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Morgan, then 23 years old, decided to found the Trade Me site when, despite searching online, he could not find a heater for his flat in Wellington.

The Trade & Exchange site had a heater for sale, but held back listings for a week before publishing them online, and by the time Morgan made contact with the heater's owner, the item in question had already sold.

Morgan describes the initial designing and building of Trade Me thus: "Some time later we were in a backpackers in Sydney and got evicted because it was overbooked.

We went up to some backwater because it was the only accommodation we could find.

Trade Me is the largest Internet-auction website operating in New Zealand.

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