5 Billionaire Philanthropists Pool $1B to Help Low-Income Americans with A.I.
Five of the world’s wealthiest individuals are backing a new philanthropic coalition aimed at improving the lives of low-income Americans and frontline workers. Over the next 15 years, foundations headed by Bill Gates, Steve Ballmer, Charles Koch and others will invest $1 billion in expanding economic opportunity through cutting-edge technology, including A.I.
The initiative, known as NextLadder Ventures, will support both nonprofits and for-profit organizations through a mix of grants, equity investments and revenue-based financing, the group of foundations announced yesterday (July 17).
Besides the Gates Foundation, Ballmer Group and Koch’s Stand Together, NextLadder includes the Valhalla Foundation, established by Inuit co-founder Scott Cook, and receives funding support from John Overdeck, the co-chair of hedge fund Two Sigma Investments.
NextLadder Ventures will be led by Ryan Rippel, former head of the Gates Foundation’s economic mobility strategy. Its board will feature three independent members, along with one representative from each of the funders.
The coalition will prioritize access to emerging technologies, particularly A.I., to help people facing challenges such as job loss or housing instability. For frontline workers like social workers and legal advisors, the organization aims to provide digital tools that reduce administrative burdens and increase reach. A portion of the funds will also go toward research focused on ensuring A.I.’s benefits are equally shared.
Anthropic, the A.I. startup known for its Claude family of models, will serve as NextLadder’s inaugural A.I. partner. It will provide grantees with access to Claude subscriptions, API credits and in-house tech support. “Our team will work hand-in-hand with these organizations, bringing the same dedicated attention we give our largest enterprise customers to nonprofits tackling society’s biggest challenges,” said Anthropic co-founder Daniela Amodei in a LinkedIn post.
As A.I. technologies evolve, concerns continue to mount over their potential to deepen inequality. A 2024 report from the International Monetary Fund that found that around 40 percent of global employment is exposed to A.I., with high earners poised to benefit most, possibly widening existing wealth gaps.
With a combined net worth of more than $343 billion, the funders behind NextLadder hope to counterbalance those risks by channeling tech’s promise toward underserved communities. Early examples of technology solutions that align with NextLadder’s mission include CarePortal, an app that connects children and families in crisis to support options, and Rasa-Legal, a platform that helps individuals with criminal records navigate expungement.
Other focus areas include improving access to credit, managing debt, and helping workers discover upwardly mobile career paths through innovative tech tools.
“With rapid advancements in technology, especially in artificial intelligence, we have incredible opportunities to help people live healthier, more prosperous lives,” said Mark Suzman, CEO of the Gates Foundation, in a statement. “NextLadder Ventures brings together the vision, resources and community connections needed to create solutions for millions of Americans and the frontline workers who serve them, opening up more paths to economic opportunity and making upward mobility more possible.”