Robert F. Smith believes that businesses in America can and should play a critical role in addressing the inequalities that have plagued our nation since its founding. Over the last several months, several U.S. companies made good on Smith’s call to action and committed to giving part of their profit to the greater good.
Last week, Bloomberg became the latest business to join the growing choir of companies pledging portions of their revenue to address systemic racism. Bloomberg Philanthropies committed to donating $100 million to medical schools at four historically-Black colleges and universities (HBCUs) — Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine and Charles R. Drew University of Medicine and Science. The donation will be used to provide scholarships for students currently enrolled and receiving financial aid.
About his organization’s donation, Michael Bloomberg says: “Currently, Black people make up about 13% of the U.S. population but, according to the Association of American Medical Colleges, only 5% of practicing medical doctors.” He continued by saying “and while this disparity has been growing for years — especially among Black male doctors — the coronavirus threatens to make it far worse.” He believes that his donation will help more Black students pursue medical school and ultimately become doctors and make an impact on the medical field.
Bloomberg Philanthropies joins the ranks of Netflix and other corporations redirecting portions of their revenue to serve the greater good. In June 2020, Smith called on large corporations to dedicate 2% of their annual net income for the next decade to empower marginalized communities and end the racial wealth gap. Smith believes that this type of generosity can change the world, and he is encouraging more of it.
To learn more about Robert F. Smith’s call to action for companies, read this blog.