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How did one man use the web to turn a broken laser pointer into a $51billion company, creating an on-line shopping phenomenon that made him a fortune? A fortune so vast he now devotes his life to ‘responsibly’ giving it away.
eBay was founded by Frenchman Pierre Omidyar in his San Jose living room in 1995 as a market place for the sale of goods and services E-Bay turns tat into treasure, to the tune of $4.5 billion a year. And Britain is the world's busiest eBay nation.
As we compare and contrast the eBay story with other online retail successes and failures a picture emerges of a period in on line history where every thing was up for grabs, with winners and losers doing so in equally spectacular effect.
After graduating with a degree in Computer Science, Pierre worked developing software for Apple before founding Ink Development Corp in 1991. The company included an internet shopping segment that was later named EShop Inc.
Pierre was intrigued by the technical problem of establishing an online venue for direct person-to-person auction of collectible items. He created a simple prototype on his personal web page, and launched an online service called Auction Web in 1995. The business exploded as correspondents began to register and trade goods of an unimaginable variety.
Omidyar incorporated the enterprise; the fee he collected on each sale financed the expansion of the site. The revenue soon outstripped his salary at General Magic and he quit to dedicate his full attention to his new enterprise. Business expanded rapidly and he changed the company's name to eBay in 1997, and began to advertise the service.
By the middle of that year, eBay was hosting nearly 800,000 auctions a day. By the time eBay went public in 1998, the site had more than a million registered users, and by the end of the year, the value of Pierre’s personal stake in the company was nearly $3 billion.
We hear from Omidyar and those who’ve played a part in the story. We also offer an overview off the rise of e-tailing in the UK, what site’s people use and the extraordinary stories that have come about during to the rise of the web.
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- What big ideas do you wish you'd thought of?
- What kind of items do you like to buy online?
- What was your first ever online purchase?
- Do you ever sell on eBay or other auction sites?
- What's the best ever bargain you've got on eBay?
- What are your tips for finding bargains on eBay?
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