The general partners of Andreessen Horowitz have pledged to
donate at least half of their future venture capital earnings to philanthropic
causes, Fortune reports.. And, to begin, they have sprinkled $1 million on
Silicon Valley nonprofits that focus on everything from urban forestry to
homeless families.
Here's how it will work: Each of Andreessen Horowitz's six
general partners -- Marc Andreessen, Ben Horowitz, Jeff Jordan, Peter Levine,
Jon O'Farrell and Scott Weiss -- will donate at least half of all management
fee and carried interest income they earn for the rest of their venture capital
careers. It is up to each individual partner to determine where the money goes.
"We've been inspired by what John Doerr and Mike Moritz
have done by participating in the Buffett/Gates Giving Pledge," explains
Ben Horowitz, whose initial donation was to a program for special needs
children and their families. "We hope other venture capital firms are
inspired by what we're doing, and maybe do something similar."
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