00:12 Scott Gerber: Something that's very near and dear to your heart is philanthropy. Explain to me your sort of philosophy on the future of taking an entrepreneurial model to philanthropy. How will that fundamentally change philanthropy? And more importantly, how do you take that and put it into a distribution model that the world can identify with to actually implement that in their non-profits?
00:32 Naveen Jain: So, first of all a lot of us are... As humans we are just very... The empathy is built into our evolution. Because we realize that to survive we had to be able to have empathy and create groups, because the groups created survival. So, I think in some sense, generosity is built into our human beings. So... But the problem is we tend to do things in terms of philanthropy that makes us feel good. So, it becomes a feel-good philanthropy. Going and giving money to somebody or going out and building a school. That does not move the needle. When the need is there, the billions of people who have no access to healthcare or billion people who have no access to education, you have to start thinking like an entrepreneur.
01:17 Jain: So, what does an entrepreneur do first thing? Before they create a business, first question they ask is, "How big is my market?" And if somebody were to tell them, your market side is only 100 people or 1,000 people, they don't go start the business. But people do the philanthropy all day, they go do there in community where only 100 people or 1,000 people are impacted. The second thing that entrepreneur does is when they see great, there's a nice big market, they say, "Alright, to build this solution, what is the best team that I can assemble that can help me deliver?" In philanthropy, what do we do? We find somebody who is available. "John, you're retired. I'm doing something in Africa, would you be interested?" "Sure, I'm not doing anything, I'll come along." So point is we find people who are available, not people who are absolutely the best.
02:00 Jain: The third thing is, as an entrepreneur, you build the technology as if you're going to be successful. In philanthropy, we do things, God forbid if you are successful, because then we can't scale. Then we'll always go out and build a scalable solution, knowing, believing you will succeed. And a lot of times people start philanthropy, and if it becomes successful, they say, "I don't know what to do anymore because I can't scale it", because they didn't build a scalable technology.
02:25 Jain: So, I think the last part of the whole thing is making it sustainable. Nobody will start an entrepreneurial business and say every year to their VC, "I'm gonna keep coming back and say, 'I need more money'." And after five years, 10 years, VC is gonna say, "Are you going to be sustainable some day?" And your answer is, "No sir, I'm gonna keep coming back to you". Guess what? There is no VC that's going to fund that. But that's what we do. We keep going to the donors, "Sir, I need more money this year." And every year, there is not a year they can come back and say, "Sir, if you fund me now, by 2020 I will need absolutely no more money because I'm gonna create a self-sustainable architecture," and that's what we need to apply.