Robert F. Smith, the founder, chairman and CEO of private equity firm Vista Equity Partners based in Austin, Texas traveled to the campus of Virginia Union University in Richmond to talk about his new book, “Lead Boldly: Seven Principles from Dr. Martin Luther King Jr.” and the challenges of entrepreneurship on Aug. 27.
“It is a joy and a pleasure to have Robert F. Smith here with us at Virginia Union University,” said Dr. Hakim J. Lucas, president of the institution. “We are proud to welcome him to our campus to share his insights on what it means to lead boldly in today’s world—and how our students and community can do the same.”
Smith was the main speaker for The Public Fireside Chat on Leadership, Legacy and Economic Justice sponsored by the university. Having founded Vista Equity Partners in 2000, Smith has amassed enough wealth to be recognized as the second wealthiest Black person in the U.S., and, at one time, was the wealthiest.
Forbes magazine estimates that Smith is worth $10.6 billion.
In his first time at Virginia Union University, and in Richmond, Smith received a grand welcome.
In welcoming him, Richmond Mayor Danny Avula presented Smith with the Key to the City.
“It was an honor meeting Mr. Smith at Virginia Union University, one of the oldest HBCUs (historically Black colleges and universities) in the United States,” said Avula, in front of a gathering of 60 people. “It is an honor to present Mr. Smith with the Key to the City, one of the highest honors a mayor can give, reserved for those who strengthen communities, and create meaningful, lasting legacies.”
Smith Talks Book and Journey, Receives Honors
Smith said he got the idea of writing the book from his research on the 1963 March on Washington for Jobs and Freedom, noting his research and interest in King led him to the Rev. Bernice King, his daughter.
The celebrated civil rights leader’s daughter, a freedom fighter in her own right, endorsed the idea of a book by Smith, saying she believed that he would promote economic justice in the way her father did. Smith, 62, said he understands the importance of economic justice.
“My generation is the first generation to have full access to civil rights,” he said. “As we can see, the present aperture can close. But young people can make the change.”
Smith talked about a hateful racial incident involving one of his relatives but didn’t express bitter feelings, saying “hate runs deep but our love is stronger.”
“But we move on and that is our job as leaders,” he said.
The CEO encouraged members of the audience to take risks as they pursue their interests.
“When I decided to leave Goldman Sachs earlier in life, my granddad thought I was crazy,” he continued. “Granddad did not take risks, but I want you all to do so.”
In addition to working with Bernice King, Smith said the late Harry Belafonte urged him to get involved in the fight for economic justice.
“He sat me down one day and passed that torch to me,” said Smith. “I was deeply honored. He told me to push past your fears and go into the arena.”
Further, presidents of Virginia’s historically Black colleges and universities attended the event, celebrating Smith’s contributions to HBCUs and empowering African American students.
Darrell K. Williams, the president of Hampton University, gave Smith a citation, noting that the billionaire donated more than $700,000 to the institution.
“That $736,000 added much to Hampton’s $2.1 billion endowment,” Williams said.
Smith also received presidential honors from Virginia State University and Norfolk State University presidents Makola M. Abdullah and Javaune Adams-Gaston.
As president of Virginia Union, Lucas and the chair of the university board of trustees presented Smith with an honorary doctorate.
Victor Rogers, a resident of Richmond, said the Smith Fireside Chat was inspiring.
“I love it,” said Rogers, 40. “He came here and brought a lot of good advice and wisdom. I liked his humble approach; he did not brag. He left a positive lasting impression on me.”