The Spark of Invention
"Summer 1995...I wanted to invest in an IPO for gaming company. The company went public at $15 a share. My broker calls me and says, 'Well, you got the stock at $24. ' I'm like, ' How come?' He said, 'Well, $15 was the ideal price, not the price that people like you can get.' I was like, 'What do you mean people like me?' The takeaway was that the theory of efficient markets is really great- in theory. In practice, regular people are locked out.
I started thinking. This internet thing- maybe I could use it to help people bring power of financial markets to regular people. Of course, regular people aren't selling stocks in their households. They're selling stuff. I thought, There's a real opportunity to create a marketplace that could bring the power of efficient markets to regular people. So that's what I did that Labor Day in 1995."- Pierre Omidyar, E-Bay founder
Pierre started Ebay in order to solve a problem. He felt the problem when he could not purchase a good at the price that was advertised. He then realized that this problem exists for all of us. Lastly, he realized that the opportunity for many folks was different than what he was trying to take advantage off. This process is the spark.
Unfortunately, most of us do not think that way. If we have a problem we most often just get mad and complain. We might think of a solution to that specific problem. And that is where it ends.
The difference is that we don't always look for the need. Pierre realized that the need was in a completely different arena. By understanding the pain he and others felt and then transferring that pain into a solution to the need he succeeded.
Today's question is:
"Can you transfer the pain into the spark?"
"Summer 1995...I wanted to invest in an IPO for gaming company. The company went public at $15 a share. My broker calls me and says, 'Well, you got the stock at $24. ' I'm like, ' How come?' He said, 'Well, $15 was the ideal price, not the price that people like you can get.' I was like, 'What do you mean people like me?' The takeaway was that the theory of efficient markets is really great- in theory. In practice, regular people are locked out.
I started thinking. This internet thing- maybe I could use it to help people bring power of financial markets to regular people. Of course, regular people aren't selling stocks in their households. They're selling stuff. I thought, There's a real opportunity to create a marketplace that could bring the power of efficient markets to regular people. So that's what I did that Labor Day in 1995."- Pierre Omidyar, E-Bay founder
Pierre started Ebay in order to solve a problem. He felt the problem when he could not purchase a good at the price that was advertised. He then realized that this problem exists for all of us. Lastly, he realized that the opportunity for many folks was different than what he was trying to take advantage off. This process is the spark.
Unfortunately, most of us do not think that way. If we have a problem we most often just get mad and complain. We might think of a solution to that specific problem. And that is where it ends.
The difference is that we don't always look for the need. Pierre realized that the need was in a completely different arena. By understanding the pain he and others felt and then transferring that pain into a solution to the need he succeeded.
Today's question is:
"Can you transfer the pain into the spark?"
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