What makes a 23 year old donate $1,000,000???
Meet Ted Livingston. Ted is the Founder & CEO of Kik Interactive, whose app – Kik Messenger – allows users to send instant messages to each other from any smartphone in real-time. He was a student at the University of Waterloo (located down the street from where I work at Laurier) studying mechatronics engineering, but dropped out in 2009 to focus full-time on his company.
Fast forward less than a year and a half, and Ted made a $1 million donation to the University of Waterloo.
One. Million. Dollars.
What makes a 23 year old university drop-out support his (unofficial) alma mater?
Well I don’t know Ted Livingston personally, but from what I’ve read about the man, in 2011 $1 million represented a big portion of his bank account. It sounds like he lives simply, but still… with that money he could do a lot for himself, his family, his friends, or any other organization for that matter, and yet he chose to give it to University of Waterloo.
Well, Ted got his start in Velocity, a program at his university that offers help to students trying to start their own businesses. Clearly he had some success in the program, because he soon dropped out of school. But he had seen the value of the program, and it launched him and his company into great success.
So, his donation was used to provide similar funding to companies in Velocity, along with office space, mentoring, and more. Ted said:
“Unfortunately, few investors are willing to bet on young entrepreneurs, especially in Canada, so getting the startup funds they need is a huge challenge. This fund is a step towards changing that.”
That’s it. Ted received support, saw value, experienced success, and paid it forward.
Do you have a great story of a young donor giving back??? Share it in the comments.
Source: “Young startup CEO gives $1-million to his university” – The Globe and Mail
Written by Maeve Strathy
Maeve is the Founder of What Gives Philanthropy and has been working in educational fundraising for the past eight years. Click here to learn more about Maeve.