Word: netting
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Dates: during 1990-1999
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...take advantage of that online explosion? The Net had been, until 1994, a largely commerce-free zone. It was created by the Defense Department to keep its network of computers communicating in case of nuclear attack. The system then evolved into a network over which university and government researchers could exchange messages and data across most computer platforms...
Bezos figured that the average Net start-up had a 1 in 10 chance of success; he gave himself a 30% chance. "That's actually a very liberating expectation, expecting to fail," he says. That's exactly what he told his first investors--family and friends: "I think there's a 70% chance you're going to lose all your money, so don't invest unless you can afford to lose...
...July 4 weekend, Jeff and MacKenzie flew out to Fort Worth, Texas, bid goodbye to his family and headed for Seattle--a city near one of the two big book wholesalers and chockfull of the kinds of Net-savvy people he'd need to hire. MacKenzie drove a 1988 Chevy Blazer that Mike Bezos donated, while Jeff tapped out a business plan on a laptop. On that road trip West, somewhere near the Grand Canyon, Bezos called a lawyer who specialized in start-ups. What do you plan to call your company, the lawyer asked. Bezos liked the sound...
...four years, eBay is worth some $20 billion--more than Sears and J.C. Penney combined--and its stock price has surged 25-fold. The rewards for the key players have been lavish. Whitman, after less than two years at the company, controls shares worth about $1 billion. Skoll's net worth is more than $3 billion. Omidyar's 30% ownership adds up to more than $5 billion...
...shows around the country that are near shutting down." Flea markets could be the next to suffer. When the National Flea Market Association held its annual meeting in Orlando, Fla., in October, 100 members jammed into a session on the Internet future to hear dire predictions of what the Net would do to their land-based businesses...