By Sarah Buhr | Tech Crunch
It seems there’s nothing but bad news out there lately, but here’s some good news — the nonprofit Evolve Foundation has raised $100 million for a new fund called the Conscious Accelerator to combat loneliness, purposelessness, fear and anger spreading throughout the world though technology.
Co-founder of Matrix Partners China Bo Shao will lead the fund and will be looking for entrepreneurs focusing on tech that can help people become more present and aware.
“I know a lot of very wealthy people and many are very anxious or depressed,” he told TechCrunch. A lot of this he contributes to the way we use technology, especially social media networks.
“It becomes this anxiety-inducing activity where I have to think about what’s the next post I should write to get most people to like me and comment and forward,” he said. “It seems that post has you trapped. Within 10 minutes, you are wondering how many people liked this, how many commented. It was so addicting.”
Teens are especially prone to this anxiety, he points out. It turns out it’s a real mental health condition known as Social Media Anxiety Disorder (SMAD).
“Social media is the new sugar or the new smoking of this generation,” Shao told TechCrunch.
He quit social media in September of 2013 but tells TechCrunch he’s been on a journey to find ways to improve his life and others for the last 10 years.
His new fund, as laid out in a recent Medium post announcement, seeks to maximize the social good, find solutions to the issues now facing us through technology, not just investing in something with good returns.
Shao plans to use his background as a prominent VC in a multi-billion-dollar firm to find those working on the type of technology to make us less anxious and more centered.