11 minute read
Business
Billionaire Businessman Robert F. Smith Envisions Endless Pool of Black Tech Talent
Stacy M. Brown WI Senior Writer
Robert F. Smith grew up in what he called a beloved community – the Five Points section of Denver – one of the oldest and most diverse neighborhoods affectionately known as the “Harlem of the West.”
Smith, chairman and CEO at Vista Equity Partners, explained how his upbringing helped shape his vision and intentional investments in businesses and managers emphasizing diversity, equity, and inclusion.
The businessman noted that his parents stressed the importance of giving back and supporting his community.
Despite meager means, Smith’s parents routinely donated time and resources to charities, helping others to achieve goals.
As an infant, Smith’s mother took him to the 1964 March on Washington for Jobs and Freedom. After that, the young Smith recalled watching each month as his mother sent a $25 check to the United Negro College Fund.
He said his upbringing helped instill in him his unwavering belief that everyone can help make the world better and more equitable.
“I remember a community that cared for its children, and that expression of care came from people who volunteered,” the billionaire businessman and philanthropist stated.
“I saw that importance of community and education brought me an enlightened view on the impact of technology,” Smith said.
Earlier this year, Smith received the Distinguished Alumni Award from Cornell Engineering.
He took the opportunity to announce a $15 million gift for engineering student aid, focusing on assisting undergraduate students who come to Cornell from urban high schools and graduate students who attended historically Black colleges and universities.
In 2019, Smith paid $34 million to settle the loan debt for the nearly 400 students who graduated that spring from Morehouse College.
He asserted that technology remains the course for young people of color.
“What technology has done is it has created a massive opportunity for human ingenuity to create product solutions and services that leverage complete power that’s never been seen,” Smith remarked.
“Our task is to ensure that our people can access that opportunity which means ensuring all our HBCUs have broadband access, the ability to get internships to train and experience what this digital transformation is because it is in every industry on this planet.”
Smith continued:
“I think that’s an important distinction we have to drive as a focal point to the leaders in our community, the educators, and government, to ensure they provide equal access for our children and students to access this marvelous transformation.”
While focusing on helping youth today, Smith recalled working at Bell Labs during his summer and winter breaks while completing his chemical engineering degree at Cornell University.
After graduating from Cornell, he worked as an engineer for several top companies, including Kraft General Foods, where he was granted two patents in the U.S. and two more in Europe, before earning his MBA with honors from Columbia Business School.
According to his bio, Smith joined Goldman Sachs in 1994 to “help develop more robust investment banking in technology, starting in New York and later moving to Silicon Valley.”
He became the Co-Head of Enterprise Systems and Storage, assisting massive technology companies like Hewlett Packard, IBM, eBay, and Apple with mergers and acquisitions.
Smith counted as the first person at Goldman Sachs in San Francisco to focus on that specific area of financing.
Recognized by Forbes as one of the 100 Greatest Living Business Minds in 2017 for his business acumen and leadership skills, Smith is celebrating 22 years as the founder of Vista Equity Partners.
“It’s been an interesting journey,” Smith declared.
“Our world is going through a massive transformation that has been characterized as the fourth industrial revolution.
“Every industry on the planet is being digitized, and you need to know how to participate in that either as a software programmer or utilize that digital capacity in whatever you do.” He continued:
“If our students don’t have broadband and computing capacity, it will limit their gaining access to this economy.
“We have to get those resources and ensure HBCUs have access and infrastructure to teach and train our students to be a part of this as a producer, not just a consumer, of the technology.”
Smith insisted that the fourth industrial revolution meant significant opportunities for African Americans to be big players in the global economic market.
He said the need for access to the tools of the revolution couldn’t be overstated. “We need to be uploading software, not just downloading it. If we miss out on this fourth industrial revolution, it will be generations before we can participate again,” Smith proclaimed.
He reiterated his focus on HBCUs.
Smith said HBCUs could create an unending pool of African American talent by providing the necessary technical resources. “It’s about creating the next generation of Black tech innovators, who will be job creators and wealth creators,” Smith said.
WI
“I remember a community that cared for its children, and that expression of care came from people who volunteered. I saw that importance of community and education brought me an enlightened view on the impact of technology."
5 Robert F. Smith, chairman and CEO of Vista Equity Partners (Courtesy photo/Official Facebook Page)
business briefs Thank you for Your Service!
David and Alesha Magby opened up a Tropical Smoothie café in the Skyland Town Center development in Ward 7 in Southeast Washington.
The café held its grand opening on Nov. 5. The Skyland location is the third under the ownership of the Magbys, with cafes located In Temple Hills, Md., and the Shops at Dakota Crossing in Ward 5 in Northeast. The Magbys are planning to open their next location in Baltimore across the street from Morgan State University, their alma mater, in December.
The Magbys are managing to turn smoothies into something more than just a blended beverage. Of course, their drinks use the usual recipes - a liquid base such as fruit juice, milk, yogurt, ice cream or cottage cheese and fruit, vegetables, non-dairy milk, crushed ice, whey powder or nutritional supplements. Customers say they most enjoy the Island Green smoothie. That checks out, as the company reports that’s the top selling flavor option.
In addition to smoothies, Tropical Smoothie customers may purchase sandwiches, flatbreads, wraps, bowls and breakfast items. Alesha Magby said she and her husband wanted to get into franchising a few years ago, but didn’t want to sell hamburgers and French fries.
“We wanted to offer customers a healthy menu,” she said. “My husband and I make it a point to eat healthy and plant-based foods. Fried foods are not good for African Americans. We also wanted to offer affordable fresh foods to people who live inside of the Beltway.”
The Skyland Cafe offers a small dining area. Alicia Magby said the café’s customer base tends to be carryout and delivery. With 25 employees, David Magby said he wants to help them progress in their careers and lives.
“We want to help our employees go to college or move on to their next job,” he said. “We care about our employees and they know we care about them.”
The Skyland location has emerged as the first eatery to open as a recipient of the District’s food access grant program. The Magbys received a $320,018 grant to open the café. D.C. Deputy Mayor of Planning and Economic Development John Falcicchio said the Magbys are an example of entrepreneurship in District neighborhoods with an emphasis on healthy foods.
“We want to make sure that residents of Wards 7 and 8 have access to healthy food,” Falcicchio said. “The food access grants help us to do that. Mayor Bowser wants to eliminate health disparities in the city and the food access grants are designed to do that.” WI
Aimee D. Griffin, Esq.
November 11th is the day we set aside to honor veterans. In this time of unrest around the world we are reminded more than ever that it is because of veterans who have made the decision to defend the freedoms of our country that we are free. While we know that our country is not perfect and we have no accomplished freedom and justice for all, this country is worth fighting for.
We honor veterans for their commitment to submit their lives for the country. They have decided to subject their decision-making authority to the chain of command that prioritizes the needs of these United States. That subjection means that the defense of other countries may be the priority. That subjection may mean that families are left behind. That subjection may mean loss of life or limb. Again, I say thank you for your service. My father, who just celebrated 86 years, and my husband are among my favorite people who have made the decision to serve as veterans. I hear the stories of the impact of the decision to serve and again I am thankful. As a firm we continue to be connected to families of veterans who have delayed in establishing estate plans or have outdated plans that no longer address the current needs of their families. There are indeed services and benefits that veterans are afforded but many are not aware of. As previously mentioned, my father who is a veteran is just connecting with the Veterans Administration to register for services. It is a process. The process is not expedient, but the benefit is worth the effort.
The Veterans Administration provides services for those individuals who have served and are incapacitated. The Veterans Aid and Attendance Benefits program is available for those who qualify. As of December 2018, a single veteran who qualifies for A&A can receive up to $1,881 per month, a married vet can receive up to $2,230 per month and a surviving spouse can receive up to $1,209 per month to pay for needed care at home, in an assisted living community, memory care or in a nursing home. For many families paying for senior care, this income can make the difference between comfort and hardship.
Here are the general guidelines to help you decide whether to apply for Aid and Attendance.
Veterans who served on active duty for at least 90 consecutive days, including at least one full day during a time of war, may be eligible for Aid and Attendance if they also qualify for the basic Veterans Pension and meet the clinical and financial requirements.
Service in a combat zone is not a requirement. Widowed spouses of eligible veterans may also qualify if they meet the clinical and income requirements and have not remarried.
Veterans or surviving spouses must meet at least one of these clinical criteria: • Be bedridden except for medical and therapy appointments and treatments • Have severe visual impairment (eyesight limited to a corrected 5/200 visual acuity OR less in both eyes OR concentric contraction of the visual field to five degrees or less) • Reside in a nursing home because of physical or mental incapacity, including Alzheimer’s and demen-
tia
• Require help with some activities of daily living (ADL's) such as, but not limited to: bathing, dressing, eating, using the bathroom, etc.
In December 2018, the VA set a clear upper limit for applicants’ net worth of $123,600 not including the applicant’s automobile, personal effects and residence. The VA also implemented a three-year lookback period to see if assets were sold below market value or gifted in a way that reduced net worth below the upper eligibility limit. If so, that may delay (but not necessarily prohibit) the start of VA pension benefit payments.
There’s also an upper limit on monthly countable income minus expenses such as unreimbursed medical bills, prescription out-of-pocket costs and Medicare and private health insurance premiums. The VA pays benefit amounts that make up the difference between recipients’ countable income and the monthly upper limit.
The Life & Legacy Counselors of the Griffin Firm thank all veterans and law enforcement providers for their service and for the month of November will provide a 30% discount on our services.
Black Firm to Co-Design New Howard University Facility
Moody Nolan, the largest Black-owned architecture firm in the U.S. that is based in Northwest Washington, has been selected by Howard University to co-design its new Center for Fine Arts and Communications that will house the Chadwick A. Boseman College of Fine Arts, the Cathy Hughes School of Communications and the institution’s television and radio stations, according to the Nov. 2 edition of the publication, The Architect’s Newspaper. The firm will work with District-based KGD on the project.
Moody Nolan has completed 63 projects for 33 Black college and university campuses during its four-decade history. The Howard project will be led by firm partner and alumnus Renauld Deandre Mitchell. Mitchell expressed excitement on helping to design a building on Howard’s campus.
Mitchell said, “For the KGD/Moody Nolan team, this represents a transcendent design opportunity,” The Architect’s Newspaper reported.
“The Center for Fine Arts and Communications,” Mitchell added, “will endure as a threshold building for the campus and catalyze a new era of innovation and creative expression for future Bison. I am humbled by the opportunity to give back to the place that has given me so much.”
University officials expect the building to open to students in Fall 2025. WI @JamesWrightJr10
