Google, presently hosting Global Philanthropy Forum’s annual gathering, is an acknowledgment of the power of Silicon Valley corporate giving and its impact in the world of philanthropy.
"Philanthropy has always had innovation in its DNA. I see that is being ratcheted up," said Jane Wales, founding president of the forum and CEO of its parent organization, the World Affairs Council of Northern California. "What already was an inventive sector now has an infusion of talent of young, energetic, socially conscious people who have gained new wealth, a new class of philanthropist."
Not only are 21st century philanthropists younger than their predecessors (they want to be alive to see their good works, quips Wales), but they also are eager to find systematic solutions to larger problems and combine market-based solutions, even profitable ones, with their charitable notions.
"They are financing social change," said Wales, with initiatives `largely shaped by their own private sector experience."
They invest in social causes as they would the stock market or a start-up, but the return is measured not only in financial viability but also what impact the initiative has in solving global problems. The new hybrid model has been dubbed "philanthrocapitalism" and its practitioners "philanthroprenuers."
"Whatever you call it," Rodin said, "capital is being used more strategically and leverage is more critical than ever."
Philanthropy is coming into a golden age of sorts, several participants said. "It's gone mainstream. The richest people in the world are addressing the biggest problems in the world," said Peter Wheller, a former Morgan Stanley executive who runs a British philanthropy.
[Excerpt of an article by Mary Anne Ostrom, San Jose Mercury]
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