The Cambridge Pledge: Founders and business leaders pledge percentage of income to tackle inequality

The Cambridge Pledge initiative, which is being spearheaded by Innovate Cambridge, will make its first impact investments in 2025 as part of a larger £10million raise supported by Cambridge City Council.

The charity is aiming to raise £2m by the end of 2025 to support the initial investments as part of its mission to make Cambridge a world leader in social innovation alongside its academic, life sciences and tech prowess.

A new generation of Cambridge founders and business leaders are pledging a percentage of their current or future personal wealth to address the city’s growing inequality.

Having benefitted from the success and reputation of the famed Cambridge cluster, these next-gen entrepreneurs are paying-it-forward so that the city’s innovation and success benefits the wider Cambridge community.

Through The Cambridge Pledge, the entrepreneurs are making a donation, or pledging at least 5 per cent of their future wealth, to create a multimillion-pound fund. This will then be used to tackle some of the region’s most critical issues, including youth education, homes for children in care, homelessness and health disparities.

Cambridge is celebrated worldwide for its universities, innovative research parks, plethora of unicorns (24 at the last count) and thriving start-ups. It’s the birthplace of global giants like Arm Holdings, Abcam and Darktrace, and home to leading players like Microsoft, Apple and AstraZeneca. In 2024 alone, Cambridge-based companies raised over $841m, contributing to an economic value exceeding $191bn (a greater economic value than Spain and Italy combined).

Over the last 45 years, Cambridge has continued to grow exponentially – and, with a trajectory doubling every 10 years, it is projected that in another 30 years the city’s economy will be eight times the size it is now.

This rapid growth has brought great success, but this success is not felt equally by everyone in the city, resulting in Cambridge regularly appearing on lists as one of the UK’s most unequal cities.

The Cambridge Pledge means Cambridge now has the potential of becoming a world leader in social innovation alongside its existing academia, life-sciences and technology accolades.

The next-gen founders and innovators driving this change 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.

“This is social enterprise on a level never seen before, and a new benchmark for social investment,” says Lucy. “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.”

Dr Kathryn Chapman, executive director, Innovate Cambridge, added: “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 it’s the most inclusive innovation ecosystem in the world too.”

For Sara Allen, the charity’s executive director, The Cambridge Pledge highlights a unique opportunity for the Cambridge community to contribute to a more inclusive ecosystem.

“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,” she said. “By making social impact investments, we are catalysing innovative and sustainable programmes and giving them the time to achieve real change.”

Daniel Zeichner, the Labour 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.”

Cllr Mike Davey, Labour leader of Cambridge City Council, added: “As custodians of the city, our vision is for ‘One Cambridge, fair for all’, where innovation benefits people and planet. Cambridge is a place for bold ideas that change the world, but it is also a city with significant differences in life chances and health outcomes.

“The Cambridge Pledge provides an opportunity for those creating wealth here to access a trusted mechanism to share this success with the local community, to complement our and local charities’ work to tackle some of the most pressing social challenges in our communities.”