OpenAI's new $50M fund will support non-profits, community organizations
What's the story
OpenAI, the artificial intelligence company behind ChatGPT, has announced a $50 million fund to support non-profit and community organizations. The initiative comes as part of a broader effort by the San Francisco-based firm to revamp its corporate structure. This restructuring is deemed essential for raising the capital required to stay competitive in the AI industry, while staying true to its founding mission of developing AI for public benefit.
Strategy
A look at the corporate structure
Currently, OpenAI's non-profit arm owns and controls its for-profit arm. The company intends to convert this for-profit division into a public benefit corporation, with the non-profit parent becoming a shareholder.
Commission impact
OpenAI formed a non-profit commission in April
As part of its restructuring efforts, OpenAI formed a non-profit commission in April. The body was created to guide the company's philanthropic efforts and show that it can stay true to its founding mission despite the corporate changes. The commission recently submitted a recommendations report after interviewing more than 500 non-profits and community experts, further informing OpenAI's approach to this $50 million fund.
Strategic allocation
Fund will focus on community-led research, innovation
The newly launched fund will be used to form partnerships for implementing AI in various sectors like education, economic opportunity, community organizing, and healthcare. It will also support community-led research and innovation that is focused on using AI for public good.