Late Palo Alto industrialist William R. Hewlett, his wife, Flora Lamson Hewlett and their eldest son, Walter B. Hewlett, established the William and Flora Hewlett Foundation (“Hewlett Foundation”) in 1966. The foundation’s guiding principle, as stated by the board of directors, was to “promote the well-being of humanity by focusing on the most serious problems facing society, where risk capital, responsibly invested, may make a difference over time, and on sustaining and improving institutions that make positive contributions to society.”