A new crop of billionaires is emerging, and estimates suggest they will put a combined $20 trillion toward philanthropic endeavors in the next half century.

If these newcomer philanthropists want to ensure that their dollars do the most good possible, they will first have to grapple seriously with the issue of confirmation bias. Confirmation bias is a well known if little-understood phenomenon, prevalent in practically all organizations and businesses.

By seeking critical perspectives and new ideas, we were able to avoid the trap of confirmation bias, upend long-held institutional beliefs, challenge expert opinions, and disrupt ingrained operating models. As a result, the Foundation was able to launch an initiative that we hope will demonstrate a new way forward for feeding future generations.

To help overcome confirmation bias, consider the following:

  • Waste less
  • Expand your definition of expertise
  • Create a culture that is truly receptive to new ideas and values differing opinions
  • Empower opportunity scouts

Read the source article at Business Insider