Current Generation of Internet Leaders = Growing Faster than Previous Generation Marketplaces Commerce Gross Merchandise Value (GMV), Time Shifted Gross Merchandise Value (GMV), Time Shifted $20 Alibaba vs. eBay vs. Airbnb vs. Uber $200 Amazon.com vs. JD.com $15 Alibaba / Taobao JD.com ) eBay ) $150 B B Amazon.com $ $ V ($10 Airbnb V ( $100 M Uber M G $5 G $50 $0 $0 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 9 1011121314151617181920 Years Since Launch (T+) Years Since Launch (T+) Enterprise Est. Quarterly Revenue ($MM), Time Shifted Salesforce vs. Slack ) Salesforce M Slack $M e ( u en ev R 1 2 3 4 5 6 7 8 9 10 11 12 13 Marketplaces Source: Company data, Morgan Stanley Research. eBay founded in 1995. Amazon founded in 1995. Alibaba.com founded in 1999 as B2B portal connecting Chinese manufacturers and overseas buyers. Uber launched 2009, gave first ride in 2010. Airbnb founded in 2008.. KPCB INTERNET TRENDS 2016 | PAGE Commerce Source: Publicly available company data, Morgan Stanley Research. JD.com launched B2C shipments in 2004, founded 1998 as an online magneto-optical store. Amazon founded in 1995. 185 Enterprise Source: Slack. Graph starting point based on similar est. revenue figures. Salesforce quarterly revenue approximated from publicly disclosed annual GAAP revenues.