In the few weeks since the World Health Organization declared COVID-19 a pandemic, our collective existence has been altered in ways that few could have ever imagined. What were once described as ‘gaps’ in our societies -- for example, poverty, lack of access to health care, clean water, internet connectivity, to name a few -- have shown themselves to be deep, fundamental cracks and inequities. And they are being exposed throughout the world, in countries rich and poor.

Philanthropy, with its ability to respond quickly to address urgent needs in ways that other sectors cannot, has been stepping up to respond with expertise, time, and, of course, financial resources. Over the last few weeks, approximately 500 major funders have pledged approximately $7 billion to mitigate the immediate effects, and start to look ahead to longer term solutions.

The Milken Institute has expanded our work to include mitigation of the COVID-19 pandemic. We have been tracking progress on a vaccine and treatments for the virus, and launched a hub where philanthropists can review opportunities to give their time, talents and capital to mitigate the immediate and long-term effects. Throughout the Institute, we have been working collectively to gather and share information that is trusted and timely.

As part of the Institute’s effort to disseminate timely data, we have been convening leaders for a webinar series that reexamines the world in the context of the pandemic. To that end, a high-profile group of philanthropists gathered to share their own insights and experiences of tackling COVID-19 response in their communities around the world.

Precious Moloi-Motsepe, co-founder and CEO, Motsepe Foundation, Clara Wu Tsai, founder of The Clara Wu and Joe Tsai Foundation, Elizabeth Cousens, President and CEO, UN Foundation, Tom Kalil, Chief Innovation Officer, Schmidt Futures, and Milken Institute Chairman Mike Milken, examined the crucial role philanthropy is playing in the context of the pandemic. From helping New York City procure medical equipment for its public hospitals, to strengthening health systems’ ability to prevent and treat the disease in South Africa and across the continent, the response has been swift.

Each offered key lessons learned. Among them:

  • Funding alone isn’t enough. Policy work is a critical component of philanthropy, especially as we transition into the recovery phase of the COVID-19 pandemic.
  • Collaboration is key to ensure adequate preparedness for future crises
  • Speed is of the essence. We know what needs to be done. It's been studied and documented – and that knowledge must be put to work.
  • Philanthropists should have a bias for action.

As we work as a sector to address this pandemic, we know that philanthropy has a crucial role to play - and not just for the near-term. We must do more than look ahead. We must also look around the corner, listen to the communities who need us, and do our best to anticipate the world’s needs as we consider recovery. Most of all, we must take action.

We invite you to listen to the recording, and share your thoughts with us.

____

By Melissa Stevens, Executive Director, Milken Institute Center for Strategic Philanthropy.