Robert F. Smith
Renowned philanthropist, entrepreneur and visionary Robert F. Smith
Student Freedom Initiative was the passion of many talented and hardworking individuals. They brought to life a program that provides a catalyst for freedom in professional and life choices for students attending Minority Serving Institutions (MSIs). Bowie State University students, and students from other Historically Black Colleges and Universities (HBCUs), can now increase their social and economic mobility using the student-centric, evidence-based, holistic and collaborative approach offered by Student Freedom Initiative.
However, the original idea behind Student Freedom Initiative was the vision of one man — philanthropist Robert F. Smith. In 2019, Smith made history when he committed to paying off the student loan debt of the Morehouse College graduating class during his commencement speech. Yet, Smith wanted to do more than simply give upwards of $34 million to these students to alleviate their student loan debt. He wanted to liberate more minority students from the excessive student debt that often disproportionately burdens African American students, limiting their professional and personal choices throughout their lifetimes. And, with that, Student Freedom Initiative was put into motion and later brought to life with individual $50 million donations from Robert F. Smith and the Fund II Foundation, of which he is founding director and President. Now, Smith sits as Chairman of the organization.
"Through Student Freedom Initiative, we hope to give Black students access to the education they need to move forward in this economy without the burden of student loan debt stopping them from realizing their fullest potential," said Smith of Student Freedom Initiative. "While our community continues to face inequities that too often bar young students of color from accessing quality higher education, Student Freedom Initiative aims to empower our students with the tools they need to control their financial futures."
Early Life and Education
Contributing to the upward mobility of the African American community has always been at the forefront of Robert F. Smith’s efforts. And, as the son of two educators, Smith knows that education and educational initiatives are essential components of reaching his goal. Yet, before he could help others, he had to complete his own educational journey.
Smith was a hardworking student. In high school, he applied for a coveted internship at Bell Labs, an internship often reserved for college students. However, Smith persevered, eventually receiving an interview for the internship and even a spot at the internship itself. From there, he attended Cornell University and graduated with a degree in chemical engineering. Almost a decade later, he also attended Columbia University, earning an M.B.A.
Career and Vista Equity Partners
When Smith first graduated college, he started his career as an engineer. He worked for Goodyear Tire and Rubber and later Kraft General Foods, where he developed four patents. However, during his time as an engineer, he realized his passion for investments, which prompted his desire to go to Columbia Business School. After graduation, he took a job at Goldman Sachs, where he was able to combine his interests in investments and technology. In fact, at Goldman Sachs, he was able to influence global technology companies like Apple and Microsoft.
In 2000, Smith took a chance and opened his own investment firm, Vista Equity Partners (Vista). Today, Vista is a leading global investment firm that exclusively works with enterprise software, data and technology-enabled companies and applies its software and investing expertise to create and scale tech-enabled ESG and sustainability solutions for the betterment of our planet and society. Furthermore, like Smith, Vista is working towards the advancement of those from underrepresented backgrounds, partnering with such organizations as Girls Who Invest, Board Diversity Action Alliance and more to advance its cause.
Smith’s Charitable Works and Awards
Robert F. Smith once said, “The greatest...is to liberate a human spirit. When you’re able to liberate a human spirit and see that spirit become its best self, that person become its best self, that is the greatest thrill on the planet.” Throughout the years, Smith’s philanthropic endeavors have been geared towards liberating the human spirit, often with a focus on empowering minority communities in one way or another. In the past, Smith has donated $10 million to Cornell University, specifically to fund scholarships for minority STEM-focused students. And to help expand access to Columbia University to those from underrepresented backgrounds, Smith provided a gift of $15 million to expand the Harlem-based Manhattanville campus.
Under Smith’s leadership, Fund II Foundation also helped finance scholarships at the United Negro College Fund and continues to pair students of color with internships through the internX program. In December 2020, Smith also made a $1 million donation to the National Society of Black Certified Public Accountants to help increase the number of African American CPAs.
Smith has been recognized for these efforts, along with dozens of others, being listed among TIME magazine’s 100 Most Influential People of 2020 and Forbes’ 100 Greatest Living Business Minds, as well as inducted into the Texas Business Hall of Fame in 2019. He has also received such honors as:
- Carnegie Medal of Philanthropy
- UNCF’s President’s Award
- Congressional Black Caucus Foundation Chair’s Award
- Ripple of Hope Award from Robert F. Kennedy Human Rights
Furthermore, Smith sits as Chairman of Carnegie Hall and is a member of the Board of Overseers of Columbia Business School, member of the Cornell Engineering College Council and Founding Partner of REFORM Alliance.
Learn more about Student Freedom Initiative and its Chairman, Robert F. Smith, on the website.