 So, let's get started. You've spent your childhood with Nexus. You have also spent some of your summers with working in your ranch with your grandfather. I've heard you personally talk about new experiences that you've fought. How have those summers played an interest in you? Well, I have very lucky because my grandfather was almost a third parent for me. And I spent all my summers on my grandfather's ranch from about age 4 to 16. In the beginning, he could create the illusion for me when I was 4 years old that I was actually coughing. But later actually was. I learned so much from my grandfather because he was... I think this is true of many people in rural areas that are very social and very resourceful. They can get things done on their own. They don't just pick up the phone and call for help. And so, he built her own barns and he had a caterpillar bulldozer that would repair all the time. He could fix the arm of vehicles. He would even make his own... he did all his own veterinary work. He would suture up the animals and he would make his own needles. I was always amazed by this. He would make a piece of wire and heat it with a blow torch and pound it until it's dead and drill a little hole in the end and sharpen it and make his own needles and do his own veterinary work. Some of the animals even survived. It was incredible. But that kind of soft alliance that you see from people in rural areas was really... It made a big impression on me. I know you have been asked this question many times. But I still think the audience would love to hear from you. How do you make the decision to take a chance to start Amazon.com? I mean, you were well settled. You had a great job. While it seems very obvious today, this must have been a difficult decision. Yeah, it was. I was living and working in New York City in 1994. I came across the fact that the World Blood Web was growing very quickly. But it was growing very fast. Most people had not heard of it. And I came up with this idea. The idea initially was very simple. It was to sell books online. And I went to my boss who I liked a lot. His name was David. And I said, I have this idea to start this company to sell books on the internet. And he took me on a long walk in Central Park in New York. And I listened to this idea in great detail. And he said, it actually sounds like a really good idea to me. But I think it would be a better idea for somebody who didn't already have a good job. And I thought about that. That made a certain amount of sense to me. And he said, why don't you think about it for two days before you make a final decision? And so I went away. I thought about this. And I was trying to figure out how to make this decision. Because at the moment, personal life decisions, those choices are very challenging. And I finally figured out for me the right way to think about it, which was I wanted not to have regrets, picturing myself, you know, 80 years old. And thinking back on my life and acquiring a moment of reflection. Would I regret leaving this company in the middle of the year and walk away from my annual bonus and all those things and the moment could be very confusing? And I thought, you know what I mean? I'm not going to think about that. I'm not even going to remember it. But what I will do, I know for a fact, I have this idea. And if I don't try, I'm going to regret having never tried. And I know also, if I try and fail, I'll never regret having tried and failed. And as soon as I thought about it that way, I knew I had to give it a try. And did you ever think that Amazon could have been a success? No. So what's actually happened over the last 25 years is way beyond my expectations. Just remember, I was delivering the packages myself 25 years ago. We were selling books. I was hoping to build a company, but not a company like what you see today. Everything was one step at a time. I mean, I'm curious what would you have done if this project didn't pay out? I would be an extremely happy software programmer somewhere. Because I am a software engineer by profession, so I think I'm the right place. Thank you. It's fascinating to see personally, I'm very impressed by how you have been able to scale as a leader, as a builder, as an operator, starting as a founder of a small online bookstore. But now we need to serve hundreds of billions of customers globally across many big lines of businesses. And in our audience, we have many entrepreneurs, small businesses who have big dreams. And I was wondering if you had any advice to them as they see in their businesses? Well, yes, I've seen Amazon every scale level. So I've seen it when it was one person, it was just me. I've seen it when it was 10 people, 100 people, 1,000 people. Today around the world, it's more than 700,000 people. And at each stage, I've had to lead the company differently. In the very beginning, not only are you deciding what to do, but you're also deciding how to do it. And in fact, in the very beginning, you're even just doing it yourself. So that's the beginning. And then as the company got a little bigger, it begins to be about 100 people, and you're still helping to figure out not only what to do, but you're still figuring out how to do it. But you're doing less and less yourself. Other people are doing the things and you're helping them figure out how to do it. And then as the company gets even bigger, eventually that question changes and you stop helping as much with the how and you more exclusively help with the what. So you start figuring out what to do, but not how to do it. And then when the company gets even bigger than that, the question switches again and you stop spending as much time even figuring out how, what to do, but you start figuring out the who. So the question sort of progresses. You're choosing leaders and so the big question becomes the who question. And so you kind of go from the question of how, the question of what, to the question of who, and that's been my progression. And I'll tell you the who has been so valuable for me because I have always been figuring out how to hire people who could be my tutor, people who would teach me. And that is, if you ever get lucky enough to be hiring people, make sure you're hiring people not only that you can teach, you can teach them what you know, but make sure you're hiring people who also are going to teach you things and that they can be your tutor. So that's been the secret to the scaling of Amazon all along the way. Thank you. I know what Amazon has had in the share of you is a fact to me. I remember having me bought a salt in it at Amazon. I'm curious to know how do you think about through here and how should you continue to figure it out? Well, Amazon is the best place in the world to fail. The reason for that is we have a lot of practice. And in a way, there are multiple kinds of failure. There are at least two kinds that are really important. There are experiments. You're trying to figure out something new that nobody in the world has ever done before. That is high quality failure because when you're experimenting, you don't know if it's going to work. In fact, if you know in advance that something is going to work, then it is not an experiment. And so you want to be doing as many experiments per unit time as many experiments per day, per week, per month, per year as you can because that's how you get convention. That's how you get innovation. Innovation is all about maximizing the rate of experimentation. And so you have to organize to be able to experiment. You have to have a culture that supports failure. Aumet and I, together, we've been working together for two decades, Aumet and I have failed together so many times. And that is another way of learning. There's a second kind of failure which you should try to avoid. That's operational excellence failure. When you do know how to do something, you have to treat that differently. When we go to open a new fulfillment center, for example, we know how to do that. If we fail at that, that's just bad execution. And again, by the way, that happens also. We fail that way, too. But you should never celebrate that kind of failure. When that happens, you need to say, okay, let's look in the mirror. Let's be self-critical. Let's figure out what did we do wrong. And you learn from that also. But you have to acknowledge that that's the bad kind of failure. So when we're talking about that first type of failure, we're really talking about inventing, experimenting, eagerness to invent. It has to be accompanied hand in hand with a willingness to fail. By the way, failure, you know it's important and good. It's embarrassing. It doesn't feel good. We're all human. We had a good idea. We thought it was a good idea. And nobody came to be a partner. That happens. And here's the great thing, though. One success, one winner, can pay for dozens and dozens of failures. And that is why you should... So far as a scar tissue, having worked on an auction with a Z-Shop, I don't know if you remember those... Oh, I remember. I have the same scar tissue all over my body. So pretty much all the proof that I ever worked on was on Amazon. But the exciting thing is a lot of those inventions actually helped us launch India. Which is a... Yeah, because, you know, auctions was a failure. Z-Shops was a failure. And then out of those ashes came Marketplace. And then Marketplace was a huge success. And it formed the whole foundation for Amazon India. It doesn't change years if... I'm curious if you could share how many vehicles are in space. There's decouples and not space. And maybe if you could share a little bit about what you ought to do and why that's important. Well, I have a company called Blue Origin. It's building musical space vehicles. It is a childhood passion of mine. First of all, I started getting interested in space when I was a five-year-old boy. And I watched Neil Armstrong and Buzz Aldrin land on the surface of the moon. And I have been studying rockets and rocketry and rocket propulsion and space travel since I was a little boy. In high school, I read a book called The High Frontier by Jerry O'Neill and started thinking about the idea of humanity expanding out into the solar system. I believe this is extremely important. We have a choice as a civilization. We can either have a life... I've been talking about, you know, many decades from now over the next couple of hundred years. We have a choice. We can have a life of stasis because Earth is finite and we are running into the limits of that right now. We look at things like climate change. Earth is a finite planet. And if we continue to grow and we continue to use more energy per capita, all those things have brought us an expanding civilization and all kinds of wonderful things that we value will cost medicine and vaccines and all these things as we have expanded. But we also use a lot of energy to produce those things. I think over the long run, again, I'm talking hundreds of years, our descendants are going to move all heavy industry off of Earth. All the polluting industry will be done in space where we have infinite resources for all practical matters. And Earth can effectively be zoned light industry and residential. And Earth can be this amazing. We have sent robotic pros to every planet in this solar system. We, humans, have done that. This is the good one. There are no other good planets in this solar system. We have to take care of this one. And we have to do that a bunch of different ways. There's a lot of here and now things we need to do to take care of this planet. But long term, we want to continue to grow our civilization and have the freedom to do that. We need to also use the resources in the solar system. And to do that, we need a dynamic civilization in space. We need there to be space entrepreneurs. I have had the great fortune alongside Omen over the last 20 years to watch on the Internet the most dynamic, entrepreneurial, it's been so exciting. And what could happen on the Internet is that two kids in the dorm room could build a company with a scale of Facebook. Two kids in the dorm room could build a company that today has a half a trillion dollar market cap. That kind of dynamism cannot exist in space today. Two kids in the dorm room can't build anything interesting in space. The cost of admission, the price of admission is just too high to do really interesting things in space. The price tag starts in the hundreds of millions of dollars and goes up from there. And that's the job of Blue Origin as I see it. I want Blue Origin to reduce the cost of access to space by such a large magnitude that we can have two kids in a dorm room start a great space company. And we will all benefit from that. And we need reusable markets to do that. So that's our focus. But talking about also being here on this planet, I know you're an optimist, but the traits of the planet change are very different. I'm curious to know how we will visualize the future in given those traits. Well, this is something that's going to take collective action all over the world. These problems, you can go back 10 years and 20 years and there were people who just did not acknowledge that climate change is real. Anybody today who is not acknowledging that climate change is real that we humans are affecting this planet in a very significant and dangerous way, those people are not being reasonable. This is a big problem and it's going to take collective action all over the world if we're going to make progress on that problem. I'm very proud of what Amazon is doing and just announced the climate pledge. The pledge is to reach the goals of the Paris Accord 10 years early. Amazon is going to be 100% sustainable electricity by 2030 as a step on the way to that climate pledge. We've announced the acquisition of 100,000 electric delivery vehicles. We've announced here in India that we're going to eliminate all plastics by coming right up between June 2020 to 6 months now that large companies like Amazon can do. If Amazon were a 500-person company, we could announce the climate pledge and it would be a very nice thing to do and I encourage small companies to do what they can for climate change, but with a large company like Amazon with 700,000 employees and a big global footprint, when we do something like the climate pledge, it really can be a needle in the river because it's not just Amazon. It's our supply chain. All the partners and companies and delivery companies that we work with for us to meet that pledge, they have to meet that pledge and so it has a multiplier effect when a big company like Amazon gets very serious about meeting the goals of the Paris Accord 10 years earlier, it can have a big impact and we're also working, I'm using my own connections, working with other CEOs around the world to get them to do similar things. So I'm very excited about it. It's a place where it's going to take big companies, small companies, individuals doing the right thing. It's going to take nation states doing the right thing. This isn't something that can be done by any company, even a large company, but it is something that we can achieve with corrective action and as honest as I am an optimist, I do think we will do that. We only have one planet. We all share it. There's only one atmosphere. We all share it. There's only one set of motions. We all share them. This is something that requires joint action. People will come together around the world like this. It is going to happen. So Jeff, you're in the midst of a thousand of SMDs in this room and as I was just talking about, I feel like the SMD is very unique in their socialness and inventiveness. In fact, I get emails from some of you. I get emails every day where they talk about how they're embracing technology and not just making a difference in their own business, but very many put it back to the people around them. I believe you have fondly referenced yourself as an SMD in the past and there's something exciting to share so we'd love to hear from you. I do. I have an exciting announcement to make and as I've said, I was an SMD. I started, it's hard to remember, but 25 years ago, Amazon was a tiny little company and not only was I driving the packages to the post office myself, but I was wrapping them and preparing them and doing all the things that small entrepreneurs do. Today, we're announcing that we're going to invest an incremental one billion US dollars in digitizing small and medium businesses and use, again, and to use Amazon's size to scale, we're going to use our global footprint to export outside of India to export 10 billion US dollars of making India goods. All the thanks and hard work goes to Amin and his team. Just to give you some context, we have already seen, as I said, a quarter of a million artisans and women entrepreneurs in our market base to get 10 billion more of their digitized by 2025 and to increase exports with an incremental investment. It's like both for our customers and millions of small human businesses and all the shops in the country. I'm curious why... Part of us, the goal there, don't forget, is to make sure that more people can participate in the prosperity of India. You got a chance to interact with one of them just outside of where you were walking. I did. In fact, I visited this jacket that I'm wearing and it was given to me by one of the SMBs that I visited outside, so I'm wearing it very proudly. I'm very excited to use it. Is there a reason why you're making this announcement now? Well, we're making this announcement now because it's working. We've been doing this and it is working and when something works, you should double down on it and that's what we're doing and that's why we're doing it now. And Jeff, any final words before we sign off? Yeah, I do have some final words. I want to make a prediction for you. I predict that the 21st century is going to be the Indian century. Energy, everywhere I go, I meet people who are interested in self-improvement and growth. This country has something special. It is democracy and I'll make one more prediction for you. In this 21st century, the most important alliance is going to be the alliance between India and the United States. Democracy and the world's largest democracy. Thank you Jeff. That's very motivating and inspiring as always. Thank you for joining us today.