We’re all deal news this morning, aren’t we? Lot18 raises money, Groupon has a surprisingly-healthy trading day and Juice in the City launches in New York. Gilt Groupe, another subscriber-based deals business, is also growing like gangbusters, apparently. Although you gotta wonder where all these business will be after the recession ends and people remember that discounts are gauche.
Anyway, Gilt Groupe now has an astonishing 800 employees, founder Kevin Ryan tells WNYC, and he’s been personally interviewing one new hire a day. “It’s the single most important thing I do, making sure that the top 60 or 80 people in the company are really great is really important, ‘cause that sets the tone for everything else,” he said.
So is Gilt going to rock an IPO? It seems to be a matter of not if, but when. “It depends on the valuation first of all, but investors own part of the company and employees own a big piece of the company, about 20 percent,” Mr. Ryan said in answer to the question of who will profit off Gilt’s public offering.
With all that hiring, visas for workers is no. 1 on Mr. Ryan’s economic development wish list. “We’re gonna hire technology people. A lot of them don’t live in the United States. So either they’re going to come to the United States and we’re gonna hire them, or or we’ll have to employ them there,” he said.