How can beeconomic be worthed S$24 million? WTF!

[shOUTloud]

So I read today's Sunday Times and there it was, two Aussies hitting the big time selling a company they set up earlier THIS year (May 2010 to be exact) for less than 100k (if I remember correctly) to Groupon for S$24million.

WTF? I have not even heard of Beeconomic before today and it is a bloody Groupon clone. I think Groupon just wants to inflate its value before selling to Google (Google bidding upwards of US$6 billion).

Congrats to the Aussies and Groupon does have money to throw but it is really a story of luck shining on two wannabes. Groupon and Beeconomic's business models are crap though.

BTW, there is another website, www.deal.com.sg and they are fucked cos now Beeconomic is part of Groupon and they have $$ to burn. Somebody wins and the rest lost, big time.

 

[cooleo]

I have never heard of Beeconomic either. Another classic example of dua kang yao siu?

 

[Zombie]

So I read today's Sunday Times and there it was, two Aussies hitting the big time selling a company they set up earlier THIS year (May 2010 to be exact) for less than 100k (if I remember correctly) to Groupon for S$24million.

it is guesstimated at USD24m, they did not disclose the actual figure

 

[johnny333]

I have never heard of Beeconomic either. Another classic example of dua kang yao siu?

If got money to burn, maybe it's linked to Temasek

I sometimes wonder if someone at Temasek is deliberately buying worthless dummy companies(shell companies) at the expense of tax payers $$$.

Nope nothing like that would ever happen in Spore. We've got such honest people at Temasek

 

[shOUTloud]

If got money to burn, maybe it's linked to Temasek

I sometimes wonder if someone at Temasek is deliberately buying worthless dummy companies(shell companies) at the expense of tax payers $$$.

Nope nothing like that would ever happen in Spore. We've got such honest people at Temasek

You are jumping to conclusions here. This internet buy-out is not related to Temasek but with the biggest fish in the internet pond today - Google.

 

[cooleo]

http://www.beeconomic.com/HowItWorks.aspx

How it works
1. Each day we feature one sweet deal on cool things to do,
see and taste in Singapore.
2. You only get the deal if enough people buy it, so invite all
your friends! Share it on Facebook, Twitter and via email.
3. When the deal ends we'll email you a coupon so you
can enjoy your purchase!

Sounds pretty fucked up. Nothing creative about this at all. My arse can pull something out like dis anytime of the day. :oIo:

 

[shOUTloud]

http://www.beeconomic.com/HowItWorks.aspx

Sounds pretty fucked up. Nothing creative about this at all. My arse can pull something out like dis anytime of the day. :oIo:

That is precisely my point! This business has almost zero barrier to entry. They are an aggregator. Anyone with a long emailing list can do what they are doing.

How can it be worth US$24 million? I am still shocked.

 

[ivebert]

How you know this is true?

You actually trust ST's reports?

 

[Leongsam]

http://www.webtrafficagents.com/WebSitevalue/WebSiteWorth.aspx

Estimated Value* beeconomic.com $29,793.10

<table style="height: 68px;" border="0" width="100%"><tbody><tr> <td style="width: 189px;" align="right"> Daily Ad Earnings: </td> <td align="left"> $26.68 </td></tr><tr><td style="width: 189px;" align="right">Daily traffic Earnings: </td><td align="left"> $16.50 </td></tr><tr><td style="width: 189px;" align="right"> Potential Annual Earnings: </td><td align="left"> $12,521.74 </td></tr></tbody></table>

 

[johnny333]

You are jumping to conclusions here. This internet buy-out is not related to Temasek but with the biggest fish in the internet pond today - Google.

In this case Temasek may not be involved, but as we have seen how a few bad apples can siphon off enough of tax-payers $$$ from the system for a few Lamborghinis.

One has to wonder about what really goes on in Temasek since there's no independant auditors? Could it be a case of fraud rather than incompetence?

As long as the PAP has control we'll never really know the real story

 

[Dreamer1]

In this case Temasek may not be involved, but as we have seen how a few bad apples can siphon off enough of tax-payers $$$ from the system for a few Lamborghinis.

One has to wonder about what really goes on in Temasek since there's no independant auditors? Could it be a case of fraud rather than incompetence?

As long as the PAP has control we'll never really know the real story

I doubt really if someone is there to beat the world setting record of Madam Ho.

She single handedly pumped in S$400-500 million into one Aussie milkman,and the whole thing disappeared after say 12-20 months.

Is there someone more brilliant to beat her?I doubt it but of course I dsatand corrected.

Thank you. very much.

 

[silverfox@]

So I read today's Sunday Times and there it was, two Aussies hitting the big time selling a company they set up earlier THIS year (May 2010 to be exact) for less than 100k (if I remember correctly) to Groupon for S$24million.

WTF? I have not even heard of Beeconomic before today and it is a bloody Groupon clone. I think Groupon just wants to inflate its value before selling to Google (Google bidding upwards of US$6 billion).

I think the 24mill is inflated. It's a valuation of it, but as to how much was really offered could be much lower.

Groupon's concept is not bad and they buy Beeconomic to really show their intent on going for monopolization, a bit like Ebay. If Facebook does the thing that Groupon is doing, I think it will prove to be a fierce competition for Groupon. :o

As for Google, it wants to monopolize the world wide web I guessed. Leave no hot money alone.