LivingSocial CEO and Co-Founder Tim O'Shaughnessy Talks Redefining Commerce at Last Wednesday's NVTC Titans Breakfast
On Wednesday, April 6, a packed house of more than 550 attendees gathered at The Ritz-Carlton in Tysons Corner for the last NVTC Titans breakfast of the fiscal year. During the event, LivingSocial CEO and Co-Founder Tim O'Shaughnessy described LivingSocial’s exponential growth and how the company is redefining local commerce.
|LivingSocial CEO and Co-Founder Tim O'Shaughnessy addressing more than 550 attendees last Wednesday.|
According to O'Shaughnessy, LivingSocial has expanded into 200 markets and 12 countries over the past year and he expects to be in 30 to 40 countries by the end of 2011. He credits the company’s growth to its successful local commerce model that focuses on personal attention to local merchants and building a healthy ecosystem in which LivingSocial, local merchants and members all benefit. Moving forward, he will continue to build LivingSocial’s demand generation products, like its Daily Deals, Escapes, Adventures and Family Edition, while also developing new demand fulfillment products, such as its newly implemented Instant Deals service.
O’Shaughnessy continued his remarks by explaining that LivingSocial’s culture plays a large role in its success. The company currently employs about 1,300 people and is adding about 150 new employees per month, with a less than 1 percent voluntary turnover rate in non-sales employees. With this level of growth, O'Shaughnessy stressed the importance of having everyone on the same page, recruiting for both core competencies and a good cultural fit, as well as supporting an entrepreneurial mindset among employees. He stated his hope that LivingSocial can serve as a breeding ground for entrepreneurs and help spur growth of new companies in the region.
O'Shaughnessy also explained that maintaining the company’s growth by successfully scaling its local commerce business model is the biggest challenge for the next year. He concluded by expressing his desire for LivingSocial to become the next major Web brand, as well-known as "the Facebooks, the Googles of the world."
The morning ended with a lively question-and-answer session during which O'Shaughnessy addressed the company’s recruiting strategies, data analytics as an increasingly powerful asset, and how LivingSocial will continue to focus on innovation in order to differentiate it from its competitors.
View video footage from O'Shaughnessy's speech in our event archive.