This article in The Economist (@TheEconomist) explains how Jeff Bezos, the founder and CEO of Amazon (@amazon), values innovation and risk-taking. It begins with the example of Bezos’ major investment in “a gargantuan clock” being built inside the Sierra Diablo Mountain Range in Texas by The Long Now Foundation (@longnow). This 10,000-year clock, designed “to be a symbol, an icon for long-term thinking,” will tick once a year, its century hand will advance once every 100 years, and its cuckoo will come out on the millennium.
Mr. Bezos’s willingness to take a long-term view also explains his fascination with space travel, and his decision to found a secretive company called Blue Origin, one of several start-ups now building spacecraft with private funding. It might seem like a risky bet, but the same was said of many of Amazon’s unusual moves in the past. Successful firms, he says, tend to be the ones that are willing to explore uncharted territories. “Me-too companies have not done that well over time,” he observes.
Eyebrows were raised, for example, when Amazon moved into the business of providing cloud-computing services to technology firms—which seemed an odd choice for an online retailer. But the company has since established itself as a leader in the field. “A big piece of the story we tell ourselves about who we are is that we are willing to invent,” Mr. Bezos told shareholders at Amazon’s annual meeting last year. “And very importantly, we are willing to be misunderstood for long periods of time.”
...[Criticism does] nothing to sway Mr. Bezos, who is convinced that rapid technological change creates huge opportunities for companies bold enough to seize them. “There is room for many winners here,” he says. But he believes Amazon can be one of the biggest thanks to its unique culture and capacity for reinventing itself. Even in its original incarnation as an internet retailer, it pioneered features that have since become commonplace, such as allowing customers to leave reviews of books and other products (a move that shocked literary critics at the time), or using a customer’s past purchasing history to recommend other products, often with astonishing accuracy.
Also see Bezos' long view approach in "Bezos team finds Apollo 11 rocket engines on Atlantic floor."
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