Omidyar Network, the philanthropic investment firm created by eBay founder Pierre Omidyar, says it’s committing $30 million to support global entrepreneurship, particularly in India and sub-Saharan Africa.
Omidyar just made the announcement at the Clinton Global Initiative meeting in New York. (He has also been tweeting from the event.) Her eare a couple more details about how the firm plans to invest the money and why, according to the announcement:
Through its commitment, Omidyar Network will support both for-profit and nonprofit entrepreneurs striving to overcome daunting barriers to success, including scarce risk capital, poor regulatory and physical infrastructure and limited models for success. Omidyar Network selected India and Sub-Saharan Africa due to the large numbers of people living in poverty and the potential social impact increased entrepreneurship will bring – from improved access to goods and services to increased employment opportunities.
The investment might seem normal for Omidyar’s firm, which tries to make a big social impact with its investments. But if you look at its portfolio, even though it has a number international investments, the biggest presence comes from US investments like Wikipedia and the Sunlight Foundation. So this is a major international commitment.
Omidyar says it has committed more than $290 million of investments since it was founded in 2004.