Billionaire Michael Moritz’s newest bet to transform San Francisco is being driven by Crankstart – a private family foundation.
Billionaire Michael Moritz and his wife, artist Harriet Heyman, are offering up to $150 million for ideas that could improve life in San Francisco, launching a global competition to address the city’s housing affordability crisis and post-pandemic economic decline.The open competition, called “Boundless San Francisco,” was announced on Wednesday by Crankstart, the private family foundation run by Moritz and Heyman. Up to three winning organisations will receive between $10 million and $50 million each to carry out their proposals, according to an official statement from the foundation and reporting by Bloomberg.Any organisation from anywhere in the world can submit a proposal, regardless of the topic, as long as the project directly benefits San Francisco residents.”The best ideas rarely come from where you expect them,” Moritz, 71, said in an emailed statement.
Structured evaluation process for global applicants
Organisers are running the competition with Lever for Change, a non-profit organisation that connects philanthropists with community projects. Lever for Change has previously managed large funding competitions, including grants to help revive South Side Chicago and expand mental health services across Texas, overseeing more than $2.6 billion in awards to date. Crankstart Chief Executive Officer Missy Narula said the global competition reflects the high-risk, high-reward approach used in venture capital investing. Moritz, a former Sequoia Capital partner born in Wales and knighted in 2013, built his fortune by investing in technology companies such as Google, YouTube and PayPal Holdings Inc.The competition will follow a multi-stage review process before the final funding is awarded:
- Initial registration and submission: Applicants must register through the competition portal by September 11, with full proposals due by October 9.
- Informational session: An online webinar on August 18 will explain the platform and include a live question-and-answer session.
- Peer evaluation: Applicants will take part in a review process during November and December 2026, assessing four other submissions.
- Development grants: Three to seven shortlisted finalists will share between $1 million and $3.5 million in development funding, along with technical advisory support.
- Final selection: An expert panel will assess the final proposals using four criteria: Transformative Ambition, Viability, Evidence of Results, and Durability. The winners will be announced in autumn 2027.
Growing reliance on private philanthropy
San Francisco has increasingly relied on private funding from wealthy residents to fill gaps in public services. Mayor Daniel Lurie, a former non-profit executive and Levi Strauss heir, has often worked with local technology and finance leaders to secure private support for public projects, including downtown events funded by cryptocurrency billionaire Chris Larsen.Moritz has lived in San Francisco for more than 40 years and has given significant funding to local projects. Bloomberg calculations based on public records show Crankstart has donated more than $1 billion to regional non-profits, academic scholarships, art museums and healthcare providers since 2020.In June, Crankstart pledged $9.2 million to tackle illegal waste dumping in nearby Oakland after local voters rejected a tax measure that would have paid for cleanup crews.Moritz has also supported the San Francisco Standard local news site, funded political ballot measures, and invested in California Forever, a project aimed at building a planned city in Solano County near the Bay Area.
