Venture Philanthropy: The “Marketization” of Civil Society?
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Code : SEP0007
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Region : Global
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Introduction: Philanthropy and volunteering have increased both at the individual and corporate level, especially in the late 1990s, and as the world moved into the 21st century, “a new golden age of philanthropy” has dawned in the form of Venture Philanthropy (VP), which aimed at helping the non-profit (civil society) organisations to build their organisational capacity and improve performance. Drawing fromthe venture capitalmodel of the for-profit (private) sector, this ‘new philanthropy’ is all set to revolutionise the non-profit capital market. Besides finance, it brings in corporate management practices and support to the social sector. It considers charitable grants as investments in social enterprises, through which increased social returns are achieved. It embraces both the policies and practices of the for-profit sector and the principles andmissions of the non-profit sector, and operateswith a ‘DoubleBottomLine’. Building cross-sectoral relationships on the floor of Social Responsibility, VPrequires the corporate sector and civil society – the sectors with inherently distinct motives and cultures – to work together for the greater social good... |
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