Rapid Response: Inside PayPal's $530M plan to close the racial wealth gap, with CEO Dan Schulman

Masters of Scale

WaitWhat

Entrepreneurship, Business, Management, Reid Hoffman, Mindset, Diversity & Inclusion, Jeff Berman, Bob Safian, Startups

4.6 • 4.4K Ratings

🗓️ 11 July 2020

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

The pandemic has hurt many businesses – but PayPal isn't one of them. PayPal has boomed as e-commerce has swelled, with stock up more than 50% this year and a huge new demographic joining the platform. That doesn't mean, though, that CEO Dan Schulman has been sitting back. PayPal recently committed more than $500 million to support Black and minority-owned businesses, after facilitating some $1.9 billion in PPP loans to largely underbanked communities. Dan says PayPal has a unique opportunity to spur emerging economic recovery – and to make a longterm impact in the fight for racial justice. Interviewed by editor Bob Safian.

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Transcript

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0:00.0	Hi listeners, it's Chris Goethea, producer on Masters of Scale.
0:03.2	Quickly dropping in with an invitation for you to join us at an upcoming strategy session with Reed,
0:07.9	along with a few very special guests. During this live virtual event, you'll hear some game-changing
0:14.0	wisdom and insights that will help you make smart and financial decisions for your business.
0:18.4	So take a second to save the data in your calendar for Monday, May 8th at 3.30pm Pacific,
0:23.2	and register at mastersofscale.com forward slash strategy session to receive your link to join.
0:29.6	We'll be tackling some of the most top of mind questions for entrepreneurs,
0:32.8	with a special focus on how your business can thrive even amidst an economic downturn.
0:38.0	It's a really important topic, and you'll hear timely strategic insights that will help set you
0:42.8	and your business up for success. So go to mastersofscale.com forward slash strategy session to
0:49.2	register for free. Now on to the show.
0:52.1	There was a ton of emotion, a lot of determination across PayPal's employees,
1:03.4	most acutely felt by our black colleagues. How do we respond to this?
1:10.5	We established a $500 million fund to invest in black and minority entrepreneurs,
1:18.4	black and minority owned businesses, black and minority owned investment funds,
1:25.0	as well as putting money into community banks that support communities that are predominantly
1:31.2	black or minority. It's a multi-faceted, multi-pronged investment that we hope over time will make
1:40.2	a difference. We need to be about having a purpose. We need to be about making an impact.
1:47.2	That's what the most talented and passionate employees also expect and want. That's where they
1:54.7	want to work. It all starts there. If you don't have the most talented people that you can
2:01.2	possibly recruit and keep and keep inspired, then you can never aspire to move from being a good
2:08.8	company to a great company. I think that is foundational.
	...

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