Black Philanthropists Including Robert F. Smith And Oprah Winfrey Have Played A Part In The More Than $1B Donated To HBCUs
Several prominent Black philanthropists have been investing in HBCUs.
Forbes reports that funding to HBCUs has been on the rise amid a significant drop in support of diversity, equity, and inclusion efforts under the new Trump administration. Donating to HBCUs is vital because it strengthens representation across industries and fosters innovative and diverse perspectives that drive meaningful change, extending far beyond classroom walls into venture capital, business, technology, Hollywood, and beyond.
Examples of innovators from HBCUs from this year alone include Morgan State University graduate Peter Iwuh. He’s making waves through Tykoon AI, which is a platform that empowers student-athletes at HBCUs in the name, image, and likeness landscape by helping them find nearby opportunities, create merch, and more, as AFROTECH™ previously told you.
Morgan State University is also home to alumni Kiante Bush (CEO) and Clarevonte “Clay” Williams (COO), who are also co-founders of Venture for T.H.E.M., a D.C.-, Maryland-, and Virginia-based accelerator and social impact collective that launched an AI-powered app to connect students at HBCUs to grants, scholarships, investor opportunities, and accelerators, per a separate story from AFROTECH™.
These success stories are a reminder of why it’s important to champion HBCUs. The cause remains at the heart of several Black philanthropists who, alongside other billionaires, have collectively contributed more than $1 billion to these institutions, according to Forbes’ “Biggest Billionaire Donors To HBCUs” list.
Featured is Robert F. Smith, founder of private equity firm Vista Equity Partners, who has donated $134 million to HBCUs, reports Forbes. In 2019, he made headlines by pledging to pay off the student loan debt of Morehouse College’s graduating class of 400. Now, he is expanding his Student Freedom Initiative. It is a program offering low-cost loans of up to $20,000 per year to more than 70 HBCUs, minority-serving institutions, and tribal colleges.
Also listed by Forbes is Oprah Winfrey, who has donated $25 million in total to Morehouse College. Jay-Z also made the list with a $2 million initiative that has benefited Norfolk State University, Lincoln University, Bennett College, University of Arkansas at Pine Bluff, and Central State University through his foundation in partnership with BeyGOOD and Tiffany & Co. Additionally, Michael Jordan and Jordan Brand donated $1 million to Morehouse College back in 2021.
