I’m sure there is some research on this topic already, but successful entrepreneurs continue to impress me with their record of giving back. I’m not saying that “old money” doesn’t carry a large charity load, but newly created wealth by entrepreneurs seems to fund the big checks recently and I’m not just talking about the Gates of the world.
The H. Lee Moffitt Cancer Center & Research Institute recently announced a $20.4M gift for research towards the treatment of melanoma. The donor, a cable, banking and construction entrepreneur named Donald A. Adam.
That donation comes only a few years after entrepreneur, Don Wallace, donated $5M to Moffitt’s Comprehensive Cancer Program. The same thing is happening at UF, other Florida universities and on campuses across the US — entrepreneurs are funding university buildings and research. Maybe that’s one reason some of the largest and most successful university foundations in the world embrace the venture capital asset class — you reap what you sow.