Coffee Meets Bagel: Business Model & Company Vision (post 4)

 Coffee Meets Bagel is an online / internet dating application that first launched in May of 2011 in Boston Massachusetts; however, its headquarters is now located in San Francisco California. The mobile app is currently led by two of its founders, Arum Kang and Dawoon Kang and they are the two co-CEOs that run the company. Coffee Meets Bagel employs a unique business, one that advocates that their respective value propositions are an alternative to other popular dating apps, and that their service offerings are what differentiate themselves from their competitors such as Tinder, Bumble, and Hinge. As a result, the coffee meet bagel business model is aimed at presenting its users with a more meaningful version of a dating app for people who are tired of meaningless connections. In January of 2015, the company was just a small Startup business with very little funding. As a result, the sisters made a bid for investment in an episode of the reality television show Shark Tank. The intent was to get a Shark investor to help with monetization and to expand the app’s reach. They’re refusal to accept one of the highest offers in show history that was made to purchase the dating app outright demonstrated their commitment to fulfilling their mission to grow the app and carry out the aims and interest of their strategic business model. As stated in an interview with ABC news following the show, CEO Dawoon Kang stated, “We would not have accepted any buyout offers at this point, even from Mark Cuban… the reason is we know we can grow Coffee Meets Bagel to be a much bigger company—this generation’s Match.com—and to sell our company right now, we would have sold ourselves and the vision short” (ABC News, 2:12). 

Works Cited:

ABC News. (2015). Coffee Meets Bagel, the Dating App that Turned Down 'Shark Tank' Offer. https://abcnews.go.com/Nightline/video/coffee-meets-bagel-dating-app-turned-shark-tank-32725517

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