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Amazon was founded in 1995, spurred by what Bezos called “regret minimization framework”, his effort to fend off regret for not staking a claim in the Internet gold rush. Company lore says Bezos wrote the business plan while he and his wife drove from New York to Seattle, although that account is disputed. Bezos flew from New York to Texas, where he picked up a car from a family member, and then drove from Texas to Seattle.
The company began as an online bookstore; while the largest brick-and-mortar bookstores and mail-order catalogs for books might offer 200,000 titles, an online bookstore could offer more. Bezos wanted a name for his company that began with “A” so that it would appear first in lists, like in phone books. He began looking through the dictionary and settled on “Amazon” because it was a place that was “exotic and different” and the river he considered the biggest in the world, like he hoped his company would be. Since 2000, Amazon’s logotype is an arrow leading from A to Z, representing customer satisfaction (as it forms a smile); a goal was to have every product in the alphabet.
Amazon was incorporated in 1994, in the state of Washington. In July 1995, the company began service and sold its first book on amazon.com – Douglas Hofstadter’s Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought.In 1996, it was reincorporated in Delaware. Amazon issued its initial public offering of stock on May 15, 1997, trading under the NASDAQ stock exchange symbol AMZN, at an IPO price of US$18.00 per share ($1.50 after three stock splits in the late 1990s).
Amazon’s initial business plan was unusual: the company did not expect a profit for four to five years. Its “slow” growth provoked stockholder complaints that the company was not reaching profitability fast enough. When the dot-com bubble burst, and many e-companies went out of business, Amazon persevered, and finally turned its first profit in the fourth quarter of 2001: $5 million or 1ยข per share, on revenues of more than $1 billion, but the modest profit was important in demonstrating the business model could be profitable. In 1999, Time magazine named Bezos Person of the Year, recognizing the company’s success in popularizing online shopping.
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