Non-profit

Economic Innovation Group

Website:

eig.org/

Location:

WASHINGTON, DC

Tax ID:

46-2450336

Tax-Exempt Status:

501(c)(4)

Budget (2017):

Revenue: $2,963,062
Expenses: $3,061,313
Assets: $587,580

Formation:

2013

Co-Founders:

Steve Glickman and John Lettieri

Executive Director:

Steve Glickman

President:

John Lettieri

The Economic Innovation Group is a research organization that focuses on economic advancement for entrepreneurs and economically challenged demographics. In the wake of the 2008-2009 recession, a group of entrepreneurs including Napster co-founder Sean Parker and angel investor Ron Conway launched the group to promote alternative methods of economic recovery. While the organization formally was launched in 2015, its development began approximately a year and a half prior. [1]

While the Economic Innovation Group presents itself as bi-partisan and has supported initiatives spearheaded by Republicans (most notably “Opportunity Zones,” a tax-code preference for investments in distressed communities[2]), its CEOs have been advisors and staffers for President Barack Obama and former Obama administration Defense Secretary Chuck Hagel, who had previously served as a Republican Senator from Nebraska.

Sean Parker

Facebook founding president and Napster co-founder Sean Parker founded Economic Innovation Group and is its executive chairman. Parker provided strategic council and capital for Mark Zuckerberg when he first started Facebook, earning the 24-year-old Parker the position of president of Facebook. [3]

He left Facebook after an arrest on suspicion of cocaine procession. No charges were made but Facebook’s first investor, PayPal founder Peter Thiel, convinced Parker to resign from Facebook after the arrest. Thiel then hired Parker as a general partner with the Founders Fund. [4] In 2017, Parker expressed his regret for helping Facebook grow, claiming the social media platform adversely affected its users:  “It’s a social-validation feedback loop … exactly the kind of thing that a hacker like myself would come up with, because you’re exploiting a vulnerability in human psychology.” [5]

Parker is a philanthropist, notably donating $24 million to Stanford University’s medical school to help launch an allergy research center. [6]

Politically, Parker has donated to both Republican and Democratic initiatives and fundraised for Hillary Clinton’s Presidential campaign. He partnered with Senator Tim Scott (R-SC) to help strategize the best way to invest in “opportunity zones.” The initiative was part of the 2017 Tax Cuts and Jobs Act and aimed to reduce taxes on major companies which pushed capital into lower-income communities. [7]

Leadership

Co-founder and former CEO Steve Glickman served as an advisor to President Barack Obama, and co-founder and CEO John Lettieri served on staff with Republican Senator Chuck Hagel, later Defense Secretary in the Obama administration. [8]

Finances

(2017)[9]

Revenue: $2,963,062

Expenses: $3,061,313

Assets: $587,580

References

  1. Godin, Mélissa. “James Murdoch Slams News Corp and Fox Over Climate Change.” Time. Time, January 15, 2020. https://time.com/5765304/rupert-murdoch-son-climate/. ^
  2. Bertoni, Steven. “An Unlikely Group Of Billionaires And Politicians Has Created The Most Unbelievable Tax Break Ever.” Forbes. Forbes Magazine, January 3, 2019. https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/#1a2a69131485. ^
  3. “Sean Parker.” Biography.com. A&E Networks Television, October 10, 2019. https://www.biography.com/business-figure/sean-parker. ^
  4. Carlson, Nicholas. “Facebook’s First President Sean Parker Left Company After A Scandal.” Business Insider. Business Insider, May 14, 2010. https://www.businessinsider.com/facebooks-first-president-was-fired-over-a-cocaine-arrest-2010-5. ^
  5. Solon, Olivia. “Ex-Facebook President Sean Parker: Site Made to Exploit Human ‘Vulnerability’.” The Guardian. Guardian News and Media, November 9, 2017. https://www.theguardian.com/technology/2017/nov/09/facebook-sean-parker-vulnerability-brain-psychology. ^
  6. Bertoni, Steven. “Why Sean Parker Gave $24 Million To Build A Stanford Allergy Research Center.” Forbes. Forbes Magazine, January 5, 2015. https://www.forbes.com/sites/stevenbertoni/2014/12/17/why-sean-parker-gave-24-million-to-build-a-stanford-allergy-research-center/#3bbe7c877ab6. ^
  7. Bertoni, Steven. “An Unlikely Group Of Billionaires And Politicians Has Created The Most Unbelievable Tax Break Ever.” Forbes. Forbes Magazine, January 3, 2019. https://www.forbes.com/sites/forbesdigitalcovers/2018/07/17/an-unlikely-group-of-billionaires-and-politicians-has-created-the-most-unbelievable-tax-break-ever/#1a2a69131485. ^
  8. “John Lettieri.” U.S. Chamber of Commerce, July 31, 2018. https://www.uschamber.com/john-lettieri. ^
  9. Tigas, Mike, Sisi Wei, Ken Schwencke, Brandon Roberts, and Alec Glassford. “Economic Innovation Group Inc, Full Filing – Nonprofit Explorer.” ProPublica, May 9, 2013. https://projects.propublica.org/nonprofits/organizations/462450336/201823199349305447/full. ^
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Nonprofit Information

  • Accounting Period: December - November
  • Tax Exemption Received: July 1, 2014

  • Available Filings

    Period Form Type Total revenue Total functional expenses Total assets (EOY) Total liabilities (EOY) Unrelated business income? Total contributions Program service revenue Investment income Comp. of current officers, directors, etc. Form 990
    2017 Dec Form 990 $2,963,062 $3,061,313 $587,580 $280,136 N $2,960,000 $0 $3,062 $816,439 PDF
    2016 Dec Form 990 $396,443 $3,687,769 $719,594 $313,899 N $125,000 $265,513 $5,930 $798,187
    2015 Dec Form 990 $5,005,696 $2,834,328 $3,888,406 $191,385 N $5,000,000 $0 $5,696 $725,337 PDF
    2014 Dec Form 990 $1,501,583 $1,269,081 $1,586,018 $60,365 N $1,500,000 $0 $1,583 $543,213 PDF
    2013 Dec Form 990 $1,971,716 $678,565 $1,372,121 $78,970 N $1,970,000 $0 $1,591 $248,655 PDF

    Additional Filings (PDFs)

    Economic Innovation Group

    616 H ST NW STE 550
    WASHINGTON, DC 20001-5813