Find ideas in inefficiencies

PIERRE OMIDYAR founder, eBay

I have always been interested in what drives financial markets and the idea that transparency and access to information create an equal playing field for regular people. Ultimately, if everyone has access to the same information, goods and services will trade at fair value. With eBay, I saw a real opportunity to create a place where we could bring the power of an interactive and egalitarian marketplace to the general public.

This idea of a level playing field became apparent to me when I had a little bit of extra money and had decided to invest in a gaming company called 3DO. I called my broker and said I wanted to buy into this IPO coming to market—the fact that the first step was having to get on the phone with my broker says something. The IPO went public at $18 per share, but I had to pay closer to $24. This seemed kind of imbalanced, and when I put it together that individual investors can get locked out of our most efficient markets, I began to think more about how this applies to other areas of commerce. In the end, one great thing about eBay is that we tied the company’s success to our constituents’ success. We wouldn’t make a dollar unless our sellers did. —As told to S.M.