“An article in Bloomberg explores the rising tide of wealthy investors looking to support for-profit enterprises that also benefit society. They include AOL co-founder Steve Case and his wife, Jean, who have backed a handheld device to detect head trauma, which initially will benefit people in the military,” announced Philanthropy Today.
Bloomberg writes: “Jean Case and her husband Steve, who co-founded AOL Inc. (AOL), invested in BrainScope Co., the device’s developer, through their family office in 2008. The billionaire couple say they are using some of their fortune to help ease some of society’s ills while hopefully making a profit. They committed in June to spend $50 million in the coming years on mission-driven investments.
“A new generation of investors is emerging that wants more than just a financial return,” Jean Case, 54, said in an interview…
“…The phrase “impact investing” was coined in 2007, according to the Rockefeller Foundation. Proponents say it differs from socially responsible investing because people seek companies they think will make them money and improve society, rather than shun certain ones. The causes that impact investors have backed range from a water project in Africa to a venture capital fund with stakes in companies such as electric carmaker Tesla Motors Inc. (TSLA)”