Eric Lefkofsky Explained

Eric Lefkofsky
Birth Place:Detroit, Michigan, U.S.
Known For:Co-founder, Groupon[1]
Alma Mater:University of Michigan (JD) (BA)
Occupation:Founder and CEO, Tempus AI
Spouse:Elizabeth Kramer
Children:3

Eric Paul Lefkofsky (born September 2, 1969)[2] is an American billionaire businessman. He is the founder of Tempus,[3] and the co-founder of Groupon,[4] Echo Global Logistics (ECHO), InnerWorkings (INWK), and Mediaocean.[5], he is also a co-managing partner of Chicago-based venture capital firm Lightbank.[6] As of October 2021, his net worth was estimated at US$4.1 billion.[7]

Biography

Lefkofsky grew up in Southfield, Michigan.[8] His father, Bill, was a structural engineer, and his mother, Sandy, was a school teacher. He attended Tamarack Camps as a child and later worked there as a member of staff.[9] After graduating from Southfield-Lathrup High School in 1987,[10] he attended the University of Michigan and graduated with honors in 1991.[11] He enrolled at the University of Michigan Law School and received his Juris Doctor in 1993.[12]

Entrepreneurial ventures

After graduating from law school in 1993, Lefkofsky and a college friend, Brad Keywell, borrowed money from relatives to buy Brandon Apparel, a clothing company in Madison, Wisconsin. . In 1999, they created an Internet company, Starbelly, that specialized in promotional products. In January 2000, Lefkofsky and Keywell sold the firm to Halo Industries. Lefkofsky joined Halo as chief operating officer.

In the fall of 2001, Lefkofsky co-founded InnerWorkings, a firm providing print procurement services for mid-sized companies. In August 2006, the company went public with an initial public offering.[13] Lefkofsky was on its board of directors until October 2012.

In February 2005, Lefkofsky co-founded a freight logistics company, Echo Global Logistics. It attracted financing from New Enterprise Associates and went public on the NASDAQ under the symbol 'ECHO' in June 2006.[14]

In June 2006, Lefkofsky co-founded MediaBank, a company providing technology for advertising buyers. In June 2007, the firm acquired Datatech,[15] a media planning and procurement platform. In July 2007, New Enterprise Associates invested in MediaBank.[16] In 2012, a merger between MediaBank and Donovan Data Systems created Mediaocean in a deal estimated at $1.5 billion.[17]

In January 2007, Lefkofsky provided $1 million in funding for ThePoint.com, a collective action website started by ex-InnerWorkings employee Andrew Mason. New Enterprise Associates led an early-stage investment round.[18] In late 2008, the site changed its name to Groupon.com. In October 2009, Groupon raised $30 million from Accel Partners and New Enterprise Associates.[19] In April 2010, Digital Sky Technology and Battery Ventures invested $135 million in Groupon at a valuation of $1.35 billion.

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.[20] In October 2011, Groupon[21] raised $950 million in private funding and then paid $810 million to employees and investors. Lefkofsky and his family were paid $398 million.[22] In August 2013, Lefkofsky became CEO of Groupon;[23] in November 2016, he stepped down as CEO, resuming his role as Chairman.[24]

In July 2014, Lefkofsky was an early investor in Uptake, LLC, an analytics company. In 2016, Lefkofsky founded Tempus,[25] a technology company that enables physicians to deliver personalized cancer care, and is its CEO.

Philanthropy

In 2006, Lefkofsky and his wife, Liz, formed a private charitable trust, The Lefkofsky Family Foundation. Its purpose is to advance high-impact initiatives that enhance the quality of human life in the communities they serve. The foundation has helped fund more than 50 organizations to date.[26]

In 2013, Lefkofsky and his wife joined The Giving Pledge.[27] [28]

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[29] He is a board member of World Business Chicago, and is co-chairman of its Technology Council.[30]

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

Teaching and writing

Lefkofsky taught applied technology at DePaul University's Kellstadt Graduate School of Business. At the Kellogg School of Management at Northwestern University, he taught a course in disruptive business models. He is now an adjunct professor at the University of Chicago Booth School of Business, teaching a course on entrepreneurship and building technology-based businesses.[31]

In November 2007, Easton Studio Press published Lefkofsky's Accelerated Disruption, a book about how technology affects business.

Personal life

In 1997, Lefkofsky married Elizabeth (née Kramer). They have three children.[32] [33] [34]

Notes and References

  1. Web site: Groupon CEO Eric Lefkofsky the Man Behind $19.5M Home Sale. Curbed Chicago. LaTrace, AJ. January 6, 2015.
  2. Web site: Wild and Crazy Self Made Billionaires with Infographic of Entrepreneurs . umain30.com . August 26, 2013 . https://web.archive.org/web/20130827133218/http://umain30.com/2013/08/26/wild-crazy-self-made-billionaires-infographic-entrepreneurs/ . August 27, 2013.
  3. Web site: Lefkofsky Takes On The Big C. Crain's Chicago Business. September 28, 2016. 29 September 2016.
  4. News: Groupon Names Eric Lefkofsky CEO, Shares Rise On Q2 Earnings . Forbes . Tomio . Geron . August 7, 2013.
  5. News: Groupon Founders, NEA Teamed Up Before . . November 4, 2011.
  6. Web site: Eric Lefkofsky . . 2024-06-19.
  7. Web site: Forbes profile: Eric Lefkofsky . Forbes . 14 October 2021.
  8. News: What Does It Mean To Be Jewish Today? What Do Jews Bring To The World? . . 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.
  9. Web site: Groupon Co-Founder, Southfield Native, To Speak At Camp Fundraiser . CBS Detroit. April 11, 2011 .
  10. Web site: Fond Farewell! Former students remember Southfield-Lathrup High. Detroit Jewish News. June 19, 2016 . Other notable Southfield-Lathrup graduates include Quicken Loans and Cleveland Cavaliers owner Dan Gilbert, Groupon co-founder Eric Lefkofsky and Sheldon Yellen, CEO of Birmingham-based Belfor Holdings Inc..
  11. Web site: Bermant . Yoel . Eric Lefkofsky's Groupon Pays Out $43 Million To Add Fashion To His Collection Through Ideeli . Jewish Business News. January 15, 2014 .
  12. News: Executive Profile Eric P. Lefkofsky J.D.. https://archive.today/20130118142709/http://investing.businessweek.com/research/stocks/people/person.asp?personId=166953&ticker=GRPN. dead. January 18, 2013. September 24, 2012. Bloomberg Businessweek.
  13. Web site: IPO Home . IPO Home . July 24, 2012 . https://web.archive.org/web/20080521174457/http://www.ipohome.com/common/ipoprofile.asp?ticker=INWK . May 21, 2008 . dead . mdy-all .
  14. Web site: Echo Global Logistics, Inc.. https://web.archive.org/web/20110326073018/http://www.google.com/finance?q=ECHO. dead. March 26, 2011. November 30, 2009.
  15. Web site: RedOrbit . RedOrbit . June 6, 2007 . July 24, 2012.
  16. News: Business Wire . Findarticles.com . July 24, 2012.
  17. News: Regulators Approve Donovan, MediaBank Merger Into Mediaocean . adexchanger.com . February 29, 2012.
  18. Lefkofsky, E: "Accelerated Disruption", page 15, Easton Studio Press, 2007
  19. Web site: Groupon Raises $30 Million Round Led by Accel Partners with NEA to Support Rapid Growth of Social Commerce . December 2, 2009 . Yahoo Finance . February 28, 2018 . dead . https://web.archive.org/web/20091204020916/https://finance.yahoo.com/news/Groupon-Raises-30-Million-bw-2071385204.html?x=0&.v=1 . Dec 4, 2009 .
  20. Web site: Why Groupon Said No To Google's $6 Billion . Business Insider . Nicholas . Carlson . December 8, 2010 . July 24, 2012.
  21. News: The Missed Red Flags on Groupon . The New York Times . October 17, 2011.
  22. News: Groupon's fall to earth swifter than its fast rise . Associated Press . Michelle . Conlin . Michelle . Chapman . October 21, 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. . October 26, 2011.
  23. News: Groupon stock surges 20% after Eric Lefkofsky becomes CEO . venturebeat.com . August 7, 2013.
  24. Web site: Groupon co-founder Eric Lefkofsky finds buyer for sprawling Glencoe mansion. Goldsborough, Bob. Chicago Tribune.
  25. Web site: Can Eric Lefkofsky save your life?. Crain's Chicago Business. September 30, 2016. 1 October 2016.
  26. Web site: Lefkofsky Foundation . Lefkofsky Foundation . September 3, 1974 . July 24, 2012.
  27. News: Groupon CEO Eric Lefkofsky And Wife Are Latest Billionaires To Join The Giving Pledge . Huffington Post . Kim . Bellware . December 10, 2013.
  28. News: Eric and Liz Lefkofsky pledge half their wealth to charity: They sign the Buffett-Gates Giving Pledge . Chicago Tribune . December 10, 2013.
  29. Lefkofsky, E: "Accelerated Disruption", dust jacket, Easton Studio Press, 2007
  30. Web site: A Plan for Economic Growth and Jobs | World Business Chicago | Economic Development, Chicago, Illinois . 2012-10-17 . dead . https://web.archive.org/web/20121231080938/http://www.worldbusinesschicago.com/growth-plan . December 31, 2012 . mdy-all .
  31. Web site: About | Eric Lefkofsky - Entrepreneur & Professor . Lefkofsky.com . July 24, 2012.
  32. Web site: Mary Kramer obit . Chicago Tribune. March 7, 2010 .
  33. Web site: A Drink With Eric Lefkofsky, CEO of Groupon, Founder of Lightbank . A Drink With. September 18, 2013 .
  34. Web site: Groupon co-founder Eric Lefkofsky finds buyer for sprawling Glencoe mansion. Bob. Goldsborough. chicagotribune.com. March 27, 2018.

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