Short Bytes: Sean Parker has embarked on a new journey of philanthropy and intends to unite the elite of tech entrepreneurs to disrupt the traditional methods of philanthropy.
While wealthy individuals donate money to causes that are still achievable and are careful to protect their future existence, Parker has constantly funded research through his ‘the Parker Foundation’, in the areas of Immunotherapy, in which the immune system is used to battle cancer. In a WSJ column, Internet billionaire Sean Parker shares his views.
Last week, the Former Facebook president announced, that he was donating $4.5 million to focus towards eradication of malaria from the planet in the next 25 years. He tells, hackers, who are normally considered as trouble makers, are dedicated problem solvers. They are good at identifying holes in the system and hence can really suggest the correct alternative to a particular system in practice.
Hackers prefer to use metrics and analytics to identify the real impact of their work, which is lacking in the current conservative approach of charity. By establishing such channels, Hackers can really help understand the micro details of charity and generate maximum value out of the donations. Youcaring CEO Chris Kibarian argues that though the capability of the hackers to do tremendous good is significant, but it is massively dwarfed by the pockets of World’s 7 billion peoples. ‘Compassionate crowdfunding’ what they call it, is changing the way people are donating across the world.
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According to the Charity Aid Foundation’s report, if the Worlds middle class donates 0.4 percent of their spending to charity, they can contribute $224 billion to charitable causes. Donating has become really easy with mobile applications and with the growing mobile reach, the industry is expanding. People are no longer interested in the collective wisdom of charitable institutions and crave to better understand the person or cause for which they have donated. Mobile generation is already turning to new technology-enabled means of giving, that better suit their philanthropic goals as well as their lifestyles.
The challenge for the techno-philanthropists would be to develop such transformative platforms that help scale these operations to global level and create transparent mediums that can help understand the microdetails in the impact and reach of charitable activities.
The good news is Sean and other members of elite have the mastery in developing such scalable systems. This is their greatest asset, their lasting legacy.
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