Seventy-four percent off a teeth whitening? Nearly 60 percent off a Majestic Pet Bagel Bed? The complete series of “24” for $246 off? We know; the deals sound too good to be true. We also know you’re compelled to empty your wallets just to rack up the savings, no matter how ridiculous the product might sound.
Oh, you realized you love “Law & Order: SVU” more than “24,” and you have this sinking pit in your stomach that you just wasted over $100? For that, we prescribe CoupFlip.
Founded by three second-year MBA students at Dartmouth’s Tuck School of Business, CoupFlip immediately purchases deals so that you’re not stuck with unwanted deals from Groupon and LivingSocial — or that complete series of “24.” And by doing this, not only is CoupFlip able to take the burden off your wallet, but they’re also able to unlock more than two billion dollars of unused value.
In 2009, CoupFlip’s CEO Phil McDonnell attended a marketing pitch by Groupon, where one statistic stood out to him: 20-40 percent of Groupons go unused. After enrolling in Dartmouth’s MBA program, McDonnell started discussing the potential idea with two of his classmates, Fred Schwarz and Mike Cwalinski, intrigued by the wasted value of those assets. The trio then decided they were going to do something about the waste by turning it into a business.
McDonnell mentions the “daily deal-oholics,” claiming he’ll see people buying new deals every few days. “They must sell half of their deals to us,” he says. “At some point, you need to wonder if you’re going to go on that third skydiving trip.”
But, why CoupFlip and not, say, CoupRecoup? CoupFlip buys their customers coupons instantly. No longer do you have to wait around, hoping that someone buys your deal before the expiration date. CoupFlip takes that hassle away for you by offering a price right on the spot. The price factors in the coupon’s expiration date and how popular the original deal was, among other things, yet any price is better than no price, right?
CoupFlip’s slowly been building here in Boston, and expect to launch in the city within the next couple of weeks. Beyond the launch, McDonnell claims they’re focused on developing a mobile app. “And long-term is really an expansion,” he says. “We want to get it right in Boston first and make sure everyone is happy before we reproduce it elsewhere.”
To hear more from McDonnell and the team, just check out the video below.