The Power of Crowds
I’ve been meaning to write about Grouprates.ca for awhile but had it on my “to do” list until reading a story about it in yesterday’s National Post. Like the name implies, the company aims to tweak the demand side of the demand-supply equation by letting people create buying groups to get discounts for everything from museums to ski hills. Given Grouprates needs people to get good deals, the service isn’t terribly useful right now because it’s spanking new (launched last month by Montreal’s Andrew Ghattas). But you have to give Ghattas a lot of credit for his entrepreneur spirit, as well as the the power of the low-cost Web 2.0 environment that makes it easy to launch new services.
Group buying services are nothing new. During the dot-com boom, Accompany.com (which was co-founded by Jonathan Ehrlich (now head of Indigo.com) and Salim Teja (now a partner with BrightSpark) raised $50 million to carve out a niche in the market. Accompany didn’t make it but Ehrlich, Teja and co-founder Jim Rose have all landed on their feet and clearly benefited from the entrepreneurial experience.
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POSTED IN: Entrepreneurs, Web Services
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