The Next Silicon Valley Must-Have? A Private Foundation
While the pandemic might have shuttered businesses across the country, Silicon Valley tech companies have defied the odds. In 2020, IPO capital raising hit its highest level in a decade. Start-up valuations soared, and blockbuster IPOs, like the one for Airbnb, created a bumper crop of wealth. But unlike previous iterations of newly minted money, the beneficiaries of this recent boom are forsaking the traditional private-island-and-jet splurge. Their new acquisition of choice could be a more charitable one.
Last year my company helped set up more new foundations than at any other time in our 20-year history – many for tech could fuel a surge in private foundation philanthropy, even as , and others have documented a decline in spending among America’s most affluent households during the past year.
