E-Bay

In: Business and Management

Submitted By vic1645
Words 1218
Pages 5
Victor Markovski
March 5, 2012
Professor Fitzpatrick e-Bay AuctionWeb soon took over Pierre's entire domain, www.ebay.com, short for Echo Bay, which was the name of his consulting firm at the time. When the eBay had taken off, Pierre realized eBay became very time consuming task. Pierre then came up with the idea to charge a fee of twenty-five cents to slow the use of the website. Pierre’s idea was unsuccessful; Pierre then hired someone to open all of the envelopes that were coming in. Pierre then quit his job and began his new venture. Pierre soon realized he could not expand the company alone. Chris Agarpao was hired as eBay's first employee and Jeffrey Skoll was hired as the first president of the company in early 1996. In November 1996, eBay entered into its first third-party licensing deal, with a company called Electronic Travel Auction to use SmartMarket Technology to sell plane tickets and other travel products. Growth was phenomenal; in January 1997 the site hosted 2,000,000 auctions, compared with 250,000 during the whole of 1996. The company officially changed the name of its service from AuctionWeb to eBay in September 1997. Originally, the site belonged to Echo Bay Technology Group, Omidyar's consulting firm. Omidyar had tried to register the domain name echobay.com, but found it already taken by the Echo Bay Mines, a gold mining company, so he shortened it to his second choice, eBay.com. As the amount of auctions grew dramatically within a year, eBay was left with the decision how to bring the company to its next phase. In 1997, the company received $6.7 million in funding from the venture capital firm Benchmark Capital. eBay was still missing something, and they needed to figure out there brand. Employees were complaining the company had no identity, and there was not enough information about the company’s future direction or brand. In…...

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