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THE “NEWPHILANTHROPY” – REVOLUTIONISINGTHE NON-PROFITS
The origins ofVP date back to 1969,when JohnD. Rockefeller III, stated, “Private foundations
often are established to engage in what has been described as ‘venture philanthropy,’ or the
imaginative pursuit of less conventional charitable purposes than those normally undertaken
by established public charitable organisations.” The California-based Peninsula Community
Foundation’s Center for Venture Philanthropy, claim to have coined the term ‘Venture
Philanthropy’ in 1984. However, it is well acknowledged that ‘venture philanthropy’ was
popularised by an article, Virtuous Capital: What Foundations Can Learn from Venture
Capitalists, that appeared in the Harvard Business Review of 1997...
VENTURE PHILANTHROPY AND SOCIAL ENTERPRISE
Jack Davies, the co-founder of Venture Philanthropy Partners (VPP), defined Venture
Philanthropy as a comprehensive approach that “adapts strategic investment management
practices to the non-profit sector to build and strengthen organisations that are able to
generate high social rates of return on the investments made in them. A hallmark …is
long-term partnerships and strategic management assistance to leverage and augment
substantial financial investments...
THE “MARKETISATION” OF CIVIL SOCIETY?
This newphilanthropy provided a common platformfor individuals and organisations from
different sectors with diverse work cultures, to strive for a common goal andmission, social
responsibility. The exposure gives a scope to develop diverse skills. The charities “can
teach the private sector when it comes tomotivating staff.” And “the professional investors
can teach the charities to overcome the grant-funding culture which encourages bureaucratic
and non-entrepreneurial attitudes.”..
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