Who Silicon Valley's Givers Are Leaving Out
A new report finds that while tech millionaires are making big bets with philanthropy, they are leaving out organizations closer to home.
A new report finds that while tech millionaires are making big bets with philanthropy, they are leaving out organizations closer to home.
At a time when Silicon Valley is flush with newly-minted millionaires (and billionaires), it turns out that while many of high-wage workers are become a force in philanthropy, they're not directing much of that good will toward the people closest to home. The tech region's donors spent about $5 billion on philanthropic ventures in 2013, according to The Giving Code, a new report by Open Impact, a social change advisory firm that received funding from the David and Lucile Packard Foundation. That's a 150% increase from just five years earlier. Yet of 130 community-based organizations in San Mateo and Santa Clara counties that the report surveyed, most reported having no access at all to the region's new network of high-net-worth donors.