Early Life
Eric Smidt was born in Los Angeles, California, in 1960. His father, Allan Smidt, started Harbor Freight Tools in 1968. Eric's early life included a period in an orphanage and later, living with an aunt. He graduated from Grant High School in Van Nuys.
Rise to Success
Smidt began his career at Harbor Freight Tools at a young age, starting as a mail-order business. He was named president in 1985 at age 25 and became CEO in 1999. Under his leadership, Harbor Freight Tools expanded to over 1,600 stores across 48 states, offering over 7,000 tools and accessories. He introduced innovative business practices such as cutting out the middleman and direct sourcing from factories. In 2001, Smidt was listed as one of Ernst & Young's Entrepreneurs of the year.
Key Business Strategies
Smidt's key business strategy involved providing quality tools at affordable prices. This was achieved by directly sourcing tools from factories, removing intermediaries, and passing savings to customers. The company's expansion to a nationwide retail chain with over 1,600 stores is a testament to the success of this strategy.
Philanthropy
Smidt established The Smidt Foundation, which supports various charitable causes. Harbor Freight Tools for Schools is a flagship program. The Foundation has also donated millions to support veterans, first responders, and a wide range of community programs. In 2018, the Smidt Heart Institute was established at Cedars-Sinai Medical Center after a major gift from the Smidt Foundation.
