In an essay adapted for Forbes magazine from a speech given at the Forbes 400 Summit on Philanthropy in June, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, discusses how "[i]nnovations for the poor suffer from ... market limitations" and his idea of "catalytic philanthropy." Gates writes, "The market is not going to place huge bets on research when there are no buyers for a breakthrough. This explains why we have no vaccine for malaria today, even though a million people die from it every year." Therefore, "when you come to the end of the innovations that business and government are willing to invest in, you still find a vast, unexplored space of innovation where the returns can be fantastic," he continues.