Early Life
Duncan MacMillan, born in 1938, is an American businessman and philanthropist. He served in the U.S. Marine Corps after graduating from high school. He earned a Bachelor of Science degree in Mathematics from Rutgers University in 1966. He began his professional career in 1967.
Rise to Success
MacMillan's career took a pivotal turn when he co-founded Bloomberg L.P. in 1981 with Michael Bloomberg, Thomas Secunda, and Charles Zegar. This venture was a direct response to Michael Bloomberg’s departure from Salomon Brothers. MacMillan played a key role in designing the computer systems that were essential to the company's early success, which was initially called Innovative Market Systems. Bloomberg L.P. provided financial data and analytics.
Key Business Strategies
A significant strategy employed by Bloomberg L.P. was the development and refinement of the Bloomberg Terminal, which became an indispensable tool for financial professionals. MacMillan's expertise in understanding customer needs was crucial in shaping the terminal's features and capabilities. The company’s ability to provide real-time market data, financial calculations, and analytics set it apart. Merrill Lynch was the first customer, purchasing the first 20 terminals and investing in the company. The company changed its name to Bloomberg L.P. in 1986.
Philanthropy
Duncan MacMillan and his wife, Nancy MacMillan, are known for their significant philanthropic efforts. They are signatories of The Giving Pledge, committing to donate a majority of their wealth to charitable causes. They founded the MacMillan Family Foundation in 2003, which focuses on cancer and medical research, education, and the arts. MacMillan has endowed professorships at Rutgers University and The Institute for Advanced Study and supports The Cancer Institute of New Jersey. His philanthropic activities reflect a commitment to improving society through various initiatives.