Cambridge entrepreneurs back £multimillion ‘pay-it- forward’ initiative

The founders and business leaders, many of them from the latest generation, want Cambridge’s innovation dividend to benefit the wider Cambridge community.

Through The Cambridge Pledge, the entrepreneurs are making a donation, or pledging at least five per cent of their future wealth, to create a multimillion-pound fund. This will be used to tackle some of the region’s most critical issues – including youth education, homes for children in care, homelessness and health disparities.

It is projected that in another 30 years the city’s economy will be eight times the size it is now. But the benefits are not spread around and Cambridge has been branded one of the UK’s most unequal cities.

The Cambridge Pledge means the city has the potential of becoming a world leader in social innovation.

Early supporters of The Cambridge Pledge include Lucy Jung, founder of Charco Neurotech, a MedTech pioneer in Parkinson’s Disease; and Marcel Gehrung, founder of Cyted Health, a pioneer of non-endoscopic diagnostics.

Lucy says: “The Cambridge Pledge is all about helping people, which is why many founders do what we do in the first place – and why it’s been a no-brainer for me to pledge.

“It fits with my purpose. It makes me feel happy and motivated. It inspires me to work harder because, whatever I make, I know it's now going back to society as well.

“Cambridge is a city where entrepreneurs can grow, establish and earn – but we also understand how important it is to give something back to society. This is social enterprise on a level never seen before, and a new benchmark for social investment. It’s not only a financial commitment but a collective vision for a brighter, more inclusive future in Cambridge.

“And by fostering an ecosystem where prosperity is shared, Cambridge is leading the way in redefining what it means to be a successful entrepreneur in today’s world, and create an even greater future.”

Marcel Gehrung, who was named in Forbes' 30 Under 30, has also pledged a portion of his future wealth. He says: “Cambridge’s new generation of entrepreneurs prioritise social impact alongside business success – and this new benchmark for social investment will ensure that the city remains an inclusive and supportive place for all.”

Cambridge’s elite business community and anchor institutions are also getting involved. Sir Tony Kouzarides, co-founder of global life science company Abcam, is a supporter. He says: “Pledging is a powerful way to give back to the community that helped me achieve entrepreneurial success and a meaningful way to reinvest in the city’s future. I am delighted to contribute.”

Daniel Zeichner, MP for Cambridge, said: “Cambridge is a generous city, and there has always been a huge amount of support for charities here - but this initiative is groundbreaking and very much appreciated. It has also been powerful to see such unified collaboration on a joined objective across the public sector and City Council.”

The Cambridge Pledge will deploy most of its capital through impact investments. This way of investing combines financial returns with positive social or environmental change, funding projects that address challenges sustainably and measurably. This means that each Pledge will achieve maximum impact.

For Sara Allen, the charity’s Executive Director, the initiative highlights a unique opportunity for the Cambridge community to contribute to a more inclusive ecosystem.

She says: “The Cambridge Pledge will be powered by the commitment of this community to social change, ensuring that the benefits of innovation are deeply felt across the region, changing lives. By making social impact investments, we are catalysing innovative and sustainable programmes and giving them the time to achieve real change.”

The Cambridge Pledge will make its first impact investments in 2025, as part of a larger £10 million raise supported by Cambridge City Council. This pilot will demonstrate the potential of social impact investment to foster meaningful change within Greater Cambridge while proceeds from pledges are realised. It will also serve as a model for other regions, and innovation ecosystems, to follow.

Sara is aiming to complete a Cambridge Pledge raise of £2 million by the end of 2025 to support this initial investment. In the long term, The Cambridge Pledge aims to channel millions into local social projects through impact investment, with the goal of sustaining these changes over time.

The charity is being supported by Innovate Cambridge, which was launched in 2022 with the mission to ensure the Greater Cambridge life sciences and technology ecosystem continue to transform the UK and the world for the better.

Dr Kathryn Chapman, Executive Director, Innovate Cambridge said: “We are so proud to support The Cambridge Pledge. We aim to create a community of peers who are committed to achieving real change by tackling the most pressing challenges in our community.

“ Founders, entrepreneurs and businesses benefit each day from being at the heart of an innovation superpower – it’s time to ensure its the most inclusive innovation ecosystem in the world, too.”

The charity is also being supported by Bridges Impact Foundation. Olivia Prentice, Head of Impact at Bridges Impact Foundation, says: “The Cambridge Pledge will play a critical role in tackling the challenges faced by so many in our community, by our neighbours.

“It will see Cambridge leading the way in social innovation, alongside our world-leading tech and life sciences innovation. It’s something to be really proud of – and so I’m delighted that Bridges Foundation is able to support this important work. I know others will be inspired to join us.”