08/03/2015
Entrepreneurs deserve a better shot at financial success if they’re working on civic-minded projects, says Laurene Powell Jobs, the widow of Apple founder Steve Jobs. In an on-stage discussion Wednesday at Stanford, she shared her thinking on a wide range of issues, including the need for immigration reform, how women can overcome career obstacles, and some new ways to create bigger payouts for social innovators in fields such as education and conservation.Powell Jobs is the founder and chair of Emerson Collective, a Palo Alto, Calif., organization that defines its purpose as “shaking up the status quo, one entrepreneur at a time.” She is best known for her work as a funder and advocate in areas such as immigration rights and education. FORBES earlier this month estimated her personal wealth at $19.7 billion, making her the sixth richest woman in the world.Powell Jobs, who seldom makes public speaking appearances, was interviewed on stage at Stanford’s engineering school by Thomas Byers, a professor of entrepreneurship. Much of their session was spent recapping Powell Jobs’s career journey and her emergence as a philanthropist and social entrepreneur, starting with her decision in the mid-1990s to found College Track, which helps low-income teenagers prepare for college.During the final minutes of her session, however, Powell Jobs fielded a variety of questions from students eager to get her take on a wide range of current issues. Among the questions: At a time when commercially minded start-ups are turning their founders into billionaires, are the brightest young enterpreneurs reluctant to pursue projects in the public good, because their income prospects are dimmer?“You’re never going to get the upside that you would on a for-profit company,” Powell Jobs responded, “but the intrinsic rewards are off the charts.” The sense of doing good, by itself, is a powerful motivator. All the same, she acknowledged that low pay can be demoralizing. One way of addressing that, she said, would be for venture capital firms to contribute a small slice of their successful for-profit investments into a pool that could benefit social entrepreneurs. Another option, she said, would be for major corporations to do something similar.Powell Jobs also was asked if she had encountered any barriers in her career, because she’s female. She alluded to a four-year period between college and Stanford Business School, when she worked in sales and trading at Goldman Sachs. “There were …