Eric Lefkofsky

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Eric Lefkofsky
Born 13th September 1969
Detroit, Michigan
Ethnicity Jewish[1]
Education University of Michigan
Occupation Blue Media LLC, President
Groupon, CEO
Net worth Decrease US$1.75 billion (March 2013)[2]
Religion Judaism[1]
Spouse(s) Elizabeth
Website
lefkofsky.com

Eric Paul Lefkofsky (born 13 September 1969[[3]] is a U.S.-born entrepreneur. He is co-founder and CEO of Groupon,[4] co-founder of Lightbank; founder & director of InnerWorkings, Inc., Echo Global Logistics, Inc., Mediaocean.[5] In March 2011, Forbes named him one of 2011's new billionaires.[6]

Early life and education

Lefkofsky grew up in a Jewish[1] family in Southfield, Michigan, the son of Bill, a structural engineer, and Sandy, a school teacher. He has a brother, Steven, an attorney practicing in Michigan, and a sister, Jodi, also a former school teacher. After graduating from Southfield-Lathrup High School in 1987, Lefkofsky attended the University of Michigan and graduated with honors in 1991. He continued on at University of Michigan Law School to receive his Juris Doctor in 1993.[7]

Entrepreneurial ventures

Lefkofsky began his career selling carpet at the University of Michigan. After law school, in 1993, he and a college friend, Brad Keywell, borrowed money from relatives to buy an apparel company in Madison, Wisconsin named Brandon Apparel.

In 1999, Lefkofsky and Keywell created an early Internet company called Starbelly that specialized in promotional products. Starbelly experienced rapid "pre-bubble" Internet growth and was sold to Halo Industries in January 2000. Lefkofsky joined Halo to become chief operating officer. A little more than a year later, the company went bankrupt. Halo and Starbelly faced multiple lawsuits from shareholders, all of which were resolved by 2004.

After Starbelly, Lefkofsky, co-founded InnerWorkings in the fall of 2001. InnerWorkings provided print procurement services for mid-sized companies and achieved solid year-over-year growth. In August 2006, InnerWorkings had a successful initial public offering in the U.S. stock market (nasdaq: INWK).[8] Lefkofsky was on the board of directors of InnerWorkings until October 2012.

In February 2005, Lefkofsky and Keywell created a freight logistics company called Echo Global Logistics. Echo attracted series D financing from New Enterprise Associates (NEA), one of the largest technology investors in the country, in June 2006. Echo Global Logistics went public on the NASDAQ under the symbol 'ECHO' and is now successfully being traded.[9]

In June 2006, Lefkofsky and Keywell founded MediaBank, a media-buying technology company. MediaBank provides advertising buyers with planning, buying, accounting and analysis software. In June, 2007, MediaBank acquired Datatech,[10] one of the leading media planning and procurement platforms in the advertising industry. In July 2007, New Enterprise Associates invested in MediaBank.[11] In February 2012, the US Department of Justice approved a merger between MediaBank and Donovan Data Systems to create a single company, Mediaocean, in a deal estimated at $1.5 billion.[12]

In January 2007, Lefkofsky co-founded and provided $1,000,000 in funding for ThePoint.com, an online collective action website started by Andrew Mason. New Enterprise Associates led an early stage investment round in ThePoint.[13] In late 2008, The Point changed its name to Groupon.com. In October 2009, Groupon raised $30 million from Accel Partners and New Enterprise Associates.[14] In April 2010, Digital Sky Technology and Battery Ventures invested $135 million in Groupon at a valuation of $1.35 billion. In August 2010, Forbes reported that Groupon is the fastest growing company in history.[15]

In February 2010, Lefkokfsky and Keywell announced a new venture firm called "lightbank" that plans to develop new companies in the Chicago area.[16]

In December 2010, Google offered a reported $6 billion for Groupon. The offer was turned down, possibly due to anti-trust and regulatory scrutiny the deal might face.[17]

In October 2011, Groupon [18] raised $950 million in private funding in January and then paid $810 million to employees and investors. Mr. Lefkofsky and family were paid $398 million of these funds.[19]

In November 2011, Groupon's IPO was the biggest by a US web company since Google, raising $700 million at $20 per share.[20]

In August 2013, Lefkofsky became CEO of Groupon.[21]

Philanthropy

In 2006, Eric Lefkofsky and his wife, Elizabeth, formed a charitable trust, the Lefkofsky Foundation, for the "purpose of supporting charitable, scientific, and educational organizations and causes around the world". The foundation has a focus on children. The foundation has helped fund more than 50 organizations to date.[22]

Community interests

Lefkofsky is on the board of directors at Children's Memorial Hospital in Chicago, the board of directors of The Art Institute of Chicago, the board of directors of The Museum of Science and Industry, and a Trustee of Steppenwolf Theatre Company, a Chicago-based performing arts institution.[23] He is a board member of World Business Chicago, and serves as co-chairman of its Technology Council.[24]

In May 2008, Lefkofsky joined the committee to bring the 2016 Summer Olympics to Chicago, Chicago 2016.

Teaching and writing

Since his success at InnerWorkings, Lefkofsky began a teaching career at business schools in the Chicago area. He previously taught Applied Technology at DePaul University's Kellstadt Graduate School of Business and at the Kellogg School of Management at Northwestern University where he taught a course in disruptive business models. Lefkofsky is currently an Adjunct Professor at the University of Chicago Booth School of Business, teaching a course on entrepreneurship and building technology-based businesses.[25]

In November, Easton Studio Press published Lefkofsky's Accelerated Disruption, a book about how technology affects business.

References

  1. ↑ 1.0 1.1 1.2 Moment magazine: "What Does It Mean To Be Jewish Today? What Do Jews Bring To The World?" by Daphna Berman May/June 2011 | I think of myself first as an American and then as a Jew. That said, I am absolutely connected to Judaism. Being Jewish is simply woven into my fabric, and it’s hard to separate it
  2. ↑ Forbes: The World's Billionaires: Eric Lefkofsky march 2013
  3. ↑ http://umain30.com/2013/08/26/wild-crazy-self-made-billionaires-infographic-entrepreneurs/ gem of corporate world Eric Lefkofsky
  4. ↑ "Groupon Names Eric Lefkofsky CEO, Shares Rise On Q2 Earnings". Forbes. 08/07/2013. 
  5. ↑ "Groupon Founders, NEA Teamed Up Before". Wall Street Journal. November 4, 2011. 
  6. ↑ "World's Billionaires 2011: A Record Year In Numbers, Money And Impact". Forbes. March 9, 2011. 
  7. ↑ "Executive Profile Eric P. Lefkofsky J.D.". Bloomberg Businessweek. Retrieved September 24, 2012. 
  8. ↑ "IPO Home". IPO Home. Retrieved July 24, 2012. 
  9. ↑ "Echo Global Logistics, Inc.". Retrieved November 30, 2009. 
  10. ↑ "RedOrbit". RedOrbit. June 6, 2007. Retrieved July 24, 2012. 
  11. ↑ "Business Wire". Findarticles.com. Retrieved July 24, 2012. 
  12. ↑ "Regulators Approve Donovan, MediaBank Merger Into Mediaocean". 02/29/2012. 
  13. ↑ Lefkofsky, E: "Accelerated Disruption", page 15, Easton Studio Press, 2007
  14. ↑ Yahoo Finance
  15. ↑ "Forbes". Forbes. August 30, 2010. Retrieved July 24, 2012. 
  16. ↑ Chicago Sun-Times
  17. ↑ Nicholas Carlson (December 8, 2010). "Business Insider". Business Insider. Retrieved July 24, 2012. 
  18. ↑ "The Missed Red Flags on Groupon". The New York Times. October 17, 2011. 
  19. ↑ Michelle Conlin; Michelle Chapman (Oct 21, 2011). "Groupon's fall to earth swifter than its fast rise". Associated Press. Retrieved Oct 26, 2011. ""Additionally, there are questions about how the company has used investor money. Traditionally, investor money is used to grow a business before it goes public. But according to Groupon's SEC filings, $810 million of the $946 million it raised went to early investors and insiders. That includes $398 million to Groupon's largest investor, shareholder and executive chairman, Eric Lefkofsky"." 
  20. ↑ http://www.reuters.com/article/2011/11/04/us-groupon-idUSTRE7A352020111104
  21. ↑ "Groupon stock surges 20% after Eric Lefkofsky becomes CEO". 08/07/2013. 
  22. ↑ "Lefkofsky Foundation". Lefkofsky Foundation. September 3, 1974. Retrieved July 24, 2012. 
  23. ↑ Lefkofsky, E: "Accelerated Disruption", dust jacket, Easton Studio Press, 2007
  24. ↑ http://www.worldbusinesschicago.com/growth-plan
  25. ↑ "About | Eric Lefkofsky - Entrepreneur & Professor". Lefkofsky.com. Retrieved July 24, 2012. 

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