I would like to commend President Bacow for tapping Pierre and Pamela Omidyar as the keynote speakers for Tufts' 146th commencement ceremony. The Omidyars truly embody the values which we at Tufts so often exalt: public service, citizenship, innovation, internationalism, and peace. And, of course, they are dedicated Tuftonians.
The Omidyars' list of achievements is nothing short of astounding. For one, they have managed to build the world's most successful (read: profitable) electronic commerce firm. They have had incredible foresight. Indeed, they succeeded in avoiding the "webonomics" that just two years ago plagued every venture capital firm and dot-com from Wall Street to Silicon Valley. And their eBay corporation continues to remain rock solid during the current recession. As a result, these tech superstars have accumulated a gargantuan fortune. It took Carnegie and Rockefeller a lifetime to become billionaires. The Omidyars managed to do it in less than five years.
But for the moment, let's forget this. At the end of the day, billionaires are just billionaires. What really sets them apart from the others is what they do with the money. Not long after the megabucks started rolling in, the king and queen of Pez dispensers unveiled a new business plan, arguably more radical than the "electronic Bay Area," namely "venture philanthropy."
Dissatisfied with the inefficiencies and poor accountability structures of many "old guard" foundations, the Omidyars (via the Omidyar Foundation) are now developing a network of venture-capital-like firms which provide seed funding for organizations that focus on global and local community development. The key to their new business model rests in their strict commitment to organizations which themselves have solid business models, can meet milestones, and more importantly, generate self-sustained growth. Call it "new philanthropy." Call it "smart altruism." It's a new and radical concept and the Omidyars are leading the charge. Indeed, the May 2000 cover article of Forbes magazine dubbed the Omidyars the "radical philanthropists."
So what else makes the Omidyars stand out? Well, how about their refreshing modesty. In stark contrast with their Wall Street colleagues, the Omidyars go about their business quietly and carefully, frequently turning down requests for magazine coverage. Meanwhile, they are participating in international coalitions like the World Economic Forum to help insure that the third world does not remain inexorably trapped in the global "digital divide." Clearly, their Horatio Alger story has not corrupted their values.
They remind us that in this era of unprecedented prosperity and mass wealth, we have incredible social obligations.
I must admit a certain level of concern over recent complaints registered in this publication and elsewhere regarding the President's selection of the Omidyars. It seems as though the general complaint stems from the Omidyars' presupposed lack of name recognition. To me, this reaction suggests that undergraduates here place much more value on a speaker's name and "spotlight index" than they do on the substance of his or her accomplishments and the quality and relevance of his or her address. I cannot help but wonder if this value system is a product of Tufts' incessant desire to be recognized as an internationally acclaimed institution. While good PR is important, so too are good values, good inter-personal relationships, and intelligent dialogue (or monologue, as the case may be).
I look forward to hearing the Omidyars speak at graduation. I look forward to hearing them speak as successful business partners, as dedicated spouses, and as loyal Tufts graduates. I look forward to hearing them speak about their commitment to and ongoing innovations in the field of venture philanthropy. And I look forward to hearing them speak about the importance of good values in an age of prosperity. Last on my list of thoughts at graduation will be: "What is this speech going to do for Tufts' 'brand recognition'"?
George Farish is a senior majoring in economics.
