Giving Compass’ Take:
• Soumitra Pandey and Pritha Venkatachalam explore four ways in which philanthropy can adapt and create significant social change.
• How can you make a big bet for social change? What partners can help you achieve your goals?
• Read more about philanthropists driving social change.
Philanthropy is approaching an inflection point. Outsize wealth is rapidly accumulating, alongside an acceleration in philanthropic ambition. As these two powerful forces converge, they will likely reshape the social sector for years to come.
Will philanthropic giving to alleviate socio-economic ills increase as dramatically as wealth is accumulating? Will more of that philanthropy go to solving the underlying problems?
If philanthropy is to be a major driver behind abundant social change, the seeds of change will flourish in four ways.
- Big bets for social change: When donors and NGOs accept the risk of taking on problems of great scale and significance, such as poverty and climate change, even relatively modest advances can yield big dividends.
- Benefits of collaboration: Multi-stakeholder collaboration redistributes power, requiring any single donor to give up unilateral decision-making control.
- Capacity building: Too often, in today’s social sector, philanthropy under-invests in NGOs and over-focuses on their programs. However, if NGOs are not organizationally fit for a challenging future—without adroit leadership, robust performance management, and effective IT systems—it is far less likely that their programs will succeed.
- Greater giving while living: While philanthropists postpone their giving, the world’s challenges continue their relentless advance.
Read the full article about the future of philanthropy by Soumitra Pandey and Pritha Venkatachalam at Livemint.
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