Philanthropy as a competitive sport
This week the Financial Times reported that Ark, or "Absolute Return for Kids", set up by leaders in the hedge fund industry raised $53 million at a single event, up from less than $5 million in 2002. Dinners bided over $1 million for a Kenyan safari. The head of one hedge fund group commented "I donate because I'm superstitious; I worry that if I don't, my luck will run out."
Ok, as strange as this sounds it represents a huge opportunity to educate this small group of people on how they can use their money and resources to generate real and lasting systemic change. I have said for a long time that there is a huge business opportunity to help those with lots of money develop personal strategies to take on the most difficult issues. Giving money away is hard work, as Bill Gates has found. It’s easiest to give it away in big chunks to established causes – traditional risk management.
Someone needs to step into this void. Here is the article in FN. Business buys into giving something back