Mastercard and The Rockefeller Foundation Announce ‘Data Science for Social Impact’ with Initial $50 Million Commitment
DAVOS, Switzerland--(BUSINESS WIRE)--Jan 22, 2019--The Mastercard Center for Inclusive Growth and The Rockefeller Foundation today announced Data Science for Social Impact. This transformational model for collaborative philanthropy will accelerate the use of data science by empowering non-profit, civic and government organizations with the tools, expertise and other capabilities they need to help solve the world’s most pressing challenges.
The collaborative was announced at the World Economic Forum’s Annual Meeting in Davos, Switzerland, with an initial commitment of $50 million from The Rockefeller Foundation and the Mastercard Impact Fund over five years and an invitation to other companies and philanthropies to join.
More than 2.5 quintillion bytes of data are produced every day. This abundance of data, combined with rapidly advancing analytics capabilities, has the potential to improve the lives of billions of people around the world. While businesses have been building and deploying data science capabilities for many years, those on the front lines of social good often lack the resources to do the same. However, governments and non-profits are actively looking for new ways to advance their efforts through applied data to allow, for example, improved access to public transport for underserved communities or the acceleration of disease diagnoses.
Building on The Rockefeller Foundation’s leadership in social impact and the Mastercard Center for Inclusive Growth’s leadership on data philanthropy and governance, the collaborative will identify key priorities and investment opportunities to accelerate data for good, whether that be through research, skill-building or the development of new technology platforms. By growing the data science capabilities of non-profit, civic and government organizations, the collaborative can help local leaders uncover new insights and trends from their data and build more impactful programs for the communities they serve.
“At Mastercard, we believe the digital economy needs to work for everyone. If we can close the gap by providing the non-profit, civic and government sectors with the tools, talent and investments they need to apply data science effectively, then we have a shot at solving some of the greatest challenges of our time,” said Michael Froman, vice chairman and president, strategic growth at Mastercard. “We see a world where the promise of technological innovation can deliver on our goal of inclusive growth.”
“Like the introduction of science to medicine 100 years ago transformed the delivery of health worldwide, we are poised to take the next big leap bringing data science to social impact,” said Dr. Rajiv J. Shah, president of The Rockefeller Foundation. “We’re excited to invite partners from the public and private sectors to join Data Science for Social Impact and help us inspire a new generation of social sector leaders to use data for good.”
The collaborative’s first activity is $20 million in funding to DataKind, a global nonprofit that harnesses the power of data science and AI in the service of humanity that has completed over 250 projects by deploying expert data science volunteers from their network of over 30,000 across five worldwide chapters since its founding in 2011. This support from the collaborative will allow DataKind to transition from a project to a platform-based model, thereby, supporting more organizations on a set of common issues, including community health and inclusive growth.
About the Mastercard Center for Inclusive Growth
The Mastercard Center for Inclusive Growth focuses on promoting equitable and sustainable economic growth and financial inclusion around the world. As a subsidiary of Mastercard, the Center leverages the company’s data, expertise and technology, along with administering the Mastercard Impact Fund’s philanthropic investments, to empower a community of thinkers, leaders and innovators on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on Twitter @CNTR4growth, subscribe to its newsletter and visit www.mastercardcenter.org.
About The Rockefeller Foundation
The Rockefeller Foundation advances new frontiers of science, data, policy and innovation to solve global challenges related to health, food, power and economic mobility. As a science-driven philanthropy focused on building collaborative relationships with partners and grantees, the Foundation seeks to inspire and foster large-scale human impact that promotes the well-being of humanity throughout the world by identifying and accelerating breakthrough solutions, ideas and conversations. For more information, visit www.rockefellerfoundation.org.
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW YORK SWITZERLAND
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT PHILANTHROPY PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS FOUNDATION FUND RAISING
SOURCE: Mastercard Investor Relations
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PUB: 01/22/2019 11:58 AM/DISC: 01/22/2019 11:58 AM