On June 26th, an extraordinary event took place.  One hundred and sixty billionaires and near billionaires with an aggregate net worth of a quarter of a TRILLION dollars gathered at the New York Public Library for the Forbes 400 Summit on Philanthropy.  At the event, Naveen Jain, who grew wealthy as the founder of World Innovation Institute, took the time to sit down and talk with me about money, time, success and changing the world.  I posted both a video of that interview and an edited transcript.

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MICHAEL NOER: Let's talk about philanthropy and entrepreneurship and where you see those two things overlapping.

NAVEEN JAIN: Doing well by doing good is my philosophy. That means you can create a great venture and if the venture can do good, that becomes a philanthropic venture from my perspective. You can't create a $10 billion company by solving a $1 billion problem. That means you have to go out and solve a $100 billion problem and it so happens those $100 billion problems are massive social problems -- education, healthcare, clean water, energy.

If you can provide access to education and healthcare to billions of people around the world and if you happen to make a billion dollar profit, my hat's off to you. That's a great venture.

You can do both and that's how you create a scalable, sustainable change.

NOER: Earlier, Melinda Gates mentioned that despite all the combined money that we have here at the Forbes 400 Philanthropy Summit, if everybody gave it all away it would still only be a drop in the bucket. You can't solve these massive problems -- healthcare, clean water, education, poverty – simply by giving money away. You have to leverage your skills and your brain.

JAIN: That's actually right, but most of the people here think that making a pledge to give away money is what's going to make a change. I believe that's not what it is. If you look at the people who are successful, the reason they're successful is because they have developed certain skills. The best thing you can ask of them is to give their time. Instead of asking them to give away half their money, if they could pledge to give away 30% of their time, the world would be a better place. If you think about it, entrepreneurs, venture capitalists, going off and using their skills to make a great social change, that's much more meaningful than giving away $100 million.

It is really easy to give money. Writing a check is the easiest thing that a successful person does. Giving their time is the hardest thing. Ask for it.

NOER: We were talking, before we started filming, a little bit about certain types of ventures that are perhaps…selfish philanthropy. You create a school, but name it “The Michael Noer School.” That doesn't seem to be something that solves the big problems.

JAIN: It's true. I came from a very, very poor background. We had no food to eat, and we came to this country with absolutely nothing. I'm a living American Dream. God has been so kind to us, and the easiest thing I could have done was to say, "I'm going to go back to the village that I lived in. There were no schools, so I'm going to build a school there. There was no hospital, so I'm going to build a hospital there. In fact, I'll be so generous, that I will build hospitals in 10 different villages."

That would have made me feel really good, but you know there are billions of people who have no access to education and healthcare. I don't want to do feel good philanthropy. I'm going to go out and use my skills to say, "Why do we really need these schools? Can we actually develop software that can be as effective as a private tutor?