Eric Lefkofsky is worth some $750 million, it's estimated, which came from online companies he created. Lately he's been playing in the social media field.
Consider:
Groupon is a social-coupon Web site that he bankrolled and started in 2008 — a venture that has been called the fastest-growing company ever. Groupon offers its followers a deal-of-the-day coupon, sponsored by a local business, that the followers are encouraged to share with their social networks. The local business gets customers, and Groupon takes a share of the coupon proceeds — a business model that has led to talk that Groupon, still privately owned, could be worth as much as $3 billion.
Why social media?
"We think that the most disruptive business models will take advantage of that social graph over the next five to 10 years. Take travel as an example. You should be able to plan your entire trip online, invite your friends to come with you and even interact with other friends who have already been to that location. Those people will provide you with content that will augment your experience."
One idea involves hiring.
"Think about the way most companies currently hire. You post a job and then get blind résumés in response. This should be a social experience. If you took everyone and asked them to list everyone they knew, you could create an enormous social graph of several million people. There’s no reason to hire people that we can’t learn something about through some connection of our personal network. There’s no site today that takes advantage of the social graph in this way, yet."
Social networking looks less and less like a fad.
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