Michael Faye
| Michael Faye | |
|---|---|
| Born | Michael Larren Faye July 6, 1980 New York,, USA |
| 🏳️ Nationality | American |
| 🏳️ Citizenship | United States of America |
| 🏫 Education |
|
| 🎓 Alma mater | Harvard University |
| 💼 Occupation |
|
| Known for | co-founder of GiveDirectly |
Michael Larren Faye (born July 6, 1980) is an American economist and social entrepreneur. He is best known as a co-founder of GiveDirectly, a non-profit that sends unconditional cash transfers to people living in extreme poverty.
Early life and education[edit]
Faye was born and raised in New York, NY. He received his B.A. in Mathematics and Classics from Harvard University in 2002,[1] and completed a PhD in Business Economics at Harvard in 2009.[2] He worked as a research analyst on the United Nations Millennium Project[3] and as an Associate Partner at McKinsey and Company where he focused on tech, risk, and regulation in the financial services industry.[4]
Career[edit]
Faye has co-founded three organizations: GiveDirectly (2008), Segovia Technology (2014), and Taptap Send (2018).[5] In 2013, Foreign Policy included him in the list of “100 leading Global Thinkers”.[6] In 2018, he was recognized as one of Young Global Leaders.[7]
GiveDirectly[edit]
GiveDirectly began in 2008 as a giving circle by Paul Niehaus, Michael Faye, Rohit Wanchoo, and Jeremy Shapiro, students at MIT and Harvard.[8] In 2009, Faye traveled to small villages in Kenya during the summer break, distributing around $5,000 in cash to poor people.[9][10]
In 2011, after two years of operational testing, they launched GiveDirectly to the public.[11] In spring 2012, Faye and Neihaus pitched the idea to Google and raised $2.4 million.[9] In one of his travels to Africa, he met Chris Hughes, who also became a supporter of GiveDirectly.[12][13]
GiveDirectly started to run the world’s largest and longest term universal basic income experiment to date.[14][15] The program began in 2017 in Kenya and is slated to run for 12 years, paying 6,000 recipients across 40 villages.[16][9]
By November 2020, GiveDirectly had raised $215 million for their COVID-19 relief programs.[17] As of January 2021, the organization had delivered $1000 payments to over American 176,000 families.[18] As of May 2020, the company has provided more than $160 million to the poor around the world.[19]
Segovia Technology[edit]
Segovia Technology was founded by Michael Faye and Paul Niehaus in 2014.[20] Segovia is a financial software focused on emerging markets, facilitating payments across geographies and banking systems[5][21]. The company was acquired by Crown Agents Bank in 2019.[5]
Taptap Send[edit]
Taptap Send was founded by Michael Faye and Paul Niehaus in 2018. It is a direct to consumer payment solution for emerging markets.[22]
Selected publications[edit]
- Faye, Michael; Niehaus, Paul (December 2012). "Political Aid Cycles". American Economic Review. 102 (7): 3516–3530. doi:10.1257/aer.102.7.3516. ISSN 0002-8282.
- Faye, Michael L; McArthur, John W; Sachs, Jeffrey D; Snow, Thomas (March 2004). "The Challenges Facing Landlocked Developing Countries" (PDF). Journal of Human Development. 5: 31–68. doi:10.1080/14649880310001660201 – via The Earth Institute of Columbia University. Unknown parameter
|s2cid=ignored (help) - Perry, William C. Brainard and George L. (2004-08-17). "Brookings Papers on Economic Activity 1:2004". Brookings Institution. Retrieved 2020-12-11. Unknown parameter
|url-status=ignored (help) - Faye, Michael; Niehaus, Paul; Blattman, Christopher (2015-10-21). "Worth Every Cent". Foreign Affairs. ISSN 0015-7120. Retrieved 2020-12-11.
- Faye, Michael; Niehaus, Paul; Macrae, Joanna (2017-02-02). "Foreign Aid: How to Make Sure Taxpayers Get Results Rather Than Rhetoric". Newsweek. Retrieved 2021-04-02.
Bibliography[edit]
- Barlow, Mike (2015). "Learning to Love Data Science: Explorations of Emerging Technologies and Platforms for Predictive Analytics, Machine Learning, Digital Manufacturing and Supply Chain Optimization". O'Reilly Media. p. 35-36. ISBN 9781491936542.
- Rutger Bregman (2017). Utopia for Realists. Hachette Book Group. p. 27. ISBN 9780316471909. Search this book on
- Social Welfare. Rosen Publishing. 2018. ISBN 9781642821574. Search this book on
- Annie, Lowrey (2019). Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World. Broadway Books. pp. 79–80. ISBN 1-5247-5877-9. OCLC 1079845935. Search this book on
- Hayward, Tim (2019). Global Justice and Finance. Oxford University Press. p. 88-89. ISBN 9780198842767. Search this book on
- Kumar, Raj (2019). The Business of Changing the World: How Billionaires, Tech Disrupters, and Social Entrepreneurs Are Transforming the Global Aid Industry. Beacon Press. p. 119. ISBN 9780807059579. Search this book on
References[edit]
- ↑ "Michael Faye". World Economic Forum. Retrieved 2020-11-18.
- ↑ Goldstein, Dana (2012-12-21). "Can 4 Economists Build the Most Economically Efficient Charity Ever?". The Atlantic. Retrieved 2020-08-11.
- ↑ Sachs, Jeffrey D (2004). "Ending Africa's Poverty Trap" (PDF). Brookings Papers on Economic Activity. Brookings Institute. 1.
- ↑ "Michael Faye". Innovations for Poverty Action. 2018-03-23. Retrieved 2020-11-30.
- ↑ 5.0 5.1 5.2 "Reid Hoffman's Anti-Poverty Venture Joins Fintech M&A Boom". Bloomberg.com. 2019-04-04. Retrieved 2020-08-11. Unknown parameter
|url-status=ignored (help) - ↑ "The Leading Global Thinkers of 2013 - Foreign Policy". Foreign Policy. Retrieved 2020-12-11.
- ↑ Levin, Mariah (2018-05-09). "Meet the 2018 class of Young Global Leaders". World Economic Forum. Retrieved 2021-04-01.
- ↑ Lowrey 2019, p. 79-80.
- ↑ 9.0 9.1 9.2 Lowrey, Annie (2017-02-23). "The Future of Not Working". The New York Times. Retrieved 2021-04-02.
- ↑ Yoon, Sangwon (2015-09-22). "Ackman-Backed Harvard Grads Make Aiding the Poor a New Business". Bloomberg Businessweek. Retrieved 2021-04-02.
- ↑ Goldstein, Dana (2012-12-21). "Can 4 Economists Build the Most Economically Efficient Charity Ever?". The Atlantic. Retrieved 2020-08-25.
- ↑ Salmon, Felix (2018-02-25). "Chris Hughes Made Millions at Facebook. Now He Has a Plan to End Poverty". The New York Times.
- ↑ Morris, Betsy (2020-11-03). "The Rise of Direct Cash Donations To Families" (PDF). The Wall Street Journal. p. A13. Retrieved 2021-04-02.
- ↑ "Charity To Amp Up Direct Aid Mission In Impoverished East Africa". NPR. Retrieved 2020-08-25.
- ↑ Weller, Chris (2016-08-18). "The largest basic income experiment in history is coming to Kenya". Business Insider. Retrieved 2021-04-02.
- ↑ Piper, Kelsey (2020-09-02). "How a basic income experiment helped these Kenyans weather the Covid-19 crisis". Vox. Retrieved 2021-01-20.
- ↑ Morris, Betsy (2020-11-02). "A New Way to Donate to the Needy in the U.S.: Venmo Cash Directly". The Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-20.
- ↑ Kauflin, Jeff. "Forbes Fintech Awards 2020: Jack Dorsey Gives Banks A Wake-Up Call". Forbes. Retrieved 2021-01-20.
- ↑ "Free money: Amid the coronavirus, a monthly paycheck from the feds doesn't seem crazy". Los Angeles Times. 2020-05-20. Retrieved 2021-04-02.
- ↑ Murray, Sarah (February 26, 2020). "Donors still wary of no-strings cash gifts to tackle poverty". Financial Times. Retrieved 2020-09-16. Unknown parameter
|url-status=ignored (help) - ↑ "Scale right: coordinating improved cash assistance in Greece". International Rescue Committee. 2017-02-14. Retrieved 2021-03-30.
- ↑ "Kenya: Taptap Send Launches Its Services to Kenya". AllAfrica. 2021-02-02. Retrieved 2021-04-01.
External links[edit]
- Melvin, Craig (2013-11-25). "Giving to the poor with no strings attached". MSNBC. Retrieved 2021-04-02.
- Martin, Rachel (2018-04-24). "Charity To Amp Up Direct Aid Mission In Impoverished East Africa". NPR. Retrieved 2021-04-02.
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