# Next 10

Next 10 is a Venture Capital based in San Francisco, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** 300 Brannan Street, Suite 402, San Francisco, CA 94107, United States
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** next10.org
- **LinkedIn:** https://www.linkedin.com/company/next10ventures

## Regulatory record

- **Reports private funds:** No

## About

Next 10 is focused on innovation and the intersection between the economy, the environment, and quality of life issues for all Californians. We create tools and provide information that fosters a deep understanding of these critical issues.

## Sectors

- ClimateTech
- Energy Transition & Renewables
- Education

## People

- F. Noel Perry — Founder
- Marcia Perry — CFO
- Stephanie Leonard — Director of Research
- Grace Ochs — Program and Communications Manager

## Questions

### Who runs investment decisions at 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.

### How does Next 10 source its policy initiatives?

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.

### Does Next 10 make for-profit investments or take equity in companies?

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.

### Where does Next 10 focus its geographic work?

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.

### How does Next 10's work reach policymakers?

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.

### What is the relationship between F. Noel Perry's venture career and Next 10's mission?

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.

## Related profiles

- [NexStar Partners](https://altss.com/profile/nexstar-partners)
- [Next Century Partners](https://altss.com/profile/next-century-partners)

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Last updated: 2026-06-03T20:00:00.000Z

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