The authors of a Fortune column called on AI millionaires to fund existing nonprofit organizations
Max Simkoff, founder and CEO of Doma Technology, and Lisa Countryman-Kiroz, CEO of JVS Bay Area, called on new millionaires who have made their fortunes during the artificial intelligence boom to direct their funds toward existing nonprofit organizations. In an op-ed for Fortune, they argue that the philanthropic sector should not be restructured according to technological principles.
The authors noted that SpaceX’s IPO this summer, according to estimates in the column, created about 4,400 new millionaires overnight. Anthropic and OpenAI, the authors expect, may also soon go public. They also cited a Goldman Sachs forecast of historically high IPO proceeds driven by the AI boom.
According to Simkoff and Countryman-Kiroz, there is a widespread perception in the tech community that nonprofit organizations lack the expertise, speed, and ambition to make effective use of large-scale funding. At the same time, there are 1.8 million nonprofit organizations in the U.S. that channel approximately $600 billion in charitable donations each year to support people and communities.
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As an example of the sector’s ability to utilize large-scale contributions, the authors cite the donations made by Mackenzie Scott. Since 2019, she has awarded over $26 billion in large, unrestricted grants to active nonprofit organizations. According to the Center for Effective Philanthropy, which studied the results over a three-year period, 90% of recipients reported improved financial stability, expanded programs, reduced employee burnout, and a greater capacity for innovation.
The authors specifically highlighted organizations focused on vocational training. They note that, amid changes in the labor market driven by generative AI, such organizations are adapting their programs. In particular, JVS Bay Area discontinued training programs in technology-related fields and developed new programs in areas more resistant to automation—healthcare and skilled trades. According to the authors, such organizations first and foremost need more funding for programs that have already proven effective.
