The success story features Jeffrey P. Bezos, the founder of Amazon, which is a live example of innovation.
Amazon is the only company which generates $61 billion as an annual revenue, and although it holds the title of the world’s largest online retailer.
In the first place it was started at Bezos’s garage at initial level.
Amazon Current Stats
Industry: Online Retailer
Number of Employees: 97000
Annual Revenue: $61 Billion
Famous/ Popular for: World’s largest online Retailer
How Amazon really get started
The year was 1994, and Jeffrey P. Bezos was typically working at Wall Street.
At 30 Years old, he started to see the revolution in internet taking place of the manpower in industry market, and made the decision to leave the job behind and start an evolving internet company.
“Jeffrey P. Bezos works as statistics, he get to know that the web usage in the spring of 1994 was rising at 2300 percent in a year.
He knew that these things just don’t grow that much fast, so his thoughts started counting that it’s really unusual.
He was seeking for a kind of business plan which really makes sense in this context of internet growth.”
After creating a list of top 20 products, that he believed to be potentially sell on internet. He decided to choose books because of their low cost and generally the universal demand.
And also it turns out, as it was just the beginning…
The initial base of capital for startup came from his parents personal savings.
Source: From an interview with Jeff Bezos towards the Academy of Achievement.
The investment of capital for the initial level of startup came from his parents, and they invested really a large fraction from their whole life savings, and this is why it turned into Amazon.com
And this was really hard for his parents to trust and believe on this whole new internet thing startup.
Years to Profitability
Within the time period of two months, amazon’s sales were raised up to $20,000 per week. However the company continued to work and their revenue was converted into growth.
Amazon company finally continued to focus on long term growth and revenue keeps rising.
1995: Jeff Bezos raised an $8 Million round of fund from the investor Kleiner Perkins.
1997: Amazon company went to public at $18 per share value.
1999: Jeff Bezos was named in Time Magazine’s “Person of the Year” for popularizing in online shopping industry.
2009: Jeff Bezos acquires Tony Tsieh’s Zappos through a stock exchange.
2013: Jeff Bezos acquires the Washington Post.
Companies Amazon Has Acquired:
Amazon has made over 44 company takeover over the years. It’s first Acquisition was in nearly 1998.
1998: Junglee, PlanetAll, Bookpages.co.uk (later than it became Amazon UK).
1999: Internet Movie Database (IMDb), Alexa, Accept.com, and Exchange.com Acquisition
2003: CDNow (Defunct)
2004: Joyo.com, The popular e-commerce site in China.
2005: Mobipocket.com, BookSurge, and CreateSpace.com.
2006: Shopbop, women’s luxury retailer.
2007: Brilliance Audio and DPReview.com
2008: Audible.com, Box Office Mojo, Fabric.com, AbeBooks, Shelfari, and Reflexive Entertainment.
2009: Lexcycle, Zappos, SnapTell, Stanza (Kindle Rival).
2010: Touchco, Quidsi, BuyVIP, Woot, and Amie Street.
2010: Toby Press
2011: Yap and LoveFilm, The Book Depository, Pushbutton
2012: Teachstreet, Kiva Systems, and Evi
2013: GoodReads, IVONA Softwar, and Liquavista
Jeff Bezos Startup Advice-
We were stubborn on our vision.
We were flexible on each details.
We dont give up on things easily.
It took almost three tries to get the third party seller in the business to work but they didn’t give up. Neither should you
Much Obliged for Reading