It all began when Josh Kopelman went online to find a copy of John Grisham's The Testament. He was about to spend $20 to buy it new on Amazon, but he decided to see if there were any copies listed on eBay. There were 12 up for auction, starting for as low as $1. And nobody was bidding on them.
It occurred to Kopelman--a twenty-something University of Pennsylvania grad and high-tech entrepreneur--that online auctions had a flaw. They didn't work well for mass-produced items whose value was certain. So he decided to create an e-tailing site called "ebazon." Like eBay,...
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