Ten big ideas to change the world

What happens when you put 150 altruistic billionaires, legendary entrepreneurs and Nobel Prize-worthy gamechangers in one room for a day to talk about ways to give smart and better? Some disruptive id

Jan 13, 2016, 06:33 IST2 min

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Warren BuffettChairman and CEO, Berkshire HathawaySolve Today’s Problems—Not Next Century’s“i don’t know the important issues necessarily 50 years from now. I do know what I consider the important issues now. And I know some terrific people who operate in those fields. Everything I have will be spent within 10 years after the closing of my estate. There will be plenty of philanthropists 10, 20, 50, 100 years from now. They can look at the problems of that day and the people of that day and pick out the best managers.”

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Michael MilkenFounder, The Milken InstituteFocus on Up-and-Comersthere’s an old saying about youth that michael milken undoubtedly hates—that it is wasted on the young. Thinking back on his 40 years of philanthropy, he says, “The highest rate of return on my philanthropic dollar has been to support young scientists and young investigators.” For this reason, he tries to fund the work of only fresh minds—giving $75,000 annually for three years to scientists who are no more than six years removed from completing a professional degree or clinical training. “They’re 33 years old. Who’s going to support their lab? You can direct some of the most talented people in the world and encourage them.” Ironically, he says, funding more established names hasn’t been as rewarding. “We’ve gotten a very low return funding those at the peak of their careers.” Presumably because it takes much more money to secure the same type of motivation that is visible in their younger colleagues.

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William a Ackman CEO, Pershing Square Capital ManagementCapitalistic Incentives Solve Social Problemsbill ackman spends the bulk of his time fixating on return on investment. So when it comes to giving back, he focuses both on non-profits with the potential to scale—and for-profit investments that do good while making money. For the latter, Ackman wants them to have the same mindset and motivations as a Silicon Valley startup. “You can build a valuable business that can incentivise management and solve a problem,” he says. “I think of social impact as someone who has devised a business plan where they can return your capital with a return and solve a very important problem. And when you think about how profits are going to be made in the 21st century, they’re going to be made solving problems.”

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Jim BreyerFounder and CEO, Breyer CapitalDisruption Can Serve the Public Good“The kind of companies I’m investing in are two or three cardiologists teamed with 20-, 25-year-old data scientists who are building companies that are doing more than creating shareholder value—something more encompassing.”

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