![]() "There were a large number of single moms who couldn't afford to work out of the house, people with developmental disabilities, and a large number of disabled military veterans who were able to set up shop working from home." "The vast majority of entrepreneurs who set up shop were people who might not have been entrepreneurs in other capacities," said Paula Goldman, Omidyar Network director. Omidyar had watched eBay became a powerful influence in online commerce - empowering many people to become entrepreneurs - and wanted to help other underserved populations in a similar way. To do so, he created the Omidyar Network (ON), an organization that invests in promising social enterprises, some of which serve the world's poorest populations.Īfter initially starting a nonprofit family foundation, Omidyar decided to create a new organization that would use the power of business to address global poverty, he wrote. ![]() Having written the original software for the site only three years prior, Omidyar didn't feel an overwhelming sense of entitlement to the wealth and made it his mission to make sure the money was employed effectively, he wrote in the Harvard Business Review. In September 1998, the eBay founder watched his stake in the company rise to over $1 billion on the first day of public trading. On the day Pierre Omidyar became a billionaire, he knew he wanted to put his money to good use.
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