Amazon hijacked startup ideas


The founders of many startups talked about how Amazon accessed its sensitive information to launch similar products.


Journalists Wall Street Journal Conducted an investigation and found that Amazon had invested in startups, and then stole its business ideas and released competing products to market. As the founders of many startups stated, Amazon acted according to a single plan: it negotiated investments or bought shares in companies, and then, to gain access to confidential information, ideas for launching similar projects. Used. More often than not, startups unable to compete with a giant like Amazon, left the market.

Daniela Braga, founder and CEO of Artificial Intelligence’s data platform DefinedCrode Corp., told of her troubles with Amazon. Four years ago, Amazon’s venture capital fund invested in a Seattle startup and had access to the company’s confidential information. And in 2020, Amazon launched A2I, an artificial intelligence product that Braga says is one of the main products of DefinedCrowd as a whole.

Following the launch of A2I, Daniela Braga restricted Amazon’s access to her company’s data and reduced her equity stake to 90%.

Here is another story. According to the WSJ, in 2010 Amazon invested in LivingSocial, a daily deals site. Former LivingSocial officials said Amazon requested access to the data. And soon after, LivingSocial management learned from customers that Amazon was offering them better deals.

Amazon refuses to use confidential information of companies to create competitive products. “Unfortunately, there will always be stakeholders who are complaining rather than building,” said Drew Herdner, Amazon spokesman. “Any legal dispute over ownership of intellectual property has been amicably settled in the courts.”

Paypal magazine help

This spring, more than 20 Amazon employees revealed that the company used data from the platform’s independent vendors for personal purposes – to develop its own competing products. This is contrary to the stated policy of the company.

Read: Confrontation between giants: Musk calls for destroying Amazon monopoly

Support magazine magazine


Source link

Leave a Reply