Fred Smith

What you knew yesterday might have gotten you here, but it's not going to get you where you want to go.

Be a student by mastering the best of what other people have figured out.

And that's what you're doing with this podcast.

Smith's reading convinced him that paper documents would eventually disappear.

So in 1984, and that year is important.

So remember, 1984, he launched ZapMail.

So this was FedEx's attempt to eliminate document delivery altogether.

And the concept was incredibly logical.

Fax machines at the time cost $30,000.

Most businesses couldn't afford them.

FedEx would build its fax network.

So basically, you would bring your document to a FedEx office, and they'd transmit it via satellite to another FedEx office near the recipient.

Two-hour delivery of documents anywhere in America.

Smith was so confident that he ignored all the warning signs.

When executives used voting to gauge enthusiasm, the results were lukewarm.

Smith interpreted them as unanimous support.

ZapMail burned through hundreds of millions before Smith would admit defeat.

While FedEx built its satellite network, fax machine prices crashed to $300.

Suddenly, everyone could afford one.

Why pay FedEx to fax something when you could do it yourself cheaper?