Robert F. Smith (investor) facts for kids
Quick facts for kids
Robert F. Smith
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| Born |
Robert Frederick Smith
December 1, 1962 |
| Education | Cornell University (BEng) Columbia Business School (MBA) |
| Occupation | Businessman, philanthropist |
| Title | Founder Chairman & CEO, Vista Equity Partners |
| Spouse(s) |
Suzanne McFayden
(m. 1988; div. 2014)Hope Dworaczyk
(m. 2015) |
| Children | 7 |
Robert Frederick Smith, born on December 1, 1962, is an American businessman. He is also known for his generous giving to many causes. He started a company called Vista Equity Partners, where he is the founder, chairman, and CEO. This company helps other businesses grow, especially those that create computer software.
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Early Life and Family
Robert F. Smith was born in Denver, Colorado. His family had lived in Colorado for many generations. His parents were both principals at schools and had advanced degrees in education. His mother, Dr. Sylvia Myrna Smith, was the principal of George Washington High School. His father, Dr. William Robert Smith, was an elementary school principal.
Robert grew up in a middle-class neighborhood in East Denver. When he was a baby, his mother took him to the historic March on Washington. This was where Dr. Martin Luther King Jr. gave his famous "I Have a Dream" speech.
Education and First Jobs
Smith went to East High School in Denver. While he was still in high school, he wanted to intern at Bell Labs. They usually only took college students. But Robert kept calling them every Monday for five months. Finally, a college student didn't show up, and Robert got the internship. That summer, he helped develop a test for computer chips.
He later studied chemical engineering at Cornell University, graduating in 1985. While there, he won an award for his work in chemical engineering. He also joined the Alpha Phi Alpha fraternity.
After college, Smith worked for companies like Goodyear Tire and Rubber Company and Kraft General Foods. As a chemical engineer, he even invented things that received patents in the United States and Europe.
In 1994, he earned a master's degree in business from Columbia University. He focused on finance and marketing during his studies.
From 1994 to 2000, after getting his master's degree, he worked at Goldman Sachs. This is a big investment bank. He helped technology companies with their business deals. He advised major companies like Apple, Microsoft, and eBay on large mergers and acquisitions.
Starting Vista Equity Partners
In 2000, Robert F. Smith started his own company, Vista Equity Partners. It is based in Austin, Texas. Vista Equity Partners buys software companies and helps them become more successful.
Vista has been very good at helping its investors earn money. By 2019, Vista Equity Partners was one of the largest software companies in the world. It had invested in many companies, including STATS and Ping Identity. By 2022, the company managed $86 billion in investments.
In 2016, Smith was recognized as the "Game Changer of the Year" for his work with Vista. He was also included in Vanity Fair's list of impactful business innovators in 2018.
Giving Back to the Community
Robert F. Smith is known for his amazing acts of generosity. He has given large amounts of money to help others.
- In 2014, he helped bring the Menuhin Competition, a violin competition for young musicians, to the U.S. for the first time.
- In 2015, he offered to pay for the college education of all the girls who were kidnapped by Boko Haram in Nigeria and later returned home.
- In 2016, he donated $20 million to the National Museum of African American History and Culture. This helped create a family history center and internship programs at the museum. He also supported the Sphinx Organization, which helps young Black and Latinx classical musicians.
- In 2017, he joined The Giving Pledge, promising to give away most of his wealth. He also gave $15 million to Columbia Business School.
- In 2018, he was a major donor to the City of Hope Gala, supporting cancer research. He also gave $2.5 million to the Prostate Cancer Foundation to help Black American men.
- In May 2019, during his graduation speech at Morehouse College, a historically Black college, Smith made a huge announcement. He promised to pay off all the student loan debt for the entire graduating class of 396 students. This included debt for parents and guardians, totaling about $34 million. He had already given $1.5 million to Morehouse earlier that year.
- In 2019, he started internXL, a platform to help diverse students find paid internships.
- His Fund II Foundation helped buy and preserve the homes of Rev. Dr. Martin Luther King Jr.
- In 2020, he contributed $50 million to the Student Freedom Initiative (SFI) to help students at Historically Black Colleges and Universities (HBCUs).
- In 2021, he partnered with Goalsetter to help one million Black and Latinx youth become shareholders by gifting them shares of stock.
- In 2022, he donated $10 million to Columbia Business School to create a scholarship fund for students from HBCUs. He also helped launch a mobile prostate cancer screening bus in Harlem, New York.
- In May 2022, Cornell University announced a $15 million donation from Smith to support engineering students from underrepresented communities.
- In 2023, he helped launch a new branch of Grameen America in Atlanta, Georgia, to support women entrepreneurs of color.
- He has also supported Jane Goodall's youth environmental program, Roots & Shoots.
Other Achievements and Recognition
Robert F. Smith is involved in many important organizations. He is on the Cornell University Tech Board and has been a Trustee for the Boys & Girls Clubs of San Francisco since 2008.
In 2014, he became the founding director and president of the Fund II Foundation, which supports many charitable causes.
In 2016, Smith became the board chairman of Carnegie Hall, a famous music venue. He was the first African-American to hold this position. He has also been a board member of the Louis Armstrong House Museum since 2018.
In 2020, he proposed a plan called the "2% Solution." This idea suggests that large companies should use 2% of their yearly profits to help minority communities.
Smith has received many awards for his business success and his philanthropy.
- In 2010, he received the Ripple of Hope Award.
- He has received honorary doctorates from Huston-Tillotson University (2014), the University of Denver (2017), and Morehouse College (2019).
- In 2016, Cornell University named its School of Chemical and Biomolecular Engineering after him.
- He received the Humanitarian of the Year Award from the International Medical Corps in 2018.
- In 2019, he was inducted into the Texas Business Hall of Fame. He also received the Carnegie Medal of Philanthropy, which honors people who use their wealth for public good.
- In 2020, Time magazine included him in its "Time 100" list of the world's most influential people.
- In 2022, he received the "Philanthropy Icon" award at The Grio Awards.
- In 2023, he was honored with the National Equal Justice Award by the NAACP Legal Defense and Educational Fund. He also received the George H.W. Bush Points of Light Award.
Personal Life
Robert F. Smith has seven children. He married his first wife, Suzanne McFayden, in 1988, and they later divorced. In 2015, he married Hope Dworaczyk.
He owns homes in several cities, including Austin, Texas, New York City, and Denver.
In 2007, Smith helped buy and restore the historic Lincoln Hills, Colorado property. This place was originally a summer resort for Black families. Now, he uses it to host musicians and underprivileged schoolchildren.
In 2018, Forbes magazine reported that Robert F. Smith was the wealthiest African-American person. As of 2024, he is one of the richest people in the United States, with a net worth of $10.8 billion.
