Amazon was founded this day in 1994.
Jeff Bezos got started in his garage.
Here’s more on the journey... 🧵
Jeff Bezos got started in his garage.
Here’s more on the journey... 🧵
Bezos was working at a hedge fund and wanted to start an Internet company.
“Web usage was growing at 2,300% a year. So I decided to find a business that made sense in the context of that growth.”
“Web usage was growing at 2,300% a year. So I decided to find a business that made sense in the context of that growth.”
Bezos moved to Seattle from NYC and started Amazon in his house.
One problem? Not have enough power.
“We had to string these big, orange extension cords from every room in the house to get enough power into the room where the office was.”
One problem? Not have enough power.
“We had to string these big, orange extension cords from every room in the house to get enough power into the room where the office was.”
Power struggles aside, Bezos forged ahead.
He was on the hunt for talent.
Here was his first job posting:
He was on the hunt for talent.
Here was his first job posting:
The website went live in 1995.
Here’s how it looked in the early days:
Here’s how it looked in the early days:
Bezos later had a laugh over the first site
“I wrote all of this HTML myself.”
“I wrote all of this HTML myself.”
Initially, some customers weren’t sure how to use Amazon.
Bezos later recalled an early order, where the customer paid with cash:
“They took two $100 bills and put them inside a floppy disk. And then they mailed us the floppy disk.”
Bezos later recalled an early order, where the customer paid with cash:
“They took two $100 bills and put them inside a floppy disk. And then they mailed us the floppy disk.”
Eventually, customers figured it out.
But Amazon’s warehouses didn’t exist.
In 1995, it was Bezos on the floor, helping to pack up the orders.
He later recalled wanting to use knee pads to speed up deliveries.
But Amazon’s warehouses didn’t exist.
In 1995, it was Bezos on the floor, helping to pack up the orders.
He later recalled wanting to use knee pads to speed up deliveries.
Knee pain aside…the orders kept coming.
Sales reached $511,000 in year one.
They soared to $15.7 million in year two.
Time named it one of the best sites.
And Wall Street took notice…
Sales reached $511,000 in year one.
They soared to $15.7 million in year two.
Time named it one of the best sites.
And Wall Street took notice…
So in 1997, Amazon went public.
It was unprofitable.
But Wall St loved internet stories.
Bezos was a millionaire.
By 1999, he was a billionaire.
But he was in the same office…
…with a desk made out of a door.
The message: spend money on things that matter to customers.
It was unprofitable.
But Wall St loved internet stories.
Bezos was a millionaire.
By 1999, he was a billionaire.
But he was in the same office…
…with a desk made out of a door.
The message: spend money on things that matter to customers.
But it wasn’t long before the dot com bubble burst.
In 2000, Amazon shares fell 80%.
Here’s what Bezos told investors:
In 2000, Amazon shares fell 80%.
Here’s what Bezos told investors:
Here’s Bezos on why he felt confident in the business, despite the stock drop:
And as tech stocks continued to struggle, Bezos kept his eye on the future.
In the years ahead, Amazon rolled out:
*Prime (2005)
*AWS (2006)
*Kindle (2007)
Bezos constantly preached innovation.
“The big winners pay for thousands of failed experiments.”
In the years ahead, Amazon rolled out:
*Prime (2005)
*AWS (2006)
*Kindle (2007)
Bezos constantly preached innovation.
“The big winners pay for thousands of failed experiments.”
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