Philanthropy has supported the longevity of universities and if they are to continue their role at the forefront of social, technological and economic transformations, as epitomized by the Fourth Industrial Revolution, philanthropy will become more significant than ever.  Complementary and alternative funding is needed and philanthropy is making an increasingly important contribution. The challenge lies in ensuring that this crucial source of funding does not distort universities’ missions and practices.

The amount of giving has increased substantially in recent years. By some measures, Harvard receives an average of $3 million a day. Oxford and Cambridge have conducted successful £1 billion campaigns. Stanford has an endowment of more than $20 billion and received four gifts of at least $100 million in 2015 alone.

There is worrying evidence of substantial and sustained campaigns by some philanthropists in the United States, including billionaire political activists, to further their ideological positions through donations to universities. Philanthropists want to — and do — shape universities. The economist Zoltan Acs writes about the symbiotic relationships between American universities and entrepreneurship. Successful entrepreneurs are attracted to fund ambitious institutions that can deliver impact.

Whether philanthropic donations come from foundations, corporations or wealthy individuals, crucially universities have to maintain their freedom to decide priorities and publish the results of their work, appoint and promote staff, and allocate intellectual property. This requires courting the right kind of philanthropist.

Read the full article about university philanthropy by the World Economic Forum at Medium.