Vista CEO urges companies to keep internships as AI reshapes work

Vista Equity Partners founder Robert F. Smith urged companies adopting artificial intelligence to protect internships, arguing that young workers need a place in the next phase of technology. Speaking at Fortune’s Brainstorm Tech conference in Aspen, Smith said internships help pass on technical knowledge and the optimism that has powered earlier waves of innovation.

Smith, the billionaire chief executive and chairman of Vista, made the point during a discussion with Fortune’s Allie Garfinkle, according to Fortune. He told business leaders to make sure they do not eliminate intern programs, calling them an important way to bring people into the field and develop future technologists and thinkers.

Fortune reported that Smith framed his remarks with a family story. He said he used to ask his children at dinner to name the most significant technology in human history, weighing answers such as the printing press and the transistor.

Smith said he leaned toward the transistor, a fitting answer for an investor whose firm focuses on software, Fortune reported. He said younger people, including his children, would probably pick artificial intelligence because it is the defining technology of their own lives.

His broader message, according to Fortune, was that each generation of technology rests on earlier breakthroughs. Smith said companies should make sure younger people participate in that process rather than being pushed aside as AI changes how work gets done.

Smith cited his own internship path

Fortune reported that Smith pointed to his own early career as an example of why internships matter. As a high school student in Denver, he repeatedly contacted Bell Labs, seeking a spot in an internship program that was intended for college juniors and seniors.

Bell Labs eventually accepted him, according to Fortune. The company later brought him back during summer breaks from Cornell University, and Smith developed a reliability test for semiconductors while working there.

Smith founded Vista Equity Partners in 2000, Fortune reported. The firm now oversees a portfolio of about 90 software companies, including Klarna, Marketo and BetterCloud.

AI agents and the future of jobs

Smith acknowledged at the conference that AI will have a large effect on employment, Fortune reported. He described AI agents as workers that perform tasks, some of which combine into jobs, and said the outcome could include both losses and expansion before a new balance emerges.

Even with that uncertainty, Smith argued that younger workers must be part of the transition, according to Fortune. His warning was directed at companies that may see AI as a reason to scale back entry-level programs.

Fortune reported that Smith also discussed Vista’s approach to AI investing, including how the firm evaluates which companies should exist in the AI era. The conversation also touched on Smith’s early encounters with future Amazon CEO Andy Jassy, business strategy, Elon Musk and the expected SpaceX IPO.

This story draws on original reporting from Fortune.