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It is not everyday that a commercial institution receives an innovation award but today EBay (San Jose, Calif.) Awarded for pioneering the technology that encouraged and supported online trade, enabling global entrepreneurship and the growth of the Internet worldwide, and making possible the Ultimate Income Plan.
eBay Inc. Awarded the National Medal of Technology and Innovation for Advancing Global Entrepreneurship
eBay Inc. Becomes the First Internet Company to Receive This Award — America’s Highest Honor for Technological and Scientific Achievement
WASHINGTON, Sep 29, 2008 (BUSINESS WIRE) — eBay Inc. was awarded the 2007 National Medal of Technology and Innovation, becoming the first Internet company to receive the prestigious award. At a White House ceremony where he conferred the medals, President George W. Bush cited eBay’s pioneering technology that encouraged and supported online trade, and that enabled global entrepreneurship and the growth of the Internet worldwide. With nearly 70 domestic and international patents for eBay and PayPal innovations, eBay Inc. was one of only two companies and six individuals this year to receive the medal, which has been awarded annually since 1985 by the President of the United States.
“Our technology is at the core of our success,” said eBay Inc. President and CEO John Donahoe, who accepted the medal on behalf of the company. “EBay and PayPal together have harnessed technology in the service of people; the result is that millions have transformed their lives for the better — building businesses, taking care of their families and becoming global entrepreneurs at the same time. That’s what true innovation is all about.”
At the ceremony, Donahoe was accompanied by three eBay sellers who have grown their businesses largely through eBay — Stacie Sefton (ID: bhexpress), Jennifer Canty (ID: dyscern) and Jack Sheng (ID: eforcity).
“I’m a global entrepreneur thanks to eBay and PayPal,” said Jack Sheng, an El Monte, Calif.-based business owner who started selling cell phone chargers on eBay in 2000. “My friends and I just started selling stuff on eBay to make some extra money,” he adds. “Today, we employ 180 people and our business is approaching $40 million. That’s what’s great about eBay — there’s virtually no barrier to fulfilling your dream, so anyone can become an entrepreneur.”
eBay and PayPal: Platforms for Global Entrepreneurship
EBay was created over Labor Day weekend in 1995, when Pierre Omidyar, a computer programmer, wrote the code for an auction website that he ran from his home computer. Today, Omidyar’s hobby is the world’s largest online marketplace — where practically anyone can sell practically anything at any time, 24 hours a day, 365 days a year.
With a presence in 39 markets, including the U.S., and approximately 84 million active users worldwide, eBay — together with PayPal — has changed the face of Internet commerce. In 2007, the total value of sold items on eBay’s trading platforms was nearly $60 billion. This means that eBay users worldwide trade more than $1,900 worth of goods on the site every second.
The benefit to consumers is clear: eBay provides an open trading platform where the market determines the value of items that are sold.
A big part of eBay’s success is PayPal, which the company acquired in 2002. Today, PayPal is the leading global online payment company — where any person or business with an email address can securely, easily and quickly send and receive payments online. With tremendous global reach — it’s accepted in 190 markets and is used in 19 currencies — PayPal has changed the way people pay and get paid online. In fact, nearly 20 percent of trading volume on eBay today is between people buying and selling across different countries — and 100 percent of that is enabled by PayPal technology.
Technology That Transforms Lives
From the beginning, eBay has leveraged the power of the Internet to make a measurably positive impact on the world. According to a 2005 Gallup study commissioned by eBay, more than 700,000 Americans rely on eBay as a primary or secondary source of income.
In addition to the hundreds of thousands of people those eBay sellers employ, the company has also created opportunities for more than 70,000 independent software developers, who create programs for eBay sellers, and 100,000 eBay affiliates. On any given day, the eBay platform supports a billion page views, 113 million concurrent listing (updated more than 500 times per second), and does double the transaction volume of the New York Stock Exchange. And unlike the NYSE, eBay never closes.
The company’s core innovations build on Pierre Omidyar’s founding principle, that people are basically good. “The technologies behind eBay and PayPal have enabled people to trust one another in an online transaction — this is what makes our marketplaces work,” said Donahoe, who noted that trust has not only propelled the growth of eBay, but also of the Internet itself.
Major technological innovations include the eBay trading platform and the feedback system. PayPal innovations, including the GL Test, bank account verification, security keys and fraud detection, have become industry standard.
“Technology is such an integral part of who we are, so we’re thrilled to receive such a great honor,” said Donahoe, “but we’re most proud of the fact that the eBay and PayPal technologies and platforms have provided economic opportunity to millions of people around the world — that’s what drives us today.”
About the National Medal of Technology and Innovation
The National Medal of Technology and Innovation honors America’s leading innovators. The award is given to individuals, teams, and/or companies/divisions for their outstanding contributions to the nation’s economic, environmental and social well-being through the development and commercialization of technology products, processes and concepts; technological innovation; and development of the Nation’s technological manpower. Administered on behalf of the Department of Commerce by the United States Patent and Trademark Office, the award was established by an act of Congress in 1980. For more information about the National Medal of Technology and Innovation visit: http://www.uspto.gov/nmti.
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Discover The Easiest Way To Profit Online with A Brand New Step-By-Step Guide that Reveals The Secret Techniques we Use To Generate Over 1,000 A Day Without Even Having A Website Or Product!”
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