MBN USA
May 25, 2021
Cisco donates $150 million to Robert Smith’s HBCU initiative
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The Student Freedom Initiative (SFI) recently
announced a strategic partnership with tech giant Cisco Systems Inc. and
American Virtual Cloud Technologies Inc.
Cisco is committing $100
million in networking, security and collaboration technologies to further SFI’s
mission of making sustainable, impact-driven investments to unlock the
potential of the entire HBCU ecosystem, their communities and their students.
In addition, AVC Technologies and Cisco will provide ongoing technical support.
Cisco will also invest
$50 million to support SFI’s income-contingent alternative to traditional
college loans to eligible students attending HBCUs. This $50 million anchor
investment is the first step to helping SFI reach its goal of a $450 million
endowment supporting 4,500 students in perpetuity.
“We are thrilled to welcome Cisco and AVC Technologies as strategic partners for SFI in addressing the digital divide faced by our HBCUs,” said Robert F. Smith, chairman of SFI. “Their expertise and generosity will ensure that HBCUs are secure and robust institutions that empower Black students.
"And Cisco’s added financial
commitment to students, making them the first anchor corporate partner of SFI,
will help liberate students from crushing debt and allow them to make their own
life choices," added Smith, who is founder, chairman and CEO of Austin, Texas-based Vista Equity Partners. Their gift to SFI’s endowment is a call-to-action to other
corporate leaders to join our cause.”
Maria Martinez, executive
vice president and chief operating officer at Cisco, said “Cisco is proud to
support SFI and all HBCUs in this endeavor, which reinforces our purpose to
power an inclusive future for all. This partnership is an investment in our
future workforce, empowering AA/Black STEM students and equipping them with the
financial and technology tools to be resilient and successful long term. We
remain committed to this community – to be seen, heard, valued and invested
in.”
In collaboration with the
United Negro College Fund and Thurgood Marshall College Fund, this strategic
partnership will be an initial step in the digital transformation of HBCUs and
assist them as they fortify their underlying infrastructure against cyber
threats.
AVC Technologies will
work directly with HBCUs to identify gaps between their existing infrastructure
and the requirements identified by the Department of Education Federal Student
Aid (FSA) and install the necessary solutions to address these gaps. Cisco will
provide the solutions to be installed by AVC Technologies and provide one year
of support following installation. SFI will provide end-to-end project
integration and management to ensure a seamless transition.
“On behalf of the SFI
and the HBCUs who have already partnered with us, we are grateful to the
executive leadership teams, spearheaded by Chuck Robbins and Xavier Williams,
who have worked with our team over the past year to design a secure
infrastructure to foster innovation and business growth within these
communities,” added Mark A. Brown, executive director of SFI. “Their corporate
response further exemplifies the principle of ‘Paying It Forward’ put forth by
Robert F. Smith at the May 19, 2019, Morehouse graduation commencement.
Collectively addressing the challenges faced by HBCUs, this strategic
partnership will enable expanded opportunities and address the issues that
affect these institutions which have served as a beacon of hope for many
students seeking a higher education.”
Xavier Williams, CEO of
AVC Technologies, added, “With our teams already on the ground to lay initial
groundwork with HBCU staff, we are eager to deliver on our commitment and
status as a Cisco Gold Triple Master Partner to enable compliance with cybersecurity
requirements, install the solution(s) to mitigate any gaps, collaborate with
SFI and the HBCUs as they define their long-term strategy for leveraging these
solutions to meet other HBCU-unique objectives.”
“Collectively SFI, Cisco
and AVC Technology will bring meaningful, sustained, and measurable
opportunities to advance the HBCU ecosystem,” added Keith B. Shoates, chief operating
officer of SFI. “Provided the opportunity to participate via the InternX.org
platform in the modernization efforts at their respective HBCUs, these students
will obtain practical hands-on experience, training and certifications in the
technologies of the future; and we’ll build a qualified pipeline of diverse
talent from HBCUs. This is just the beginning, as we continue to seek partners
to join us in providing evidence-based, holistic, student centered support and
creating a self-sustaining financial product that provides an alternative to
traditional student loans.”
Launched in March 2020, SFI
is a 501(c)(3) nonprofit organization dedicated to ensuring freedom in
professional and life choices for students attending Minority Serving
Institutions (MSIs). To date, SFI has received over $100 million in pledges,
including a recent generous contribution from the Walmart Foundation as part of
its first round of grants for The Walmart.org Center for Racial Equity. In
addition, the program has been acknowledged and supported by the Business
Roundtable's Racial Equity & Justice Subcommittee on Education.
About the Student Freedom Initiative
The
Student Freedom Initiative, a 501(c)(3) nonprofit organization, is dedicated to
ensuring freedom in professional and life choices for junior and senior
students pursuing science, technology, engineering and mathematics (STEM)
degrees. Initially focused on historically Black colleges and universities
(HBCUs), the Student Freedom Initiative is student-centered, evidence-based and
holistic.
SFI enables the social
and economic mobility of participants through four transformative components,
including an income-contingent alternative to fixed payment obligations used to
finance college, internships, mentoring, tutoring, and other student services,
as well as targeted HBCU capacity building. SFI collaborates with
community-based organizations, businesses, and governmental entities through
public-private partnerships to make sustainable, systemic changes to support
the entire HBCU ecosystem. To learn more, visit
www.StudentFreedomInitiative.org or find us on Twitter @StuFreedomOrg.
About Cisco
Cisco
(NASDAQ: CSCO) is the worldwide leader in technology that powers the internet.
Cisco inspires new possibilities by reimagining your applications, securing
your enterprise, transforming your infrastructure, and empowering your teams
for a global and inclusive future. Discover more on The Network and follow us
on Twitter.
About AVC Technologies
American Virtual Cloud
Technologies Inc. (“AVCT”; Nasdaq: AVCT) is a premier global IT solutions provider offering
a comprehensive bundle of services including unified cloud communications,
managed services, cybersecurity, and enhanced connectivity. Our mission is to
provide global technology solutions with a superior customer experience. For
more information, visit https://www.avctechnologies.comCisco’s purpose is to
power an inclusive future for all. This means building a workforce that is
reflective of the world we live in, helping to connect the unconnected,
and answering the call to those in need.
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