[callout]This episode originally appeared on the Family Before Fortune Podcast which is now the Modern Leadership Podcast. To listen to Modern Leadership click here. To see the Family Before Fortune Podcast archive click here.[/callout]
Episode Summary:
In this episode of the Family Before Fortune Podcast we talk about a new term, originating in 2006, and referring to a new form of philanthropy- a form known as Philanthrocapitalism.
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Main topic:
Philanthropist v. Donor
- Give a man a fish – Teach a man to fish
- Philanthropist- Seeks out the root of social problems and solutions
- Donor- Focuses on relief of suffering
- Time and money are not the difference- it is the approach
Characteristics of a philanthropist
- Proactive
- Strategic
- Collaborative
- Greater impact
- Longer impact
- More satisfaction
Examples :
- (donor) Ice bucket challenge- raised over $100M
- (donor) American Red Cross- raised $7m in 2 days via text to donate after Haiti earthquake
- (donor) Salvation Army- $136M nationally through the Red Kettle campaign
- (donor)Homeless man- inestimable amount
- (philanthrocaptialist) Warren Buffet- June 26, 2006- @ NY public library- several hundred people to sign 5 letters- he joked the first 4 were easy, he just singed “Dad” as he handed the letters to his 3 kids and a representative of his late ex-wife Susan. These 4 letters gave away $6B. The 5th letter was for an estimated $31B to the Gates Foundation- none of the 5 letters nor the nearly $37B was for personal use- they were for each’s charitable foundation
- (philanthrocaptialist) Jeff Skoll- In 1998 –prior to his company going public went around Silicon Valley offering the equivalent of $1M block of stock with the condition that it couldn’t be sold for 1 year after ipo. Several foundations turned him down- the SVCF accepted and 1 year later $40M
- (philanthrocaptialist) Muhammad Yunus- founder of the Grameen Bank
- (philanthrocaptialist) Peter Diamandis- creator of the x prize for private space flight-
Quote of the week: “It is never too late to be who you might have been.” –George Eliot