The Future of Innovation: How a $3.1B Foundation is Revolutionizing Science and Technology

Even in the final years of his life, Microsoft co-founder Paul Allen was as excited as ever about what the future would bring for science, technology, and the world — telling GeekWire in a 2017 interview, “It really is a golden age of what’s possible.”

Allen’s optimism — and the impact of his wealth — will live on in a new nonprofit foundation charged with making bold bets on the future.

With an initial $3.1 billion endowment from the late Microsoft co-founder’s estate, the new Fund for Science and Technology will deploy at least $500 million over the next four years to accelerate progress in bioscience, the environment, and AI for good — starting with $15 million in grants to Seattle research institutions.

“Our primary role is to ask big questions and have a big impact,” said Dr. Lynda Stuart, the CEO of the Seattle-based foundation, a physician-scientist with extensive experience in immunology and global health, in an interview with GeekWire.

The mission isn’t an interpretation of Allen’s wishes — it’s a direct implementation. Allen personally directed the foundation’s formation and focus areas before his 2018 death from complications of non-Hodgkin’s lymphoma.

From his early software work with Bill Gates to far-flung investments in tech and science, Allen was known as the “Idea Man.” Years later, the fact that bioscience, AI and the environment are not only still relevant but among the most important areas for research speaks to Allen’s “magical ability to see into the future,” Stuart said.

A representative of Allen’s estate confirmed that Allen himself also named the foundation’s board in his plans. It’s chaired by Allen’s sister, Jody Allen, and includes several others who knew and worked closely with Paul Allen in various capacities.

• Former Microsoft CEO Steve Ballmer, whose friendship with Allen was cemented in their post-Microsoft years over their involvement in the NBA.
• Allan Jones, former Allen Institute CEO, who worked directly with Allen to build the influential bioscience research organization.
• Dr. Thomas Daniel, Allen Institute board member and outgoing CEO of the Washington Research Foundation.
• Nancy Peretsman, a longtime investment advisor and managing director at investment bank Allen & Co. who counseled Allen on major investments.

“With this new foundation, we’re bringing Paul’s philanthropic vision to bear,” said Jody Allen, in a news release announcing the milestone.

The creation of the foundation, known informally FFST, is also a major step toward answering the longstanding question of what would happen to the wealth that Allen amassed starting with Microsoft’s 1986 stock market debut.

While the separate Allen Family Philanthropies will continue to support a wide range of community and arts initiatives — such as its recent $10 million grant to 930 arts and culture organizations across Washington state — FFST is structured to handle large-scale funding for high-impact science and technology projects.

The foundation is emerging from the extended process of selling many of Allen’s far-flung assets — luxury properties, yachts, museums, art, vintage computers, and more — and focusing the proceeds on his long-term philanthropic priorities. That process of estate administration is still under way, and it’s expected to continue for years given the size and complexity of what Allen left behind.

FFST’s endowment could grow substantially in future years with the expected sale of the Portland Trail Blazers NBA franchise and eventually the Seahawks NFL team.

All proceeds from the sale of the teams will go to philanthropic causes, as Allen directed, confirmed Jason Hunke, a spokesperson for the Paul G. Allen Estate. He declined to say whether FFST would get the bulk of the proceeds, explaining that details of the broader plan will be “revealed at the appropriate time” in the future.

In the meantime, FFST already ranks among the top U.S. philanthropies, particularly in science and technology, in the realm of others such as the Simons Foundation ($3.5 billion), and the Alfred P.