In May, the Gates Foundation announced that it will double its spending over the next 20 years to accelerate progress in saving and improving lives, spend down its resources, and sunset its operations by 2045.
The announcement also included a commitment to make as much progress as possible in that time toward three goals that will drive the foundation’s efforts moving forward. One of those goals is to lift millions of people out of poverty and put them on a path to prosperity in the U.S. and around the globe.
Our overarching desire to accelerate the impact of our funding helped shape our decision in July to transition out of a direct investment strategy in Economic Mobility and Opportunity (EMO) in the U.S. and invest nearly half a billion dollars in the co-founding of NextLadder Ventures, one of the most significant commitments in the foundation’s U.S. Program history.
NextLadder will harness advances in artificial intelligence (AI) to create and scale solutions that expand economic opportunity for millions of Americans experiencing poverty and support the frontline workers serving them.
This new direction reflects our belief that going bigger and bolder is what’s needed to make lasting change. In our EMO work, we view partnering with other funders to pool resources and expertise in a new entity as the most effective way for the foundation to help ensure that temporary circumstances do not become lasting barriers to upward mobility for millions of Americans.
But even as we look ahead with optimism, we also recognize the very real impact these shifts have on our current partners and team. That’s why we’re working closely with our EMO strategy partners to honor our existing commitments to them as we close this chapter.
Several of our extraordinary EMO strategy colleagues have already moved on from the foundation, and others will transition out of their roles in the coming months. I’m deeply grateful to them for how they have led this work since inception: by centering people experiencing poverty and letting those experiences guide the work.
That spirit of listening and learning is what made our EMO strategy so impactful. Through our EMO strategy:
- More than 1.4 million people overcame barriers to economic security;
- Over $2.2 billion in safety-net benefits have been unlocked;
- More than 100,000 workers earning low wages have accessed better quality jobs with benefits and retirement plans; and
- Over 47,000 local leaders have been equipped with tools and data to expand economic opportunity.
While the numbers matter, human stories help show what’s possible when economic barriers are removed and people are given the tools to succeed.
Since launching the EMO strategy in 2017, the foundation has invested more than $500 million to spark innovation and fuel partnerships to increase economic security and mobility in this country. As we make this shift, it’s important to honor what the EMO strategy achieved and the people behind those results.
Stories and Tangible Outcomes That Stay with Me
Here are three impactful stories that have stayed with me and illustrate what this work has looked like in the lives of people going through hard times and those that have dedicated their work to helping them through those periods:
LaTina Denson, who helped Michigan families in need gain faster and easier access to benefits
After a stroke, LaTina was handed a 42-page, 1,000-question application to access benefits in Michigan. In navigating that challenge, she worked with our partner, Civilla, to help redesign the state’s benefits application process so it works for people, not against them. Today, that application is 80% shorter, faster for families to complete, and easier for staff to process, helping families get food, health care, housing, and other support when they need it most.
Cortaiga Collins, who expanded her small business and benefits offerings for her employees
In St. Louis, Cortaiga, founder of Good Shepherd Early Learning Center, worked with our EMO strategy partner, Pacific Community Ventures, to expand her center while improving job quality for her workers, providing them with paid leave, retirement plans, and professional development opportunities. Those workers are among the more than 100,000 people whose job quality improved because of our EMO strategy.
County Commissioner Lori Stegmann, who streamlined access to 13 programs that offer help in times of need for Oregon families
In East Multnomah County, Oregon, Commissioner Stegmann used tools developed by our EMO strategy partners, such as the Economic Mobility Catalog, Opportunity Atlas, and the Upward Mobility Framework, to launch the Common Services Application Pilot, streamlining access to 13 local programs. Families now answer 19 questions instead of 84, and seniors 17 instead of 70, a real barrier removed when accessing the support they need.
There’s a common thread here: when systems put people first, practical fixes add up to significant differences in people’s lives, opening doors for families, often with critical support from the institutions they’ve come to rely on, such as small and medium-sized businesses and local governments.
Carrying the Work Forward
As the foundation moves towards 2045, shifting the foundation’s investments in economic mobility and opportunity to Next Ladder Ventures ensures the outcomes we’ve been able to deliver to date continue in new and more powerful ways. As this chapter closes, we are confident the lessons, tools, and partnerships built will also live on in the hands of communities across the country, leaders, organizations, and families who will keep building on this foundation of progress.
I’m grateful to our partners and the EMO strategy team for the lives they’ve touched, the barriers they’ve broken, and the futures they’ve made possible. The mark they have left will endure long after this chapter closes, and long after the foundation itself completes its work.