Billionaire couple offers $150M to make San Francisco better to live in
Billionaires Michael Moritz and Harriet Heyman have launched an ambitious $150 million initiative aimed at enhancing San Francisco. Through their foundation, Crankstart, they invite innovative solutions to tackle urgent housing and economic challenges. Organizations can compete for funding, with the evaluation process culminating in a decision set for autumn 2027. This competition highlights the…
Billionaire Michael Moritz and his wife, artist Harriet Heyman, have launched a global competition called "Boundless San Francisco" to generate ideas that can improve life in San Francisco. The open competition, run by Crankstart, the private family foundation owned by Moritz and Heyman, aims to tackle the city's housing affordability crisis and economic decline following the pandemic.
Any organization worldwide can submit a proposal as long as it benefits San Francisco residents. Up to three winning organizations will each receive between $10 million and $50 million to carry out their proposals.
The competition will follow a multi-stage review process, starting with initial registration and proposal submission by September 11 and the final selection by autumn 2027. Applicants will participate in an online webinar on August 18 to understand the platform and answer questions live. Shortlisted finalists will share between $1 million and $3.5 million in development funding and technical advisory support.
Moritz, a former Sequoia Capital partner and technology investor, believes the global competition is a high-risk, high-reward approach similar to venture capital investing. The competition's goal is not only to fund innovative concepts but also to support plans that can succeed beyond the initial grant period.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
