Greek American Entrepreneur and Philanthropist John Pappajohn Dies

Greek American businessman and philanthropist John Pappajohn, who devoted his life to helping people in Iowa and elsewhere, died Saturday, April 22. He was 94.

He donated millions to Iowa’s three public universities and was considered one of the country’s most successful investors.

Pappajohn was one of the nation’s earliest and most successful venture capitalists—elite investors who provide capital to emerging companies.

His shrewd business instincts and knack for striking a deal were legendary, as was his work ethic. Even in his 90s, Pappajohn could be found in his Des Moines office seven days a week, driven by the same entrepreneurial spirit that helped him launch more than 100 companies over the course of his 50-plus-year investing career.

Pappajohn and his wife, Mary, have gifted more than $100 million to various philanthropic causes including the John Pappajohn Business Building at the University of Iowa Business School, the Pappajohn Pavilion at the University of Iowa Hospital and Clinics, the John and Mary Pappajohn Clinical Cancer Center and the Pappajohn Biomedical Institute Building at the University of Iowa.

Pappajohn also organized and financed the John Pappajohn Entrepreneurial Centers at five different universities and colleges in the state of Iowa for more than $30 million. These centers have helped create and launch over 1000 new companies.

In a tribute to his passing, the University of Iowa says Pappajohn always set his sights on something greater than just the bottom line.

John Papajohn “would make money so he could give it away”

“A close friend once said Pappajohn only made money so he could give it away. Indeed, he and his late wife Mary donated to philanthropic causes around the world, with a particular fondness for higher education and the arts.”

Pappajohn might have spent his career investing in promising companies, but he found his greatest joy investing in the future of young Iowans.

Pappajohn told Forbes magazine in the 1990s that his ambition was to become “the greatest philanthropist in the history of Iowa.” Through his support of the arts, young entrepreneurs, the University of Iowa, and higher education institutions across the state, he made a strong case for himself.

In 2015, Pappajohn visited the UI campus to give a lecture about the importance of philanthropy.

“I dream a lot, I dream constantly,” he told a crowd of students at the Iowa Memorial Union. “I don’t have these wild dreams, I just dream about what I want to do and want to give away and what are my priorities in life. … How can I help the world with the time I have left?”

Philanthropy in Greece

He never forgot his roots in Evia Greece. Following the devasting fires of 2021 on the island he contributed $100,000 for reforesting the land and restoring the livelihoods destroyed in the wildfires.

The Hellenic Initiative (THI) that organized the initiative deployed these funds by planting 2,200 trees in Evia in the areas of Rovies, Limni, and Papades. Pappajohn stated “Restoring the land and livelihoods of our homeland after this crisis is vital.”

He also gave $500,000 to start 50 companies in Greece in collaboration with THI. He was on the Board of Directors of Anatolia College for 25 years, and he opened new companies in Thessaloniki. Every year a business plan is supported with 25,000 dollars, and many companies have been created this way in Greece.

He was born in Greece and was nine months old when his family settled in Mason City. His father died when he was 16 years old and this changed his world.

He worked his way through college and alternated working and attending school with his brothers. It took him six years to get his degree. He graduated with a BSc degree in business from the University of Iowa in 1952. He did not go for job interviews. He wanted to own his own business.

He established an insurance agency after graduating from college and subsequently organized and became Chairman of the Board of Guardsman Insurance Investors, a public insurance holding company that owned Guardsman Life.

In 1969, Mr. Pappajohn organized Equity Dynamics, Inc., a financial consulting entity and Pappajohn Capital Resources, a venture capital firm in Des Moines, Iowa. He was one of the early venture capitalists.

Since this time, Mr. Pappajohn has been involved in over 100 start-ups, over 50 IPOs and has served as a Director in over 40 public companies.