The goal of philanthropy is to foster goodwill towards others and contribute to positive change in the world. There are many opportunities to give as an individual and as an organization. Either way, the tips below can help you move forward with the development of a solid philanthropy strategy.
Find a Passion Project
Developing a philanthropic vision should start with figuring out what you’re passionate about. This usually requires you to think back to issues that you have thought about supporting in the past. This might be poverty in a specific region of the world or locally in your state. Perhaps you know of a foundation or organization that has impacted your life in the past. For instance, some philanthropic endeavors surrounding medicine are driven by positive experiences of family members. There are many nonprofit organizations and foundations to consider.
Set Realistic Goals
Your philanthropic strategy should start with realistic goals that can be further developed down the road. By starting out small, you can learn more about different organizations and figure out if your efforts are headed in the right direction. For instance, if you’re interested in venture philanthropy, you can assess the project after your initial investment and decide the best way to proceed in the future. This is important since venture philanthropy often requires an investment of your time.
Collaborate with Others
It’s possible to expand your capabilities by collaborating with others. You can identify peer philanthropists to mitigate the risk of venture philanthropy projects. It’s best to focus on identifying individuals that are interested in the same areas of giving that you have prioritized. Quite frankly, there are many needs around the globe and any collaborative effort would be appreciated.
Revisit Your Initial Plan
After developing a philanthropy strategy, it’s necessary to revisit it within the first year. Assessing your plan will help you understand it’s strengths and weaknesses, as well as what you can do to achieve your ultimate goal.
Anyone that has a chance to effect change through philanthropy is likely in a great financial position. It’s something that requires thoughtful consideration, as well as a solid short-term and long-term strategy.