Pierre Omidyar

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Pierre Omidyar
Born: 21 June 1967
Paris, France
Occupation: Founder and Chairman, eBay Inc.
Salary: US$0
Net worth: 2% to US$10.1 billion (2006)[1]
Spouse: Pamela Kerr Omidyar
Website: pierre.typepad.com

Pierre M. Omidyar (born 21 June 1967) is an Iranian French American entrepreneur and philanthropist/economist, and the founder/chairman of the eBay auction site. Omidyar and his wife Pam are well-known philanthropists who founded Omidyar Network in order to expand their efforts beyond non-profits to include for-profits and public policy.

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[edit] Early life and work

Born in Paris, France to Iranian parents, Omidyar moved to the US at the age of six. Growing up in Washington, D.C., he developed an interest in computing while still at St. Andrew's Episcopal School (Maryland) in Potomac, Maryland. In 1988 he graduated in computer science from Tufts University, and joined Claris, an Apple Computer subsidiary, where he helped write MacDraw. In 1991 he co-founded Ink Development, a pen-based computing startup that was later rebranded as an e-commerce company (and renamed eShop).

[edit] eBay and later career

Pierre Omidyar was just 28 when he sat down over a long holiday weekend to write the original computer code for what eventually became an Internet superbrand — the auction site eBay. He started eBay because he wanted to see what would happen if everyone had equal access to venues of trade.[citation needed] The frequently repeated story that eBay was founded to help Omidyar's fiancée trade PEZ Candy dispensers was fabricated by a public relations manager in 1997 to interest the media. This was revealed in Adam Cohen's 2002 book[2] and confirmed by eBay.

The site was launched Labor Day, Monday, 4 September 1995, under the more prosaic title of "Auction Web"; it was hosted on a site Omidyar had created for information on the ebola virus. Auction Web was later renamed to "eBay", after Echo Bay, Omidyar's consulting firm, when "echobay.com" was unavailable. The service was free at first, but started charging in order to cover internet service provider costs.

Jeffrey Skoll, a Stanford MBA, joined the company in 1996 after the site was already profitable. In March 1998, Meg Whitman was brought in as President and CEO and continues to run the company today. In September 1998, eBay launched a successful public offering, making both Omidyar and Skoll billionaires — 3 years after Omidyar created eBay. As of 2005, Omidyar's 214 million eBay shares were worth around $8 billion.

[edit] Omidyar Network

Main article: Omidyar Network

The Network's stated mission is to "enable individual self-empowerment on a global scale" and employ "business as a tool for social good" (inspired by 18th century economic philosopher Adam Smith). Drawing from a $200 million for-profit fund and a $200 million nonprofit fund, the Network invests in areas such as microfinance, technology and community-based initiatives expecting risk-appropriate returns on all for-profit investments. Omidyar decided to create the Network in lieu of a traditional Foundation when he recognized that eBay's social impact as a for-profit company was scalable and financially self-sustaining. Omidyar cites "trust between strangers" as the social impact tied to eBay's ability to be profitable. Prior to launching Omidyar Network in June 2004, he had invested his personal money in Meetup, a website Omidyar didn't found himself but on whose Board of Directors he now sits. He cites "strangers connecting over shared interests" as the social impact tied to Meetup's ability to be profitable.

Omidyar recently donated $100 million to Tufts University to launch the Omidyar-Tufts Microfinance Fund. The fund is intended to spur economic self-empowerment for the poor in developing countries through microfinancing, while demonstrating to other institutional investors the potential of microfinance as commercially viable. Omidyar also actively invests in for-profit microfinance opportunities through Omidyar Network.

[edit] See also

[edit] External links

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