Darryl Finkton Jr. Secures $200M for Poverty Eradication

Darryl Finkton Jr.'s Initiative to Combat Poverty

Darryl Finkton Jr. is dedicated to a significant undertaking: the eradication of poverty.

He posits that sufficient financial resources exist globally to achieve this goal, contingent upon a revised distribution model compared to the current system.

Launching the $1 Billion Venture Fund

Earlier this year, the investor transitioned from a career in asset management to establish a $1 billion venture fund specifically designed to eliminate poverty.

While ambitious, Finkton Jr. has formulated a comprehensive plan and has successfully secured $200 million in an initial funding round to initiate its implementation.

Focus on Underrepresented Entrepreneurs

The fund’s objective is to raise $1 billion in capital, providing venture funding to entrepreneurs originating from disadvantaged and underrepresented communities.

These entrepreneurs will be focused on addressing the critical challenges confronting their respective communities.

Finkton Jr. is directly managing the fund and has personally invested $500,000 to kickstart the venture.

A Personal Connection to the Cause

Finkton’s personal history deeply informs his mission.

He was raised in housing projects in Indianapolis, Indiana, before pursuing studies in neurobiology at Harvard University.

Subsequently, he attended Oxford as a Rhodes Scholar and engaged in economic development work, eventually founding a venture capital firm specializing in health technology investments.

Most recently, he served as a partner at a hedge fund.

Despite his successes, Finkton remained acutely aware of the hardships faced by those lacking comparable opportunities.

Driven by Lived Experience

“My family frequently faced financial instability, struggling to afford basic necessities like food,” Finkton recounts.

“Sadly, numerous family members have succumbed to the devastating consequences of extreme poverty.”

“Although I was able to overcome adversity and graduate from both Harvard and Oxford, I retain a profound understanding of the immense difficulties encountered when consistent access to even basic needs is uncertain.”

EPMT: Ending Poverty, Making Trillions

Driven by this understanding, Finkton left his position at the hedge fund to champion the adoption of a universal basic income (UBI) as a means to end poverty in the U.S.

This effort is being advanced through his EPMT (End Poverty. Make Trillions.) fund, utilizing venture capital.

All profits generated by the fund will be reinvested into supporting the nation’s most impoverished communities, he asserts.

A Nationwide Advocacy Tour

This summer, Finkton intends to embark on a 60-day tour encompassing dozens of cities, towns, and Native American reservations identified as having “the poorest ZIP codes in America.”

The purpose of this tour is to garner support for a universal basic income aligned with federal poverty guidelines (UBI@FPG).

He also plans to document the journey in a forthcoming documentary.

Pushing for Federal Legislation

Beyond supporting state and local initiatives, Finkton is advocating for federal legislation that would guarantee a universal basic income at or above the federal poverty guidelines.

Current Investments

To date, the EPMT fund has invested in 15 companies, including:

• Elpidatec: A telehealth platform focused on opioid addiction treatment.
• Commissary Club: A job site and social network for individuals with criminal records.
• Snowball Wealth: Offering free student loan planning assistance.
• Maia Life Sciences: Developing culturally informed interventions for vulnerable populations.

Reimagining Poverty Solutions

Finkton contends that the U.S. currently expends “trillions” on programs that merely address the symptoms of poverty, rather than its underlying cause.

His vision centers on empowering individuals experiencing poverty to achieve self-sufficiency through work.

“These programs address the effects of poverty, not the fundamental issue – a lack of financial resources,” he explained to TechCrunch.

The Economic Argument for UBI@FPG

Finkton firmly believes that a universal basic income at the federal poverty guidelines (UBI@FPG) can effectively eliminate financial poverty.

“The economic consequences of childhood poverty alone amount to $1 trillion annually.

Providing UBI@FPG to all Americans, coupled with a tax recapture for those exceeding the federal poverty guideline, would reduce the net cost of eradicating poverty to under $200 billion,” Finkton argues.

“This represents an annual return of $800 billion.

Over a decade, UBI@FPG could generate over $8 trillion in returns, save 1.7 million lives, and lift 34 million Americans out of poverty.”

Addressing Common Concerns

A common concern is that individuals receiving funds may misuse them on harmful substances.

Finkton challenges this assumption.

“Our pilot programs demonstrate that when individuals are facing extreme poverty and lack access to basic necessities, their immediate priority is securing food, clothing, and shelter,” he stated to TechCrunch.

“Substance use is often a coping mechanism in these communities.

Providing hope and opportunity actually reduces rates of alcohol, drug, and tobacco use.”

Maia Life Sciences: Innovative Research

Chad Doe, founder and CEO of EPMT portfolio company Maia Life Sciences, shared with TechCrunch that his biotech startup is initiating research into the potential of psychedelics to aid individuals struggling with substance abuse through facilitated group clinical trials.

The company’s long-term objective is to obtain FDA approval, expanding access to effective addiction treatment options globally.

These trials, he noted, will prioritize inclusivity, featuring predominantly women of color and participants from diverse backgrounds.

Addressing Systemic Disparities

Doe also highlighted the disproportionate allocation of resources toward surveillance, policing, and punitive measures that negatively impact communities of color, low-income individuals, and non-citizens, rather than investing in preventative solutions.

“The War on Drugs is fundamentally a war on the poor,” he asserted.

“At Maia, we are centering the research and development process around women and underserved populations to discover effective treatments for substance use disorders.”