Tech CEOs Urge AI Millionaires to Fund Existing Nonprofits

Max Simkoff, CEO of Doma Technology, and Lisa Countryman-Quiroz, CEO of JVS Bay Area, are urging new millionaires created by the AI boom to invest in existing nonprofit organizations. The call follows the SpaceX IPO, which created an estimated 4,400 new millionaires this summer.

Simkoff and Countryman-Quiroz argue that the nonprofit sector already possesses the operational discipline and talent required to deploy large-scale capital. They point to the $26 billion in unrestricted gifts provided by MacKenzie Scott since 2019 as evidence that established organizations can successfully absorb transformational investments.

The leaders emphasize the importance of workforce development nonprofits in mitigating AI-driven job displacement. JVS Bay Area, for example, has pivoted its career training toward healthcare and skilled trades while integrating AI skills. The authors urge tech philanthropists to engage with these community organizations and foundations to close funding gaps rather than attempting to rebuild the philanthropic sector in the image of tech startups.