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Learn How Groupon Works! from The Point on Vimeo.

Groupon is a new couponing service that is taking many American cities by storm. Groupon started in November 2008 as part of The Point, a platform for collective action. Through the power of group buying, Groupon offers daily deals at pretty good prices, making it easier for people to enjoy the great things in their communities. Groupon also makes it easier for businesses to stir up customers during a slow season, bring new customers through their door, and get great word of mouth attention. Groupon also uses its consumer collective to lift local communities by featuring local charities and organizing support for community causes.

Today's feature on Chicago's Groupon page was a coupon for half-off french cooking classes at a cooking school in Chicago----Interested bidders needed at least 400 people to bid in order to take advantage of the discount; as of noon, more than 800 people have purchased the course at the discounted price. Not too shabby---watch the video above to learn more about the Groupon service and business model.

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