Dubai entrepreneur’s 100% Mad scheme to give away $1bn
Wednesday, October 22, 2014
Launching a social enterprise that will revolutionise the way we donate money to charity is a tall order.
But the Dubai-based businessman Tariq Qureishy, 50, aims to raise US$1 billion in the next two years, and give the entire amount to charity through his social venture 100% Mad.
“I wear the badge of being 100 per cent mad very proudly, because most innovators are considered mad until people realise ‘that’s exactly what we needed’”, says the Pakistani-Briton. “The leading problem in this world is indifference. Our movement is about saying ‘enough – let’s go end this indifference’. And we can do it, one micro-donation at a time.”
Mr Qureishy is poised to launch a mobile phone app enabling middle-income earners to give micro-donations – typically less than $10, to specific charities – based on the premise that 100 per cent of that money will go to the charities, and none to administration.
He points to Facebook and Google as successful business models where customers aren’t charged but profit is generated by other means. In the case of 100% Mad, operational costs will be covered by money raised from events, merchandising and brand licensing. Donated cash will go either directly to a charity, or be ringfenced in an account supported by a board of trustees which Mr Qureishy is not a signatory to. The purpose of the social enterprise is only to protect the donations and to run it.
“The future of philanthropy is that it should be run like a business. Only the development side should be run by people who understand development. I don’t, so I’m not going to jump into the front line. But I do know about business,” he says.