风险慈善：创新捐赠的新时代

Today’s world is defined by extraordinarycomplexity. Challenges such as education accessgaps, climate change, global health inequities,and the unmet needs of those living with rareand complex diseases can be hard to solvewith traditional philanthropy alone. While That urgency and optimism have propelled venture philanthropy into mainstream conversation among individuals,families, and foundations seeking not only to give, but to drive meaningful, measurable change. As the broader impactinvesting market surpasses $1 trillion globally, more investors are treating philanthropy with the same level of strategic At William Blair, we believe that impactful giving is most effective when it’s intentional, outcomes-driven, and alignedwith your long-term values. Venture philanthropy can help bring that philosophy to life. What Is Venture Philanthropy? Venture philanthropy refers to the discipline of investing in a philanthropic mission. Like traditional giving, it aims tocreate positive societal outcomes that benefit and empower specific communities, as well as charities at the forefront ofchange. Like venture capital, it provides resources with a focus on accountability, innovation, scale, and positive returns. Venture philanthropy bridges traditional giving and impact investing by combining mission-first intent with greaterpotential, accountability, engagement, and measurement. Venture philanthropists provide flexible funding and hands-on support to help organizations build capacity, test newapproaches, and ultimately bring scalable solutions to reach more people more quickly. The key components of this model include:•Financial capital:grants, recoverable grants (which provide funding for a nonprofit’s revenue-generating project), low- interest loans, equity investments, and blended-finance structures•Human capital:strategic support, operational guidance, leadership development Where traditional philanthropy often funds programs, venture philanthropy funds growth—investing early and investingin outcomes. Today’s philanthropists want to see their capital make a tangible impact, not just maintain the status quo; theyseek results, accountability, and visible progress. They are also willing to take risks and use their philanthropic capital to How Does Venture Philanthropy Work? Like any high-potential growth strategy, venturephilanthropy emphasizes rigor, transparency, and Performance MeasurementSuccess is not measured by the dollars distributed, but by the changes that result. Venture philanthropy •Key performance indicators (KPIs) tied tocommunity outcomes•Evidence-based evaluation methods Financial Instruments A flexible toolkit allows the donor to match capital strategy •Unrestricted or milestone-based grants•Equity positions in mission-driven companies•Concessionary loans (loans that are extended on terms The goal is to maximize social return on investment (SROI)to ensure that the greatest possible impact is achieved for If the investment yields financial gains, those proceeds aretypically reinvested back into the charity to launch and Importantly, risk is not passed on to the ultimatebeneficiaries or the client. The capital instead absorbs risk,as funders intentionally take on exposure that traditional Active Engagement Venture philanthropy is not a “donate and disengage” model. This is where venture philanthropy most clearly differentiatesitself. It supports nonprofit leaders and social entrepreneurs •Talent and capacity-building support•Community and stakeholder engagement Shared accountability and partnership typically leadto stronger execution and more precise alignment of Why Does Venture Philanthropy Matter Now? There is a growing recognition that many of society’s mosturgent problems suffer from significant, persistent capital A Natural Extension of William Blair’s Advisory ModelWilliam Blair’s Philanthropy and Sustainability team has long helped clients align their capital with their values,whether that’s through direct philanthropy, donor-advisedfunds, impact-aligned portfolios, or family governance •Social equity initiatives•Rare disease treatment developments Our wealth advisors and philanthropy experts partner These goals are essential, but they may not offer thepredictable revenue or scalable business models needed toattract traditional investment. Venture philanthropy helpsfill that gap by providing mission-first capital, designed for •Clarify each client’s purpose and vision for impact•Evaluate readiness, governance, and strategic alignment•Identify mission-aligned organizations that welcomepartnership and engagement Nonprofits and mission-driven enterprises are at theforefront of innovation in these fields. They understandthe communities, service delivery models, and barriers This multidisciplinary advisory model ensures clientsreceive guidance that reflects both financial stewardshipand philanthropic intention. While there is no one-size-fits- From the donor pers