By Anna Tong SAN FRANCISCO (Reuters) -ChatGPT maker OpenAI is launching a $50 million fund to support nonprofit and community organizations, the artificial intelligence company said on Friday. The fund is the first action following a recommendations report from the San Francisco-based company’s nonprofit commission, which was formed in April to guide OpenAI’s philanthropic efforts. OpenAI […]
Science
OpenAI launches $50 million fund to support nonprofits, community organizations
Audio By Carbonatix
By Anna Tong
SAN FRANCISCO (Reuters) -ChatGPT maker OpenAI is launching a $50 million fund to support nonprofit and community organizations, the artificial intelligence company said on Friday.
The fund is the first action following a recommendations report from the San Francisco-based company’s nonprofit commission, which was formed in April to guide OpenAI’s philanthropic efforts.
OpenAI has been working to revamp its corporate structure, which it says is necessary in order to continue raising the massive amounts of capital needed to stay competitive in the AI arms race, a move it is trying to balance with its founding mission, as a nonprofit, to develop AI for the public good.
Currently, its nonprofit arm owns and controls its for-profit arm, and OpenAI plans to convert the for-profit entity into a public benefit corporation, of which the nonprofit parent would become a shareholder.
The nonprofit commission was established as part of OpenAI’s efforts to show that it can remain true to its founding mission despite the corporate revamp. OpenAI said the fund will facilitate partnerships to implement AI in sectors such as education, economic opportunity, community organizing and healthcare. It will also back community-led research and innovation focused on using AI for public good.
The nonprofit commission submitted its recommendations report Thursday, following interviews with over 500 nonprofits and community experts.
(Reporting by Anna Tong in San Francisco; Editing by Leslie Adler)