Last year, entrepreneur and philanthropist Robert F. Smith, the Founder, Chairman and CEO of Vista Equity Partners (Vista), received the Toyota HBCU New York Classic 2023 HBCU Impact Award. Smith is well-known for his philanthropic efforts, especially his work with the Black community and Historically Black Colleges and Universities (HBCUs).
Below, we discuss the HBCU Impact Award, as well as Smith’s efforts to address racial inequities, elevate the Black community and HBCUs and bridge the digital divide.
What Is the HBCU Impact Award?
The HBCU Impact Award and the Toyota HBCU New York Classic were established by Sports Eleven05 CEO Albert Williams. Awardees are chosen based on their local, global and cultural contributions and positive support of the Black community and HBCUs. The five-day annual event, also known as the biggest HBCU Homecoming, hosts festivities that focus on the HBCU community, culture and football.
Robert F. Smith, HBCU Impact Award Honoree
Smith was honored with the HBCU Impact Award for his unwavering commitment to empowering individuals with limited opportunities and his dedication to advancing the education, health and racial equity of Black Americans. Since 2014, Smith and Fund II Foundation, of which he serves as the founding director and President, have aimed to create and safeguard opportunities for Black Americans and other underrepresented communities. In 2016, Smith gifted the National Museum of African American History and Culture (NMAAHC) $20 million, the largest gift by an individual at the time, which funded the Center for Digitization and Curation of African American History, the Robert Frederick Smith Explore Your Family History Center and the Robert Frederick Smith Internship and Fellowship Program.
In addition, Smith co-leads Southern Communities Initiative (SCI) alongside Dan Schulman (former CEO of PayPal), Rich Lesser (Global Chair of Boston Consulting Group) and La June Montgomery Tabron (President and CEO, W.K. Kellogg Foundation). SCI is a catalytic consortium, established to drive racial equity in the six Southern communities where 50% of Black Americans reside.
In 2019, he gifted the students of the Morehouse College graduating class with $34 million to eliminate their student loan debt and any debt taken out by loved ones on their behalf. Inspired by the positive impact of his gift on the Morehouse students, Smith became eager to do more. He helped establish Student Freedom Initiative (SFI), an organization that offers academic, professional and financial support to eligible students at participating HBCUs and other Minority Serving Institutions (MSIs).
Smith’s Work With HBCUs and Bridging the Digital Divide
Under Smith’s leadership, SFI is working to close the digital divide at HBCUs. For reference, a 2021 McKinsey report revealed that over 80% of HBCU-anchored communities are in a broadband desert — areas that have unreliable broadband internet.
Since 2021, SFI has partnered with Cisco and AVC Technologies on a digital transformation initiative that will strategically enhance cybersecurity infrastructure and safeguard sensitive information at HBCUs and in their surrounding communities. A year later, the partnership expanded to include three Certified Minority Business Enterprises (MBEs) — Sology Solutions, IPC Consulting and Procellis Technology — to strengthen its cybersecurity implementation team.
In addition, SFI strives to achieve digital equity and strengthen access to funding programs for broadband internet, such as the Digital Equity and Broadband Equity Access and Deployment (BEAD) programs, for HBCU-anchored communities. So far, more than $1.5 billion Digital Equity grants have been disbursed to improve HBCU-adjacent broadband deserts.
Learn more about Smith’s efforts to close the digital divide at HBCUs and surrounding areas.
