today i would take a few minutes to try to talk about creating value how you can leverage your own capabilities how you might be able to increase
your effectiveness but more than that how you can make the world a better place for you your family your community
even leverage them more so i thought i'd first talk a little bit about financial technology and what it's given the world an opportunity
to look at here and my own life was dramatically affected by my days at berkeley i chose to go there but the free speech movement allowed you to
engage it also provided me a very unusual opportunity my first financing assignment i was able to raise one thousand one hundred dollars to bail seven hundred people out of jail a dollar fifty a person with a fifty dollar deposit
which happened when i was home from berkeley on vacation and the dream capital of the world was on fire troops were in the streets and i learned that civil rights
was a lot more than where you sat on the bus or where you go to school or where you can go to the bathroom but a right
to participate in the american dream and our economic society and i went back to berkeley and created my little formula that what is prosperity
it's a function of having financial technology which serves as a multiplier effect on human capital social capital and real assets
and if we reflect on the last thirty years we see we've accomplished quite a bit sixty two million jobs created in our country
sixty two million new jobs and with the concern about people being laid off today we have the world 's greatest job creation machine
it's millions of small businesses many of which have access to capital through financial technology today that offset the continual drop and loss of jobs by large companies
in fact if you look in the nineteen eighties when financial technology really took hold in the early nineteen eighties you'll see that the spread opened up dramatically small companies access to capital accelerated their job growth
and large companies continued to lay off people and reduce their size the most valuable company in the world today general electric
has increased in value almost twenty five fold in twenty years and employs today twenty five percent less people than it did twenty years ago
well what about other areas not just leveraging economic but one of the real growths in our economy in the united states in the past twenty years has been
and what can we do there now the amount of giving in america has increased dramatically from fifteen billion to one hundred and forty billion
over the past thirty five years however as a percentage of our economy it hasn't really changed that much it's about two percent of our
and so the amount of dollars that are being given is actually pretty small compared to the amount of human capital the amount of time and effort and creativity that our population 's been putting in
but the great growth in our society that many of you have participated in is the growth in private and family foundations
they've grown from twenty two thousand when my brother and i founded the milken family foundation to fifty four thousand today they've grown from about twenty five billion in assets to almost a half a trillion today
how can that half a trillion which is a gigantic number leverage itself in a world economy that dwarfs
but as many of you have participated venture philanthropy has grown up the people tend to be younger different ideas
trying to leverage on their companies assets their assets and their creativity at a very young age
like to take you back eight years briefly and talk about the challenge that i was faced with at cap cure prostate cancer was the most diagnosed cancer in america
no one ever spoke about it and there was little to no research this young man jonathan simons was one of our country 's leading scientists an m d ph d from johns hopkins he chose to go in the field of prostate cancer
he was told by his adviser are you sure you want to do this there's very little money in fact this would be careersuicide if you pick this career
luckily for us he went ahead and picked this career and we at cap cure focused on supporting the jonathan simons of the world
today jonathan runs the cancer center at emory university and just received a grant from the woodruff foundation for one hundred million to move there from hopkins
it was projected with an increasing age of our population that this number would dramatically increase over the next eight years to well over fifty five thousand men passing away
in fact the difference in the last eight years between the projected rates and the actual rates amounts to seventy thousand american men
that is the same number of people that saw the superbowl this year in tampa seventy thousand families seventy thousand american men are alive today versus what we had projected just eight years ago
this particular disease and we haven't reached the levels of childhood leukemia
or testicular cancer where we have about a ninety five percent cure rate today in just eight years through increased public awareness
research measured in millions of dollars not billions of dollars we've dramatically changed the outlook
when we formed the milken foundation twenty years ago our major thrust is in education and as i interact with many of you in the audience this is one of your passions
a huge industry the second largest industry in our country how can you change education with a four hundred billion dollars being spent
in k twelve education in our country how can any foundation even the largest have a dramatic effect this was an issue my brother and i faced almost twenty years ago
and our solution was we had to find a way to motivate teachers let communities know that maybe the most important person in their community
was that teacher in first grade kindergarten second grade fifth grade eighth grade in their community single them out
we told them well we've changed a few things so we're going to start at twenty five thousand per teacher if you're a teacher in southern illinois
twenty five years of teaching two master 's degrees that's about your annual pay today
we tried to let the community know that they were the star but more than that we tried to let the teacher know how much we appreciated them
if you ever need to be uplifted join us in september october november on these tours around the country it is an uplifting feeling and a chance to meet america 's heroes every day
like to show you a little film that captures what we tried to do these people that perform their work and their love every day trying to get them in the public
right here in boston for the second year in a row a pittsburgh public school teacher is the winner of a major national award
today in tampa one teacher got a big award that as bill logan tells us was a big
i came here today with a secret before you walk out of that door every one of you you're going to know what the secret
the award 's purpose is to focus attention on america 's very best teachers the milken family foundation award brings both fame and
this award receives a financial prize of this your principal will
excellence in education we're here to talk about
one
gave you a chance to see my brother in that video that was his swing primarily through the north but if you have medical problems
one swing through the country is an uplifting feeling we hear about all the problems in education but there is greatness
three million people in our country working we have tried every year to pick those one hundred two hundred three hundred that are shining examples of
and we identified this teacher who had devoted thirty years of his life to education and he had a best friend living next door
his friend was the wealthiest member of the community but did not move over twenty years and still lived in the same house next to his other friend who was a teacher
well that day the day before he got a call telling him that he had won a major award this teacher and the award had a large financial
twenty five thousand dollar attachment to it he came home that night and told his wife that he was called
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