Next 10

F. Noel Perry, the venture capitalist who founded and funds Next 10, makes the resource-allocation decisions. The organization does not invest in portfolio companies; it commissions research and builds public-education tools. Perry's background includes backing Leap Frog and Earth's Best, and he directs Next 10's agenda through a small in-house team.

Initiatives originate from Perry and are scoped by Director of Research Stephanie Leonard, who manages a network of academic and think-tank advisors. Each project—such as the California Green Innovation Index—is developed in partnership with domain experts like Dan Kammen of Stanford or Hal Harvey of Energy Innovation, then published as a nonpartisan public resource.

It operates as a single-family-office-style vehicle for F. Noel Perry's policy philanthropy. Unlike a foundation with a large endowment and separate grantmaking staff, Next 10 is a lean operating nonprofit where Perry funds projects directly and caps overhead for outside research at 5% of direct costs. There is no separate foundation or donor-advised fund disclosed.

No. Despite Perry's background as a venture capitalist, Next 10's public filings and website describe only policy research, public-education tools, and civic-engagement programs. The entity is entirely philanthropic and does not appear to hold equity stakes or make program-related investments. Perry's for-profit investing is conducted separately.

The organization's mandate is explicitly California-focused. Its research products, including the California Green Innovation Index and the Budget Challenge, address state-level climate, housing, and fiscal policy. Next 10's advisors are drawn from California institutions—Stanford, UCLA, the Natural Resources Defense Council's San Francisco office, and the Governor's Office of Business and Economic Development—reinforcing a Sacramento-centric approach.

Next 10 publishes reports and interactive simulations designed for direct legislative use. The California Budget Challenge, for example, is an online tool that models the fiscal effects of spending decisions using real state data and is updated for each budget cycle. The organization also collaborates with advisors who hold roles in California government, such as Dan Adler, Senior Advisor for Climate Finance at the Governor's Office.

Perry's venture capital career—marked by exits like Leap Frog and Earth's Best—provided the capital that funds Next 10, but the two activities are structurally separate. Next 10 does not invest the proceeds of Perry's venture work into startups or funds; it channels them into nonpartisan policy analysis. Perry's investment ethos of backing "socially responsible, innovative and profitable ventures" carries over into Next 10's research focus on market-aligned climate and budget solutions.