Robert F. Smith received national attention when he promised to wipe out the Morehouse College class of the 2019 student debt. Now, the billionaire investor is planning to help 1,000 students get paid internships that will hopefully open doors for their future career.
InternX, created under the Smiths Fund II Foundation, wants to help students who are "rising sophomores with at least a 2.8 GPA from ethnically under-represented groups" to get an internship in one of the following fields: science, technology, engineering, and math. The program will provide participating companies with a database of potential interns for the summer.
"[An internX internship is] a paid internship of at least 8 weeks, in a company that has been considered to be an inviting environment, mentoring, networking and robust tasks. (Also training opportunities before, during and after the internship itself.) For the program,
AT & T, Price Waterhouse Coopers, Deloitte, Citi and Vista Equity Partners, founded by Smith, are reportedly among the companies that have promised to take on internX candidates as trainees this year. jobs across all sectors will be up.
The program hopes to help 1
"We need to create the environment for them [young adults] to share themselves, their ideas and their thoughts," Smith said in a commercial video for internX. "It could be a $ 100,000 believed it the day and a $ 10 billion believed the next. "
Earlier this month, Smith announced that his family had set up a scholarship to wipe out the class of 2019 student debt at Morehouse, Atlanta, where he was the beginning speaker. The gift of nearly 400 degrees is estimated to be worth $ 40 million.
Smith, who has an estimated $ 5 billion net worth, founded Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies, in 2000. He received an honorary doctorate from Morehouse during the graduation ceremony, calling on others to "pay it forward" to help the future generation succeed.
CLICK HERE TO GET FOX BUSINESS APP
It wasn't the first time Smith made a generous donation to a school. In 2016, he pledged $ 50 million of his personal money through a foundation for his alma mater, Cornell University's School of Engineering.