But moving beyond the philanthropic elite, how can individuals, foundations, religious institutions and other charitable organizations structure their giving to take on today's greatest challenges while also promoting entrepreneurship and spurring innovation? According to speakers in a Global Conference 2011 session on "The Role of Philanthropy in Economic Growth," these pools of capital can be better leveraged and more efficiently distributed to get the double bottom line.
Don't want the ghost of your philanthropic past to haunt you in the middle of the night? Ensure that your dollars are being utilized in the most effective way possible. Claudia Sangster of Harris myCFO inc. suggested that philanthropists need to move away from the "spray and pray practices" that have proven unsustainable. Instead, the philanthropic world could look to successful models like the Kauffman Foundation's fellowship program or Canyon Partners' impact investing fund.
To avoid deathbed disgrace, make sure you watch the first 10 minutes of the panel video, when Michael Milken highlights additional success stories. And take notes.