional CEO’s.
2. The explosive growth of Groupon is great- the question will be can they sustain and become profitable long-term.
3. For high tech start-ups in today’s low barrier to entry climate, competition and knock-offs such as Living Social and others make it easy for competition to enter the market. The real question is how will your start-up and Groupon create more complex barrier to entries and long term sustainable competitive advantage?
4. The key to marketing for Groupon and other high-tech start-ups will always be proper communication and relevant communication to the appropriate audience.
5. Whether your Groupon or any other high-tech start-up, you need to always be able to identify the cost per acquisition per customer.
6. BONUS- Be careful of accounting tricks that look good on paper but can cause back-lash especially when you have investors or IPO.
I have a great deal of respect for Andrew Mason among all the constant criticism to continue moving forward and expanding the company to further heights. Hope you enjoyed my synoposis. Until we meet again..
Justin Results French
p.s. sharing is caring
- 60 Minutes To Profile Groupon CEO Andrew Mason (forbes.com)