Individuals come to the site that best matches what they know a friend or associate would enjoy or the special occasion. Everyone who receives a basket can immediately send a basket to another friend or acquaintance. Each merchant site in the basket asks if the customer would like more information on that company. If the answer is yes, then the customer provides an e-mail address for this information to be sent to. Jay Steinfield, chief executive officer and founder, indicated that there are currently 45 merchants associated with the five sites currently in place.
More merchants are in the works as additional basket sites are developed.
He revealed that they have 60 baskets in development including ones for retirement, college, pets and special interest groups. We are currently working on exclusive co-branded sites and the possibility of selling the basket technology to large merchants. Steinfeld's background in finance and national franchising includes having been vice president of finance for Meineke Discount Muffler Shops Inc. where he assisted in its growth from 35 to over 800 franchises. VC Buzz, that is. The latest buzz on the daily deals coming down in the femtosecond pace of the Venture Capital world.