Photo Credit: James Duncan Davidson/Flickr
Legend has it that the founding of Amazon is a classic story of a guy pulling himself up by his own bootstraps. In 1994, a bright, young fellow named Bezos heads off to the Seattle suburb of Bellevue, with not much going for him but old-fashioned pluck and a unique idea: selling books on this new thing called the Internet. Some called him crazy, but the bold entrepreneur got his online “bookstore” started in his garage in 1995. And lo, 19 years later, it has sales of nearly $100 billion a year and has made Bezos the 13th-richest American.
Amazon did open for business in a Seattle garage, but guess where it was conceived? Wall Street! For the eight years between graduating from Princeton and landing in Bellevue, Bezos was a very well paid Wall Street investment banker. In 1994, while working at D.E. Shaw, a powerhouse hedge fund, he came across a report showing that Internet marketing was about to boom, expected to grow by 2,300 percent a year. That’s when—click!—the Amazon light bulb lit up in Jeff’s head.
By the way, Amazon’s now-iconic brand name was not Bezos’ first choice. It was initially incorporated as “Cadabra,” as in abracadabra. But that sounded too much like "cadaver." Then came a suggestion he really, really, connected with: “Relentless.” How perfect that would’ve been! But wiser heads prevailed. So Bezos finally settled on Amazon, noting with typical modesty that the mighty Amazon River is the largest, most powerful river in the world—literally a force of nature.