This day, June 24th, 1971, Fred Smith. He filed paperwork in Delaware for the formation of an air freight company called Federal Express. Now, the idea had been born about a decade earlier when Smith, who was an amateur charter pilot at the time, noticed that he was frequently getting flight bookings to ferry spare parts for computer companies like IBM. So he decided to write a paper for his economics class at Yale, making the case for an overnight air delivery service. Now, Smith would later take about $4 million inherited from his father and $80 million he raised from venture capitalists to pursue that idea.
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