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History of Amazon
Amazon is an American multinational technology company which focuses on e-commerce, cloud computing, and digital streaming. It has been referred to as "one of the most influential economic and cultural forces in the world", and is one of the world's most valuable brands.
Amazon was founded by Jeff Bezos from his garage in Bellevue, Washington, on July 5, 1994. Initially an online marketplace for books, it has expanded into a multitude of product categories: a strategy that has earned it the moniker "the everything store". It has multiple subsidiaries including Amazon Web Services (cloud computing), Zoox (autonomous vehicles), Kuiper Systems (satellite Internet), Amazon Lab126 (computer hardware R&D). Its other subsidiaries include Ring, Twitch, IMDb, MGM Holdings and Whole Foods Market.
The company was created as a result of what Jeff Bezos called his "regret minimization framework" – to avoid regretting, in his old age, not having tried to participate in the emerging internet with his own startup. In 1994, Bezos left his job as a vice president at D. E. Shaw & Co., a Wall Street firm, and moved to Seattle, Washington, where he began to work on a business plan for what would become Amazon.com.
On July 5, 1994, Bezos initially incorporated the company in Washington state with the name Cadabra, Inc. After a few months, he changed the name to Amazon.com, Inc, because a lawyer misheard its original name as "cadaver". Bezos selected this name by looking through a dictionary; he settled on "Amazon" because it was a place that was "exotic and different", just as he had envisioned for his Internet enterprise. The Amazon River, he noted, was the biggest river in the world, and he planned to make his store the biggest bookstore in the world. Additionally, a name that began with "A" was preferred because it would probably be at the top of an alphabetized list. Bezos placed a premium on his head start in building a brand and told a reporter, "There's nothing about our model that can't be copied over time. But you know, McDonald's got copied. And it's still built a huge, multibillion-dollar company. A lot of it comes down to the brand name. Brand names are more important online than they are in the physical world."
In its early days, the company was operated out of the garage of Bezos's house on Northeast 28th Street in Bellevue, Washington. Shel Kaphan was the programmer at the company's inception.
After reading a report about the future of the Internet that projected annual web commerce growth at 2,300%, Bezos created a list of 20 products that could be marketed online. He narrowed the list to what he felt were the five most promising products, which included: compact discs, computer hardware, computer software, videos, and books. Bezos finally decided that his new business would sell books online, because of the large worldwide demand for literature, the low unit price for books, and the huge number of titles available in print. Amazon was founded in the garage of Bezos' rented home in Bellevue. Bezos' parents invested almost $245,573 (equivalent to $506,800 in 2024) in the start-up.
On July 16, 1995, Amazon opened as an online bookseller, selling the world's largest collection of books to anyone with World Wide Web access. The first book sold on Amazon.com was Douglas Hofstadter's Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought. In the first two months of business, Amazon sold to all 50 states and over 45 countries. Within two months, Amazon's sales were up to $20,000 per week. In October 1995, the company announced itself to the public. In 1996, it was reincorporated in Delaware. Amazon issued its initial public offering of capital stock on May 15, 1997, at $18 per share, on the NASDAQ stock exchange under the symbol AMZN.
Barnes & Noble sued Amazon on May 12, 1997, alleging that Amazon's claim to be "the world's largest bookstore" was false because it "...wasn't a bookstore at all. It's a book broker." The suit was later settled out of court and Amazon continued to make the same claim.
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History of Amazon
Amazon is an American multinational technology company which focuses on e-commerce, cloud computing, and digital streaming. It has been referred to as "one of the most influential economic and cultural forces in the world", and is one of the world's most valuable brands.
Amazon was founded by Jeff Bezos from his garage in Bellevue, Washington, on July 5, 1994. Initially an online marketplace for books, it has expanded into a multitude of product categories: a strategy that has earned it the moniker "the everything store". It has multiple subsidiaries including Amazon Web Services (cloud computing), Zoox (autonomous vehicles), Kuiper Systems (satellite Internet), Amazon Lab126 (computer hardware R&D). Its other subsidiaries include Ring, Twitch, IMDb, MGM Holdings and Whole Foods Market.
The company was created as a result of what Jeff Bezos called his "regret minimization framework" – to avoid regretting, in his old age, not having tried to participate in the emerging internet with his own startup. In 1994, Bezos left his job as a vice president at D. E. Shaw & Co., a Wall Street firm, and moved to Seattle, Washington, where he began to work on a business plan for what would become Amazon.com.
On July 5, 1994, Bezos initially incorporated the company in Washington state with the name Cadabra, Inc. After a few months, he changed the name to Amazon.com, Inc, because a lawyer misheard its original name as "cadaver". Bezos selected this name by looking through a dictionary; he settled on "Amazon" because it was a place that was "exotic and different", just as he had envisioned for his Internet enterprise. The Amazon River, he noted, was the biggest river in the world, and he planned to make his store the biggest bookstore in the world. Additionally, a name that began with "A" was preferred because it would probably be at the top of an alphabetized list. Bezos placed a premium on his head start in building a brand and told a reporter, "There's nothing about our model that can't be copied over time. But you know, McDonald's got copied. And it's still built a huge, multibillion-dollar company. A lot of it comes down to the brand name. Brand names are more important online than they are in the physical world."
In its early days, the company was operated out of the garage of Bezos's house on Northeast 28th Street in Bellevue, Washington. Shel Kaphan was the programmer at the company's inception.
After reading a report about the future of the Internet that projected annual web commerce growth at 2,300%, Bezos created a list of 20 products that could be marketed online. He narrowed the list to what he felt were the five most promising products, which included: compact discs, computer hardware, computer software, videos, and books. Bezos finally decided that his new business would sell books online, because of the large worldwide demand for literature, the low unit price for books, and the huge number of titles available in print. Amazon was founded in the garage of Bezos' rented home in Bellevue. Bezos' parents invested almost $245,573 (equivalent to $506,800 in 2024) in the start-up.
On July 16, 1995, Amazon opened as an online bookseller, selling the world's largest collection of books to anyone with World Wide Web access. The first book sold on Amazon.com was Douglas Hofstadter's Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought. In the first two months of business, Amazon sold to all 50 states and over 45 countries. Within two months, Amazon's sales were up to $20,000 per week. In October 1995, the company announced itself to the public. In 1996, it was reincorporated in Delaware. Amazon issued its initial public offering of capital stock on May 15, 1997, at $18 per share, on the NASDAQ stock exchange under the symbol AMZN.
Barnes & Noble sued Amazon on May 12, 1997, alleging that Amazon's claim to be "the world's largest bookstore" was false because it "...wasn't a bookstore at all. It's a book broker." The suit was later settled out of court and Amazon continued to make the same claim.