Page- 4 – In Late 1993: – Amazon……………..
In late 1993 , Bezos decided to establish an online bookstore. He left his job at D. E. Shaw and founded Amazon in his garage on July 5, 1994, after writing its business plan on a cross-country drive from New York City to Seattle.
Bezos initially named his new company Cadabra but later changed the name to Amazon after the Amazon River in South America, in part because the name begins with the letter A, which is at the beginning of the alphabet.
In Late 1993, He accepted an estimated $300,000 from his parents and invested in Amazon. He warned many early investors that there was a 70% chance that Amazon would fail or go bankrupt. Although Amazon was originally an online bookstore,
Bezos had always planned to expand to other products. Three years after Bezos founded Amazon, he took it public with an initial public offering (IPO).
In response to critical reports from Fortune and Barron’s, Bezos maintained that the growth of the Internet would overtake competition from larger book retailers such as Borders and Barnes & Noble.
Bezos receives the James Smithson Bicentennial medal in 2016 for his work with Amazon.
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