Jeff Bezos took the world by surprise with the creation of Amazon. Before Amazon existed, people would have to physically go to stores to purchase goods – this wastes valuable time and money. Now, the world would seem unrecognizable without Amazon.
Though Amazon was created to sell books online, Bezos had big dreams for his company. Although Bezos didn’t have much, he dreamt big and put his life and soul into this company. He himself invested $10,000 in Amazon and began selling books from his garage. Even though Amazon is now seen as a revolutionary company, people didn’t praise it at first. People disagreed with the National Science Foundation’s decision to use the internet this way, but soon people began to adapt, and thus embraced it. After a month of operations, Amazon had reached forty-five countries and was selling in all fifty states. Amazon soon began to raise capital and went public in May, 1997, with a valuation of $300 million. Amazon started their third-party marketplace from which other purveyors could sell their goods. Later, in 2003, the company launched Amazon Web Services. AWS licensed Amazon’s electronic shopping platform to other companies. Now, AWS is a dominant cloud hosting service that makes up a significant portion of Amazon’s revenue.
From this point on, Amazon skyrocketed. They later launched their prime system. Guaranteed two-day shipping seemed utterly impossible, but Bezos got it done. Now, there are an estimated 142 million shoppers in the U.S. who use Amazon Prime. They then expanded their multi-million dollar company when they launched Amazon Alexa in 2014. Alexa is a virtual assistant developed by Amazon, which was the first of many entirely voice-controlled electronic assistants. They then bought Ring, an intelligent home system, which was rejected by the hosts of Shark Tank. However, this proved to be a mistake as “Jumpshot estimates the Amazon-owned company sold nearly 400,000 Ring security devices, including its video cameras and doorbells, in December, making it the single biggest month for sales to date.”
Bezos is now stepping down as CEO of Amazon after becoming one of the wealthiest people in the world. 27 years after selling books out of a garage, Amazon is now the third most valuable U.S. company with a market capitalization of $1.7 trillion. Like everything in life, Amazon has gone through its ups and downs; but, it is currently going through an incredible trajectory, effectively making it one of the most successful companies.