Mark Zuckerberg Announces $100 Million Foundation: “Startup: Education”

Punk, traitor, genius or philanthropic entrepreneur? Mark Zuckerberg can be described by many a colorful adjective, and on Friday, October 1, the world will watch Hollywood both celebrate and vilify Facebook’s founder in The Social Network.

Just one week in advance of the movie’s debut, Zuckerberg is launching Startup: Education, a $100 million foundation [mashable link] dedicated to improving education in Newark, New Jersey and the rest of the U.S. The ultimate aim is to create a model for rewarding excellence in education on a national level.

The fund, which was first revealed on Wednesday but formally announced today, will work with New Jersey Governor Chris Christie’s and Newark Mayor Cory Booker’s new bipartisan initiative, the Partnership for Education in Newark, which was also officially unveiled today. Zuckerberg and Christie will discuss the news in a media conference call this afternoon at 1:00 p.m. ET. Later, Christie and Booker will discuss the partnership on The Oprah Winfrey Show.

In addition to working with Zuckerberg’s new foundation, the Partnership for Education in Newark will also work with the Newark Education and Youth Development Fund, a non-profit organization that aims to raise an additional $150 million for Newark’s youth. Currently, only 40% of Newark children can read and write at grade level by the end of third grade.

In a blog on the Startup: Education Facebook Page [mashable link], Zuckerberg writes, “I believe in the Mayor and his vision, and that’s why I want to help them succeed. Using my own Facebook stock, I’m creating the Startup: Education foundation with over $100 million to invest in educating and improving the lives of young people. I’m also challenging others who want to improve education in America to match my contributions.”

Whatever your characterization of Zuckerberg, one can only hope that the New Jersey partnership will produce the model of educational excellence that its founders envision.

[via mashable ]

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