The concept of ‘paying it forward’ is well-established in business – and Lucy Jung is one of a growing band of founders looking to extend the concept to tackle widespread social inequality in her home city.
The Charco Neurotech founder, 37, is one of several entrepreneurs pledging to give away a share of their present and future wealth to redress social imbalances in Cambridge, dubbed the ‘capital city of inequality’.
It is a natural progression of purpose for the mother-of-two, who struck out on a path to help others when she was diagnosed with a brain tumour at the age of 24.
“When I was still a student, working on a medical device innovation project, I started experiencing balance issues. It was very sudden: I couldn’t see properly. I couldn’t read. I started feeling very nauseous. All within the space of a couple of months,” she tells BusinessCloud.
“I was diagnosed with a brain tumour. It put my education on hold and forced me into medical investigations, and eventually, brain surgery.”
To remove all of the tumour would have been too dangerous, says Jung, but doctors managed to remove most of it. This allowed her to have kids – her daughter is now eight and her son six – and continue her essential medical research work.
“Overnight, I became a patient, and this experience deeply shaped my future,” she explains. “My ambition to pursue a PhD and become a professor was replaced by my true purpose: to improve people’s lives.
“At first I thought that was people with long-term conditions – but now I know my mission is much broader than that.”
In 2019 Jung, now 37, co-founded Charco Neurotech, a MedTech startup developing novel solutions to improve the movement and quality of life for people with Parkinson’s Disease. The company secured over £14 million through grants, angels and institutional investments while successfully launching its medical device from research to the market.
Lucy helping someone suffering from Parkinson’s Disease
Desperate to find solutions for other long-term conditions, she recently launched LYEONS, a research project focused on developing innovative solutions to support people with anxiety, depression and sleep disorders caused by neurological conditions.
The French have a saying – ‘noblesse oblige’, or ‘nobility obliges’ – which essentially means that those with wealth have a duty to help others.
Jung is honouring that concept by supporting a ground-breaking philanthropic initiative to help disadvantaged people in Cambridge, a city celebrated worldwide for its universities, research parks, unicorns and groundbreaking startups – and host to the UK headquarters of several world-leading technology companies – but which regularly appears on lists as one of the UK’s most unequal cities.
Through The Cambridge Pledge, several entrepreneurs are making a donation – or pledging at least 5% of their future wealth – to create a multi-million-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.
The idea is for Cambridge to become a world leader in social innovation alongside its existing academia, life sciences and technology accolades. Other early supporters include Marcel Gehrung, founder of Cyted Health, a pioneer of non-endoscopic diagnostics; and Sir Tony Kouzarides, co-founder of global life science company Abcam.
Kouzarides explains: “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.”
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Jung adds: “My children know that mummy does a ‘founder job’ because I want to help people. They know why it’s important for us to have a quality of life together as a society and for all their school friends to have the same chances in life.
“I want to help make that happen. And my children understand this. They’ve even said: ‘We want to pledge our pocket money too!’
Lucy with children Lyla and Leon
“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.
“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.”
The charity, chaired by executive director Sara Allen and supported by Innovate Cambridge, will make its first impact investments in 2025 as part of a larger £10 million raise supported by Cambridge City Council.
The pilot will demonstrate the potential of social impact investment to foster meaningful change within Greater Cambridge while proceeds from pledges are realised. It also aims to serve as a model for other regions, and innovation ecosystems, to follow.
Allen is aiming to complete a Cambridge Pledge raise of £2m by the end of 2025 to support the initial investment.
The charity is also being supported by Bridges Impact Foundation.
Daniel Zeichner, 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.”