Word: internet
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Dates: during 1990-1999
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...When he called and said he wanted to sell books on the Internet, we said, 'The Internet? What's that?'" remembers Mike Bezos, who initially questioned his son's sanity when he heard him say he was quitting his cushy job to start a company that would probably fail. But this was Jeff, after all, and his parents trusted him and believed in him every moment of his life. In the end, "we talked about it for two minutes," says Jackie Bezos. They ponied up $300,000, a huge chunk of the money they had saved for retirement. "We didn...
This is how Amazon's other half lives. At least 40% of the work force labors in a distribution center or customer-service center. It's the blue-collar work of the Internet. Neon hair, body piercings and non-Caucasian skin tones are generously represented. And so is the Amazon work ethic. "You have to prove yourself," says Edwards, 30, who came here from a print shop. "But once they notice that you're on time, hardworking and consistent, good things happen. Some people are really motivated," he says, as a headphoned airhead ambles by. "Others aren't motivated...
...industry that's all of four years old, the dollar amounts are staggering: $4.5 billion in sales this year, and an estimated $15.5 billion by 2001. eBay is the dominant player in the online-auction world, with 7.7 million registered users bidding on some 3 million items. But other Internet heavyweights are hard at work trying to break off some of the market for themselves. Amazon.com added an auction site last spring. (It appears to be starting slowly; as of October, eBay had more than five times as many visitors as Amazon.com's auction site). Yahoo, the most visited site...
...more over what items should cost. And they are likely to further erode the economic barriers between nations, speeding the way to a single world market. The full effects of eBay's hyperefficient, banish-the-middleman revolution haven't yet been felt, but one thing is clear: the pre-Internet model of buying and selling is going, going...
...collected Pez dispensers, was bemoaning how hard it was to find other people to trade with in the San Francisco Bay Area. Omidyar was already an e-commerce pioneer (Microsoft eventually bought out eShop, a company he co-founded), but lately he had been wrestling with how the Internet could be used to create fairer markets. The Pez dilemma led Omidyar to the flash of an idea: an Internet auction site could function as the ultimate efficient market...