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This report examines the fundamental shift in wealth behind all the recent eleemosynary activity dependent on the New Economy -- activity that is often accompanied by a challenging, entrepreneurial approach to giving-and attempts to evaluate how successful these venture philanthropists will be in their efforts to fund significant but tightly controlled and financially viable programs, while seeking to effect fundamental changes in the organizing principles of philanthropy.
Philanthropic Venture Capital: Venture Capital for Social Entrepreneurs? aims to delineate the current state of philantropic venture capital, identifying differences with traditional venture capital financing, and offers directions for future research. It focuses on understanding what philanthropic venture capital is and how its social value creation investment logic makes it different from traditional venture capital.
Leap of Reason is the product of decades of hard-won insights from philanthropist Mario Morino, McKinsey & Company, and top social-sector innovators. It is intended to spark the critically important conversations that every nonprofit board and leadership team should have in this new era of austerity. The authors make a convincing case that the nation's growing fiscal crisis will force all of us in the social sector to be clearer about our aspirations, more intentional in defining our approaches, more rigorous in gauging our progress, more willing to admit mistakes, more capable of quickly adapting and improving--all with an unrelenting focus on improving lives.
Many voluntary health organizations fund translational research. An increasing number of these organizations are looking at venture philanthropy as a critical way to advance their missions of helping patients and working to cure disease. A wide range of participants gathered on October 3, 2008 at the Beckman Center of the National Academies of Science for a workshop titled "Venture Philanthropy Strategies Used by Patient Organizations to Support Translational Research." Participants with experience in venture philanthropy shared their experiences and lessons learned in order to improve efficiency and effectiveness in translational research.
Venture capital (VC) refers to investments provided to early-stage, innovative, and high growth start-up companies. A common characteristic of all venture capital investments is that investee companies do not have cash flows to pay interest on debt or dividends on equity. Rather, investments are made with a view towards capital gain on exit. The most sought after exit routes are an initial public offering (IPO), where a company lists on a stock exchange for the first time, and an acquisition exit (trade sale), where the company is sold in entirety to another company. However, VCs often exit their investments by secondary sales, wherein the entrepreneur retains his or her share but the VC sells to another company or investor buybacks, where the entrepreneur repurchases the VC`s interest and write-offs (liquidations). The Oxford Handbook of Venture Capital provides a comprehensive picture of all the issues dealing with the structure, governance, and performance of venture capital from a global perspective. The handbook comprises contributions from 55 authors currently based in 12 different countries.
This book is the first study on philanthropic venture capital, a financing form for social entrepreneurs that unites the principles characterizing traditional venture capital with social aims. The provision of capital and non- financial services to social enterprises are of key importance for the maximizations of social impact as both elements enable social enterprises to become sustainable. However, the value proposition of the venture capital and philanthropic venture capital are different; a key issue is understanding how the practices used in the former are applied by the latter. Grounded in asymmetric information and stewardship theory, I build on and contribute to previous work showing how adverse selection and moral hazard are able to describe the philanthropic venture capital investment model. Results indicate that philanthropic venture capital investments are characterized by adverse selection. On the contrary, moral hazard tends to be a marginal issue in the deal structuring and post-investment phased of the investment, with investors acting as stewards rather than principals.
Through a coherent framework for pursuing such far-ranging changes, this easy-to-understand book addresses new ways for individuals and organizations to invest grant funds, approach regulatory structures that guide giving, and define their goals, activities, outcomes, and achievements. The author applies basic principles of industrial theory and evolution to examine, with a trained scholar’s eye, how individual organizations, associations, and the philanthropic infrastructure can work more effectively. Order your copy today!
This book highlights the historic inflection point we are in, both in terms of philanthropy in general, and specifically in financing the solutions to our largest and most urgent social and environmental problems. It covers the two movements that have recently had a dramatic influence on capitalism. First, wealthy millennials have been pressuring their bankers to invest their family portfolios in companies with high social and environmental impact (ESG ratings), triggering a wave where the wealth management industry, and now all public companies, are significantly adapting to the increasing demand for good. Second, The Giving Pledge triggered another wave, changing what success and the accumulation of wealth means. It has even begun to redefine the goal of capitalism as more than 200 billionaires have pledged to give half or more of their wealth away. This book also focuses on the bottleneck problem that The Giving Pledge has created, as it is very hard to give hundreds of billions away with measurable impact to nonprofits lacking detailed long-term plans to scale. Nonprofits have never had the luxury of having all the resources to invest in the planning, management training and systems needed to rapidly expand. Thus taking in very large gifts is very difficult, and almost impossible to justify. Large philanthropy can always be used for traditional capital campaigns and to fund endowments, yet The Giving Pledge signers are often looking for large visible impact beyond these traditional avenues. The result is a bottleneck which has grown as more billionaires pledge their funds away while their wealth continues to skyrocket and giving rates stay very small. Finally, this book covers the emergence of large giving vehicles, modelled after the private equity industry. They have sophisticated third-party managers focused on deploying funds and supporting management teams. It also covers the scaling of nonprofits in a significant way (“Big Bets”) as well as investing large philanthropy through for-profits as Program Related Investments (PRI) at scale. This book is of interest specifically to nonprofit and foundation leaders, as well as wealth managers, estate attorneys and other philanthropic advisors. It is also of interest to investors and corporate CEOs as they begin to access these large pools for philanthropic capital to increase their impact. This book is focused on providing those with the ability to make large philanthropic investments a path to scale their impact and increase their fulfillment and that of their family. It provides a step-by-step guide of how these approaches, especially PRI at scale, can actually solve the social and environmental challenges that have been seemingly hopeless.
The Wiley Handbook of Global Educational Reform examines educational reform from a global perspective. Comprised of approximately 25 original and specially commissioned essays, which together interrogate educational reform from a critical global and transnational perspective, this volume explores a range of topics and themes that fully investigate global convergences in educational reform policies, ideologies, and practices. The Handbook probes the history, ideology, organization, and institutional foundations of global educational reform movements; actors, institutions, and agendas; and local, national, and global education reform trends. It further examines the “new managerialism” in global educational reform, including the standardization of national systems of educational governance, curriculum, teaching, and learning through the rise of new systems of privatization, accountability, audit, big-data, learning analytics, biometrics, and new technology-driven adaptive learning models. Finally, it takes on the subjective and intersubjective experiential dimensions of the new educational reforms and alternative paths for educational reform tied to the ethical imperative to reimagine education for human flourishing, justice, and equality. An authoritative, definitive volume and the first global take on a subject that is grabbing headlines as well as preoccupying policy makers, scholars, and teachers around the world Edited by distinguished leaders in the field Features contributions from an illustrious list of experts and scholars The Wiley Handbook of Global Educational Reform will be of great interest to scholars and graduate students of education throughout the world as well as the policy makers who can institute change.