The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark. If you would like to have your startup considered for inclusion, please see the details here.
Name: CoupFlip
Quick Pitch: Buy and sell Groupon and LivingSocial vouchers.
Genius Idea: Somewhere between 20% and 40% of Groupon vouchers go unredeemed. Miss a sale? Buy too many? CoupFlip lets you find great deals and nevers let a voucher go unused.
The problem with timed deal sites is that sometimes you make purchases too hastily. Or, if you're an overly-cautious type, you might wait too long and miss the deal entirely. CoupFlip takes some of this pressure off. Miss an awesome deal on Groupon? See if it's for sale on CoupFlip. Buy tickets on LivingSocial to an event you no longer wan to attend? Sell the vouchers on CoupFlip.
Launched in 2011, CoupFlip buys and sells LivingSocial and Groupon vouchers. Users shop deals according to price range, location on a map, keywords or category, like "clothing," "spa/beauty," "travel," etc. They can earn $5 for making a friend referral through Facebook Connect.
Phil McDonnell, Fred Schwarz and Mike Cwalinsk co-founded CoupFlip. McDonnell recalls attending a small-business marketing pitch by Groupon in his hometown of Seattle, notes the CoupFlip site. He remembered a surprising statistic about Groupon vouchers: "20%-40% of Groupons went unused." McDonnell began thinking of how he could help buyers and sellers get those assets back.
It was at the Tuck School of Business at Dartmouth College in 2010 where McDonnell met Schwarz and Cwalinski. The trio developed a business plan, and CoupFlip was co-founded in 2011. It received funding the following year.
CoupFlip promises that, unlike other voucher-selling sites, you don't have to wait for someone to buy your deal to get the cash. Sites such as Lifesta (now defunct), CoupRecoup, and Dealigee all offer places where consumers can buy or sell their daily deals. These other sites accept a wider variety of vouchers than CoupFlip, which only deals with Groupon and LivingSocial vouchers.
CoupFlip doesn't charge users to buy or sell vouchers on its site. But the site may offer sellers a lower price for their deals than what they paid.
"CoupFlip uses complex algorithms that factor in measures of marketplace demand, expiration dates, coupon types, and many other factors to provide as fair an offer as possible to sellers," notes the site's FAQ page.
What do you think about CoupFlip and sites that allow users to buy and sell daily deals? Have you used these sites? Tell us in the comments.
?Photo courtesy of iStockphoto, YinYang?
Series Supported by Microsoft BizSpark
The Spark of Genius Series highlights a unique feature of startups and is made possible by Microsoft BizSpark, a startup program that gives you three-year access to the latest Microsoft development tools, as well as connecting you to a nationwide network of investors and incubators. There are no upfront costs, so if your business is privately owned, less than three years old, and generates less than U.S.$1 million in annual revenue, you can sign up today.
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