Open Philanthropy Commits Over $120 Million to Accelerate Economic Growth and Reduce Cost of Living

Open Philanthropy, a prominent philanthropic organization, is expanding its efforts to accelerate economic growth and reduce the cost of living with a new Abundance and Growth Fund, committing at least $120 million over the next three years. The initiative, announced recently and led by newly appointed Senior Program Officer Matt Clancy, seeks to address systemic barriers to prosperity primarily in the United States through strategic grantmaking and research. The organization is actively seeking to hire 2-4 individuals to expand this significant program.

The Abundance and Growth Fund builds upon Open Philanthropy's existing work in land use reform and innovation policy, which previously saw substantial investment. This expanded fund aims to boost technological progress and remove unnecessary obstacles that impede economic development and increase costs. Key donors supporting this fund include Good Ventures, which committed $60 million, and Stripe co-founder Patrick Collison, alongside other private funders.

The fund's strategic focus areas include housing policy reform, where Open Philanthropy has a track record of supporting "Yes In My Backyard" (YIMBY) groups, and innovation policy, which supports organizations accelerating scientific and technological development. Future explorations for grantmaking may extend to permitting reform, clinical trial design, and energy policy, all with the goal of unlocking substantial social value. This expansion nearly triples Open Philanthropy's prior funding commitments in these fields.

Matt Clancy, who previously led Open Philanthropy's innovation policy work, has been promoted to Senior Program Officer for the Abundance and Growth Fund. As stated in a tweet by Clancy, > "We’re looking for 2-4 people to help expand this new $120+ million program to accelerate economic growth and reduce the cost of living through strategic grantmaking and research." His role will involve shaping the fund's strategy and identifying high-impact opportunities, with significant autonomy.

This philanthropic investment aligns with the growing "Abundance" and "Progress Studies" movements, which advocate for removing artificial constraints to increase the supply of socially valuable goods. Open Philanthropy aims to foster a more dynamic innovation ecosystem and create sustainable conditions for human flourishing, seeing a timely opportunity in the current political environment for a renewed focus on economic growth and material progress.