In a medal ceremony at the White House, eBay was awarded the National Medal of Technology and Innovation for Advancing Global Entrepreneurship by the President, George W. Bush. This is the first time that this award has even been granted to an Internet company as was reported by MarketWatch. One of the reasons for this honor was in recognition of eBay and PayPal's approximately 70 patents, both within the U.S. and globally. As President and CEO of eBay Inc. John Donahoe acknowledged:
"Our technology is at the core of our success. EBay and PayPal together have harnessed technology in the service of people; the result is that millions have transformed their lives for the better -- building businesses, taking care of their families and becoming global entrepreneurs at the same time. That's what true innovation is all about."