风险慈善：创新捐赠的新时代

Venture Philanthropy:A New Era of Innovative Giving 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. Whilecharitable giving remains a vital source of supportfor communities and nonprofits, donors areincreasingly asking, “Is there a way for my capitalto do more?” 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 strategicfocus and performance expectations that guide their financial portfolios.¹Venture philanthropy has emerged as anatural evolution of that mindset: an approach where purpose meets performance. 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.Often, venture philanthropy presents a vital middle ground between the two worlds: VENTURE PHILANTHROPY 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•Intellectual capital:data, networks, industry expertise, and access to partners 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 tofuel innovation, empowering nonprofits to invest in and scale solutions. How Does Venture Philanthropy Work? Like any high-potential growth strategy, venturephilanthropy emphasizes rigor, transparency, andcontinuous improvement. Performance Measurement Success is not measured by the dollars distributed,but by the changes that result. Venture philanthropyorganizations typically employ and derive: •Key performance indicators (KPIs) tied tocommunity outcomes•Evidence-based evaluation methods•Iterative learning frameworks and feedback loops•Knowledge and industry leadership•Access to capital Financial Instruments A flexible toolkit allows the donor to match capital strategywith mission goals: •Unrestricted or milestone-based grants•Equity positions in mission-driven companies•Concessionary loans (loans that are extended on termsmore favorable than market loans) and credit facilities•Royalty or revenue-sharing mechanisms The goal is to maximize social return on investment (SROI)to ensure that the greatest possible impact is achieved forevery dollar deployed. If the investment yields financial gains, those proceeds aretypically reinvested back into the charity to launch andsupport new initiatives, extending the life and reach of thephilanthropic capital. Importantly, risk is not passed on to the ultimatebeneficiaries or the client. The capital instead absorbs risk,as funders intentionally take on exposure that traditionalinvestors avoid, so innovation can occur without jeopardizingthe organizations they support. Active Engagement Venture philanthropy is not a “donate and disengage” model.Funders often participate directly in: This is where venture philanthropy most clearly differentiatesitself. It supports nonprofit leaders and social entrepreneursin failing fast, learning quickly, and scaling wisely. •Talent and capacity-building support•Community and stakeholder engagement•Impact communications and market access•Board and governance roles Shared accountability and partnership typically leadto stronger execution and more precise alignment ofmission outcomes. Why Does Venture Philanthropy Mat