In 1994, realizing the commercial potential of the Internet and determining that books might sell online, Jeff Bezos founded Amazon. He initially called the business Cadabra (as in abracadabra), later changed the name of the start-up to ‘Amazon’- a South American river.
In 1995, Bezos invited friends to check out the beta version of Amazon’s website. Amazon.com went live to the general public on 16th July 1995. The company called itself as “Earth’s biggest bookstore”.
On 16th July 1995, Amazon opened for business as an online bookseller. Within a month, the retailer had shipped books to all 50 U.S. states and to 45 countries. “Get big fast” was the motto. Today, Amazon morphed into an e-commerce colossus, selling everything from food to furniture and revolutionized the way people shop.
27 years after Amazon, we can say the American start-up is dying. 20 years ago, the U.S. was home to 95% of global start-up activity. Today, that number is less than half. The world may never see another Amazon.com!