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 was 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 communities²), its co-founder and former CEO Steve Glickman worked for President Barack Obama and other Democratic Party institutions. ^{3 4} EIG has received over $18.5 million from the New Venture Fund, the largest nonprofit in the orbit of the left-of-center consultancy Arabella Advisors, including a $2.5 million grant in 2022. ⁵

Activities

The Economic Innovation Group’s areas of research include the development of Opportunity Zones, reforming non-compete practices, entrepreneurship, immigration, and small businesses. ⁶

The group advocates for an increase in “skilled immigration” to areas in demographic decline, such as by introducing new incentives including special visas. ⁷

The group advocates for Opportunity Zones, which are specially designated areas where specified tax advantages are given for investments into the region. ⁸

The Economic Innovation Group is in favor of federal reform to non-compete agreements, claiming such agreements stifle entrepreneurship. ⁹

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. ¹⁰

He left Facebook after an arrest on suspicion of cocaine possession. No charges were filed 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. ¹¹ 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.” ¹²

Parker is a philanthropist, notably donating $24 million to Stanford University’s medical school to help launch an allergy research center. ¹³

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. ²

Leadership

Economic Innovation Group co-founder and former chief executive officer Steve Glickman worked as an advisor to former President Barack Obama. Previously, Glickman was a federal prosecutor and investigative council for the Democratic National Committee. Glickman has also been a fellow at the Atlantic Council. ^{3 4}

Co-founder and CEO John Lettieri worked on staff with former U.S. Senator Chuck Hagel (R-NE), later U.S. Defense Secretary in the Obama administration. ¹⁴  Lettieri was a visiting fellow at the right-of-center American Enterprise Institute from 2018-202o. ¹⁵

Finances

In 2022, the Economic Innovation Group’s revenue totaled $ 5,211,631. The group’s expenses totaled $5,026,838, while its assets totaled $5,972,654. ¹⁶

The Economic Innovation Group has received over $18.5 million from the New Venture Fund, the largest nonprofit in the orbit of Arabella Advisors, including a $2.5 million grant in 2022. ⁵

In 2020, the Economic Innovation Group received $225,000 from the Chan Zuckerberg Initiative. ¹⁷

The Sean N. Parker Foundation, a related tax-exempt organization to the Economic Innovation Group, gave grants to the New Venture Fund in 2017 and 2018 earmarked for supporting the Economic Innovation Group. ^{18 19}

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. “Steve Glickman – Agenda Contributor.” World Economic Forum. Accessed December 2, 2024. https://www.weforum.org/stories/authors/steve-glickman/.
4. “President for International, Aspiration ​: Aspen Ideas.” Aspen Ideas Festival. Accessed December 2, 2024. https://www.aspenideas.org/speakers/steve-glickman.
5. “New Venture Fund,” Return of Organization Exempt From Income Tax (Form 990) 2015, 2017, 2018, 2019, 2020, 2021, 2022. Schedule I.
6.  “Policy.” Economic Innovation Group, April 15, 2022. https://eig.org/policy/
7. “Skilled Immigration.” Economic Innovation Group, June 6, 2024. https://eig.org/policy/skilled-immigration/.
8. “Opportunity Zones.” Economic Innovation Group, March 29, 2024. https://eig.org/opportunity-zones/.
9. “Non-Compete Reform.” Economic Innovation Group, March 21, 2023. https://eig.org/policy/non-compete-reform/.
10. “Sean Parker.” Biography.com. A&E Networks Television, October 10, 2019. https://www.biography.com/business-figure/sean-parker.
11. 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.
12. 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.
13. 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.
14. “John Lettieri.” U.S. Chamber of Commerce, July 31, 2018. https://web.archive.org/web/20210223041621/https://www.uschamber.com/john-lettieri.
15. “John Lettieri.” Economic Innovation Group, October 19, 2023. https://eig.org/about-us/executive-team-staff/john-lettieri/.
16. “Economic Innovation Group,” Return of Organization Exempt From Income Tax (Form 990) 2022. Page 1.
17.  “Chan Zuckerberg Initiative Foundation,” Return of Private Foundation Exempt From Income Tax (Form 990) 2020. Page 11 Part XIV.
18.  “Economic Innovation Group,” Return of Organization Exempt From Income Tax (Form 990) 2022. Schedule R.
19. “Sean N. Parker Foundation,” Return of Private Foundation Exempt From Income Tax (Form 990) 2017, 2018. Page 11 Part XIV.