Picking up the Pace of Innovation in Philanthropy

Children of the nineties may remember the rush of rousing in the early hours of a Saturday morning and turning on the TV just in time to catch their favorite Saturday morning cartoon. Before the advent of Netflix and other streaming services, children were beholden to the schedule set by TV executives and advertisers. The luxury of pausing their favorite show was unheard of, and mad dashes to the bathroom during commercial breaks were practically an Olympic sport. 

But kids of the twenty-first century view things differently. In a world made up of twenty-second TikTok videos, endless feeds, and two-day delivery services, instant gratification is often regarded as more of a necessity than a privilege.

It’s no wonder, then, that philanthropists and grantees have grown to expect near instant returns on investments. When attention is so easily turned from person to person, trend to trend, they may feel it’s either now or never when it comes to capitalizing on the ripe fruit of their labor.

But innovation has its own needs, and while there may be a push towards working faster, the cost of doing business can often curtail those ambitions. Indeed, it may not be innovators who are working too slowly; it may be that the philanthropists who support them are the ones in need of a little forward momentum. 

Money Makes Movement

It may seem counterintuitive at first to address innovation from the standpoint of funding, but funding is, on so many levels, what powers innovation. The artists of old–Rembrandt, Raphael–were able to hone their talents given the influence and wealth of their patrons. Without these benefactors, many renowned artists and writers would have simply been unable to practice their craft.

This system applies in the modern era as well. Philanthropists enable innovators to pay employees, to power laptops, to canvas neighborhoods, to build websites, and to pitch ideas to receptive audiences. Without grantees, investors, and others, many think tanks and startups would be unable to perform the invaluable work they’re currently doing. 

The Hare, Not the Tortoise

What separates the art patrons of old from the grantees of today is that the former were in it for the long haul. Patrons such as Paul Durand-Ruel and Katherine Sophie Dreier offered support that helped launch whole movements (Impressionism) and storied careers (Marcel Duchamp) over the course of decades. 

Modern grantees can emulate this approach to philanthropy by providing long-term investments. While the generosity of one-off donations should in no way be disregarded, the impact of long-term, consistent donations cannot be overlooked. The peace of mind that comes with knowing which funds are available when is crucial to the livelihood of nonprofits, startups, and similar pursuits. Consistency breeds clarity, and knowing that the overhead is handled can only aid in giving space to the innovation that drew in the investor in the first place. 

And modern investors have something past art patrons do not–the power of the internet and its global reach. Through technology, investors are better able to connect not only with the innovators they fund but with like-minded colleagues and acquaintances who might also be interested in taking up their causes. The digital age and its transformation of global networking cannot be overlooked as a powerful tool in the world of philanthropy. Connecting goods, services, and ideas has never been more attainable than it is right now, and the savvy philanthropist is the perfect person to utilize this connectivity. 

In This Together 

The desire for a quick return on investment is understandable, especially when it comes to passion projects. Most investors and grantees give because they believe in the product, thought, or service in which they are investing and are eager for the rest of the world to see the beauty in what they see. 

But this enthusiasm should not outshine practicality. Innovators, no matter how creative, cannot thrive in inconsistent environments. Having secure funds and access to resources will enable them to design new and thoughtful solutions at a pace that may exceed their investors’ wildest dreams. But this can only happen if investors and grantees take the first step. They must support these creators to see the benefits of their creations.