Ebay founder takes lead in social entrepreneurship

Entrepreneurship turned eBay founder Pierre Omidyar into one of the world’s richest men. Now, he’s betting it can ease one of the world’s most daunting problems: poverty.

Omidyar, who started eBay 10 years ago, will announce Friday that he is donating $100 million for a new Tufts University program to generate millions of tiny loans, some as small as $40, to finance entrepreneurs trying to escape poverty in India, Bangladesh and other poor countries.

The gift is a big endorsement of social entrepreneurship — a field of growing interest for the new generation of technology entrepreneurs. The shift could recast traditional philanthropy dominated by non-profits such as the Ford Foundation built on Old Economy wealth. (Related item: Entrepreneurs drive philanthropy)

The new entrepreneurs, impatient to resolve global problems more quickly, are applying the very business models that made them rich at eBay, Microsoft, Google and America Online to battle the most vexing issues, from poverty to childhood disease. "We ought to be looking at business as a force for good," Omidyar said in an interview.

By Jim Hopkins, USA TODAY

Full Story: http://www.usatoday.com/money/industries/technology/2005-11-03-social-entrepreneurship_x.htm