Giving For the Public Good, Silicon Valley Style: Focus on The Entrepreneurs Foundation

   

One of the measures of regional health in the United States is the level of philanthropic giving. This sector helps to build the institutions and to support and enhance a community's arts, education, social service, environmental, and religious needs. In many countries these services are funded by the government and the nonprofit sector has a very limited role. In the U.S., $203 billion is donated every year to nonprofit organizations by individuals, charitable foundations, bequests, and corporations. [1] Many regions of the world seek to develop philanthropy in their communities. Perhaps the insights from the high-tech professionals we next profile, who have dedicated themselves to making a difference in their societies , can be helpful in strengthening philanthropy for other regions .

Compared with many other U.S. geographic areas and industries, Silicon Valley companies and individuals have had a reputation for low levels of philanthropic giving. High-tech money was perceived as fast and easy, made by young multimillionaires who did not care about the communities they lived in and did not share the values of previous generations of business leaders to give back. To a large extent, this perception is rooted in reality and, with a few notable exceptions in companies with great philanthropic corporate cultures such as Hewlett-Packard and Cisco, the new high-tech wealth has generally been less forthcoming for charities.

However, this bad reputation may be a bit exaggerated. From 1992 to 2000, Silicon Valley donors have contributed $1 billion to community foundations such as the Community Foundation Silicon Valley and the Peninsula Community Foundation. [2] This comes largely in the form of asset giving of appreciated stock, and wealthy individuals donating through planned giving instruments such as charitable remainder trusts that have positive tax benefits. Founders of successful high-tech companies seem to focus their giving to issues of personal concern or to institutions of learning. In 2001, retired Intel Chairman Gordon Moore and his wife Betty, through their combined foundation and personal giving, donated $600 million to the California Institute of Technology, which is the largest single donation to any educational institution in the U.S. Traditional community charities such as the United Way, which raise cash annually for "umbrella giving" to local NGOs, have not fared nearly as well.

New approaches to community-building philanthropy based on problem solving and asset-based giving are evolving. The Entrepreneurs Foundation is a good example of community building through the venture capital community. Through interviews with Gib Myers, chairman of the Entrepreneurs Foundation, and Emil Wang, recipient of the Foundation's Entrepreneur of the Year award in 2000, we will profile this organization as an example of Silicon Valley style experimentation with philanthropy.

   


Creating Regional Wealth in the Innovation Economy. Models, Perspectives, and Best Practices
Creating Regional Wealth in the Innovation Economy: Models, Perspectives, and Best Practices
ISBN: 0130654159
EAN: 2147483647
Year: 2002
Pages: 237

flylib.com © 2008-2017.
If you may any questions please contact us: flylib@qtcs.net