This episode is almost word-for-word lifted from the "updated" version of Spider-Man's origin presented in The Spectacular Spider-Man Magazine #1, which came out a few months before this episode aired. There are a couple of differences between this version and the one originally presented in Amazing Fantasy #15. The fight with the two thugs, during which Peter breaks a lamp post, does not occur in the Amazing Fantasy version (instead, Peter takes on a professional wrestler). Also, Peter's encounter with the escaping thief happens after his TV audition in Amazing Fantasy, rather than before. Regardless, both versions were written by Stan Lee.
Season 2 starts out with Spider-Man's origin which is the first time it is told outside of the comics. In this version, Peter Parker gets his spider powers as a college student as opposed to a high-school student in the comics.