Marc Andreessen and Ben Horowitz used Rap Genius to explain Andrew Mason's Groupon Farewell Memo ...
Adam Rifkin stashed this in CEOs
I like Ben Horowitz's explanation of Andrew Mason's accountability:
Andrew does the stand up thing and claims accountability. Make no mistake though—although he’s the only one accountable, he’s certainly not the only one responsible for all the things that went wrong. The board decided to take the company public prior to putting all the proper controls in place. The material weakness was nearly guaranteed at that point. Every one on the board plus the CFO and the bankers agreed those were good metrics at the time. But here as in every case, it’s not all the CEO’s doing, but it’s all the CEO’s fault.
Groupon has always been a house of cards. It was just a matter of time before it came tumbling down. They've expanded into Goods and Travel, but are still missing the biggest opportunity which is integrating it with location-based mobile instead of flooding email boxes. Integrate with Facebook Places (is that still around?) or buy Foursquare or something and let people know which deals are available near them. If I'm trying to figure out where to go for lunch and see their deal I just might use it rather than one of the pre-selected ones that popped up in the email for my hometown where I might not even be at the time.
I agree with you. And yes, Facebook Places is still around.