by Matt Bannick
I spent eight years at eBay learning how businesses can create opportunities for people and benefit society. eBay supports millions of Internet entrepreneurs and $60 billion worth of commerce. But in my time as president of eBay International, I also realized that the firm’s social efforts wouldn’t necessarily reach poor people in less-connected parts of the world, because the expected financial returns in these geographies didn’t warrant expansion on our part.
This was much on my mind when I joined Omidyar Network three years ago to oversee its philanthropic strategy. The bottom line at ON is societal value. We believe in “flexible capital” — that is, we invest financial and human resources in both for-profit and nonprofit ventures. It’s not an either-or decision for us; we believe using both grants and for-profit investments can be powerfully complementary. Leer más “A Flexible Approach to Funding Entrepreneurs”