Frederick W. "Fred" Smith, whose Yale term paper sketching a coast-to-coast overnight-delivery network drew only a "C," used the same blueprint six years later to launch Federal Express (NYSE:FDX), upending global logistics and making him a billionaire. Smith died Saturday, June 21, in Memphis at 80, the company confirmed.
What Happened: According to a report from 2008 by Entrepreneur, in 1965, the 21-year-old economics major proposed routing time-sensitive packages through a single, jet-served sorting hub rather than relying on passenger airlines. His professor, scrawled a now-famous note, "The concept is interesting and well-formed, but in order to earn better than a ‘C,' the idea must be feasible."
