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Where Social Entrepreneurship and Venture Capital Meet

The Giving Pledge Update

July 17th, 2010 · 2 Comments · socent

Paul Allen, co-founder of Microsoft with Bill Gates, has pledged to give away more than half of his $13.5 billion fortune. The Giving Pledge, which started with a challenge issued by Gates and Warren Buffett, has now also gained the support of billionaries such as:

  • Eli Broad (former CEO of SunAmerica)
  • Venture capitalist John Doerr (of Kleiner Perkins fame)
  • Media mogul Gerry Lenfest (founder of Lenfest Communications)
  • John Morgridge (former Chairman of Cisco)
  • Michael Bloomberg (founder of Bloomberg Communications and Mayor of NYC)

Eli and Edythe Broad commented:

“We agree with Andrew Carnegie’s wisdom that ‘The man who dies rich, dies disgraced,’ and we also believe ‘he who gives while he lives also knows where it goes,’” the couple said. “Philanthropy is unbelievably rewarding.”

This commitment to put money towards social good is inspiring indeed; but I hope that there is an effort not to hand away this money freely but for it to be used to invest, so that the returns from those investments can then be put towards more socially impactful giving. Maybe even use the model of Presumed Abundance?

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