Amazon and Corporate Innovation

Amazon and Corporate Innovation

Amazon was founded in 1994 by its current CEO, Jeff Bezos, which was then launched online in 2005 ("History of Amazon," 2014). After reviewing products that were capable of being sold online, Bezos focused his efforts on online book sales. This served as the jumping point for Amazon, before its venture into numerous fields. In 1997, Bezos took Amazon public and within the first year guided amazon towards becoming the first online retailer to exceed one million customers. ("History of Amazon," 2014). Stocks have always proven interesting when it comes to Amazon, providing headaches for investors due to Amazon’s innovation techniques. This past quarter Amazon reported falling stocks, though Amazon grew in its early years amassing 2.26 million customers in March of 1998 ("History of Amazon," 2014). Amazon follows the traditional hierarchy for businesses, with Bezos as the CEO and a board of directors immediately underneath him.

Apart from growth Amazon is more known for another one of its endeavors, innovation. Bezos has said that “Innovation is part of the Amazon DNA and over the past 15 years we have been constantly adding and refining technology that enhances and improves the experience of all our customers” (Curtis, 2013, para. 3). For undeniable proof that Amazon is a world class leader in innovation, a brief excerpt from the list of innovations includes things like 1-click, where all buyer relevant information is stored allowing for simple 1-click purchases. As well as the kindle, an e-reader and tablet directly competing against Apple’s IPad (Curtis, 2013). Amazon is not afraid to venture into new territory, with things like AmazonFresh dealing directly with consumer grocery purchases, a far cry from the humble beginnings as an online book retailer.

A lever of Innovation in Amazon’s Innovation strategy

As said in the course material, “Innovation is not just about new technology; it also includes business model innovation”...