Robert F. Smith
Robert F. Smith and Student Freedom Initiative
In 2019, entrepreneur Robert F. Smith became a household name when he announced his intention to eliminate the student loan debt of that year’s graduating class from Morehouse College. As a philanthropist, he had previously helped fund education initiatives, but paying the loans of the Morehouse College graduates spurred Smith to examine the broken system that creates barriers to success for students from communities that often lack access to opportunities. Thus, the idea behind Student Freedom Initiative (SFI) was sparked as a solution to scale the number of students who might flourish and contribute to their communities if their debts were lowered.
Smith, who serves as Chairman of SFI said, “The $1.6 trillion student debt crisis in our country is a human rights crisis. The Initiative is purposefully built to redress historic economic and social inequities and to offer a sustainable, scalable platform to invest in the education of future Black leaders.”
SFI now serves as a catalyst for freedom in professional and personal choices for students. SFI offers Benedict College students financial support for their studies and opportunities to gain work experience. Part of SFI includes an income-contingent funding alternative, the Student Freedom Loan Agreement (SFLA), which is offered to eligible sophomore, junior and senior STEM majors at Benedict College and other participating Historically Black Colleges and Universities (HBCUs), other Minority Serving Institutions (MSIs) and Tribal Colleges and Universities (TCUs).
Smith: the Early Years
Raised in a tight-knit, Black neighborhood in Denver, Colorado, Smith understands the value of creating educational opportunities for students who often lack access. He was bussed to a desegregated school outside of his beloved neighborhood. That school provided him with resources and challenged him to grow academically.
Smith’s persistence and drive for knowledge led him to pursue an internship at Bell Labs, a program designed for college students, while he was still in high school. In 1985, Smith graduated with a bachelor’s degree in chemical engineering from Cornell University. He worked for companies such as Goodyear Tire and Rubber and Kraft General Foods. But as Smith’s knowledge of the world of business and enterprise grew, he was drawn to solve new kinds of problems.
Smith’s Journey to Entrepreneurship
After working as an engineer, Smith made a career pivot to business. He started by earning an MBA from Columbia Business School in 1994. Shortly thereafter, Smith began working in mergers and acquisitions at Goldman Sachs, where he utilized his engineering skills to craft elegant solutions for complicated problems.
In 2000, Smith launched Vista Equity Partners (Vista), where he is Chairman and CEO. Vista is a leading global investment firm that invests exclusively in enterprise software, data and technology-enabled businesses. Over the past few decades, Vista has developed a differentiated approach to enterprise software investing that prioritizes value creation through operational transformation in close partnership with founders, leaders and executive teams. The investment firm was recognized as 2023’s Global Technology Private Equity Firm of the Year by Private Equity International (PEI).
Smith: Philanthropy and Awards
After eliminating the student loan debt of the entire Morehouse College 2019 graduating class with a $34 million gift, Smith solidified his position as a well-recognized philanthropist. Smith became the first Black American to sign The Giving Pledge in 2017. With his wife Hope Smith, he committed to donating vast portions of his wealth to causes that would uplift his community and provide others with the kinds of opportunities that lead to new innovation and a better future for all.
Smith has supported other education initiatives beyond the SFI. For example, Smith’s $30 million gift to Cornell University’s School of Engineering in 2016 included $10 million specifically for women and Black students pursuing degrees in STEM. In honor of his achievements and generosity, the university renamed the school he graduated from the Robert Frederick Smith School of Chemical and Biomolecular Engineering. In 2022, Smith contributed $15 million to Cornell University’s College of Engineering to establish three namesake funds.
Smith supports numerous organizations that promote diversity and inclusion. He is an at-large board member of Business Roundtable and an executive producer of the award-winning video series Black History in Two Minutes.
Smith also supports Southern Communities Initiative (SCI), an organization that grew from The 2% Solution as a way to make real change in communities that lack access to opportunities. SCI is a catalytic program for advancing racial equity across six Southern communities that represent more than 50% of the Black population in the U.S. SCI partners with community leaders, companies and organizations to make progress in six key areas, including business, banking, internships, digital access, legislation and investments.
In recognition of his philanthropic work and business endeavors, Smith has received numerous honors, including the Carnegie Medal of Philanthropy, the UNCF President’s Award and the Ripple of Hope Award from Robert F. Kennedy Human Rights. He was profiled as one of TIME100’s Most Influential People of 2020, and in 2017, he was included as one of Forbes’ 100 Greatest Living Business Minds. He was a Texas Business Hall of Fame 2019 Inductee, and more recently, he was awarded:
- Legal Defense Fund’s National Equal Justice Award
- Founders Award from Foster Love
- George H.W. Bush Points of Light Award
- theGrio’s Philanthropy Icon Award
- National Arts Award
Smith serves as Chairman of Carnegie Hall and on other esteemed boards, such as the Board of Overseers of Columbia Business School. He is also a member of the Cornell Engineering College Council.
Learn more about Smith by following him on LinkedIn, X, Facebook and Instagram and subscribing to his YouTube channel.
