ADVERTISEMENT

9 high-profile entrepreneurs who have endorsed universal basic income

A growing number of the tech elite have expressed support for basic income, a form of wealth distribution in which people receive a salary just for being alive.

null

It might seem odd for tech entrepreneurs to take an interest in income distribution policy. But an increasing number of high-profile Silicon Valley executives are endorsing universal basic income (UBI), a system in which everyone receives a standard amount of money just for being alive.

ADVERTISEMENT

On the one hand, it's a way to reduce poverty, but tech folks also see it as a way to solve the growing problem of robot automation. That issue hits close to home for many of them, because they are the ones largely driving this robot revolution.

Here are some of the highest-profile entrepreneurs who have endorsed UBI.

Pierre Omidyar

ADVERTISEMENT

In February, the eBay founder donated $493,000 through his philanthropic organization, Omidyar Network, to an experiment in basic income taking place in Kenya later this year.

The experiment is put on by GiveDirectly, a charity that delivers cash transfers to people in East Africa as a means to lift the from poverty.

The findings will be "unlike those of any past study and provide evidence-based arguments to shed light on the discussions around the future of work and poverty alleviation policies," according to a February statement.

Andrew Ng

In the wake of Donald Trump winning the US election, Ng, co-founder of Coursera and chief scientist at Baidu, wrote on Twitter that "

ADVERTISEMENT

Sam Altman

The president of Y Combinator, Silicon Valley's largest start-up incubator, Altman has repeatedly come out in favor of basic income, arguing that the robot-run economy will almost certainly materialize this century.

Y Combinator has planned a basic income experiment in Oakland, California to see how the system works in reality. Starting next year, roughly 100 people will receive $2,000 a month, no matter what.

Elon Musk

Musk, the CEO of Tesla and SpaceX, told CNBC in a recent interview that "there's a pretty good chance we end up with a universal basic income, or something like that, due to automation."

ADVERTISEMENT

He added that he couldn't foresee any other solutions to the threat of robots taking everyone's jobs than a system of basic income. Since automation would make cause both unemployment and economic output to rise, society might have no choice but to distribute a portion of the money to everyone equally.

Bill Gross

In his May 2016 investment outlook, Gross, co-founder of investment advisory firm Pacific Investment Management, suggested the US should spend money on "a revolutionary new idea called UBI — universal basic income."

UBI emerged in the 1960s, so technically it isn't new, but Gross understands that it's still radical to most people.

Ray Kurzweil

ADVERTISEMENT

Kurzweil, a futurist and the co-founder of Singularity University, has expressed an interest in UBI to cover the basic necessities in life.

In a recent Q&A at Singularity University, he said people who are no longer forced to work for a monthly paycheck could instead pursue their passions.

"You'll do something that you enjoy," he said. "That you have a passion for. Why don't we just call that work?"

Albert Wenger

A founder of several companies and now a partner at venture capital firm Union Square Ventures, Wenger has written extensively about the benefits of UBI on his blog.

ADVERTISEMENT

Tim O'Reilly

O'Reilly, CEO of O'Reilly Media, has said he doesn't necessarily believe the hype that automation will threaten US employment. But he does acknowledge that UBI is a good idea and "just the beginning of the discussion."

For O'Reilly, what's important is that work gives people both meaning and identity.

That's how a basic income system could truly be successful, he says. It would reshape the definition of work itself, and give people more flexibility to do the things that feel most personally fulfilling.

Chris Hughes

ADVERTISEMENT

Facebook co-founder Chris Hughes is an active supporter of UBI, telling NPR in September that the system could go a long way toward rebuilding Americans' faith in an economy many people see as "broken in many ways."

"Rather than try to restructure our economy so it looks like the 1950s, I think we have to be honest with ourselves," he said.

Since jobs are already disappearing, Hughes urges people to consider what systems we'll need to create if millions more follow.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT