In high school, Smith was an All-American who was chosen to play in the Capital Classic in 1989, which was the premier All-American showcase game at the time.[4] He matched up opposite Kenny Anderson, who was considered the best high school basketball player ever (pre-LeBron James), yet Smith outplayed him.[4]
Smith then spent his first two college basketball seasons playing at Compton College, now called El Camino College, in Compton, California.[3] After lighting it up at the junior college level—he once scored 48 points against Harbor Community College—he moved on to play NCAA Division I ball at Drake.[3][5] During his first season playing for the Bulldogs, Smith was named the Missouri Valley Conference's Newcomer of the Year as well as its player of the year, earning the rare double honor.[3] That season he averaged approximately 21 points, 5 assists and 3 steals per game while helping to turn the program around after bad seasons the previous years.[3]