A primary concern of philanthropists, world over, is the effective utilization of funds for impact. This concern is heightened in India – not only due to the unethical nature of some organisations, but also the unorganized nature of the NGO industry.
Amit Patni is one among a growing league of philanthropists who have adopted a ‘venture philanthropy’ approach. He is harnessing his skills as a global investor, to inject them into partner NGOs and enhance the effectiveness and impact of his giving.
“I have learnt so much in my journey as an investor, and I see so much potential in the Founders and NGOs I support. I want to harness that knowledge to help those innovative, leadership NGOs, fly.” Amit said.
So what exactly is Venture Philanthropy? According to experts, Venture philanthropy takes concepts and techniques from venture capital finance and high technology business management to apply them to achieving philanthropic goals through innovative grant-making.
Whilst venture philanthropists inject money and donations into NGOs, a venture philanthropy approach also provides value-added services such as strategic planning, marketing and communications, executive coaching, human resource advice and access to networks and potential funders.
Social Venture Philanthropists provide whatever it takes to help an NGO actualize and reach its full potential. Such innovations have enabled many NGO’s to broaden their impact and bring about impressive outcomes that benefit the sector as a whole.
Being a Venture Philanthropist, one has a close hand on the relationship with the NGO they support – working together hand in hand to drive innovative and scalable models of social change. Venture Philanthropist also work on capacity building and long term viability of the organizations in their portfolios rather than funding individual projects and programs
In this case,Amit Patni, through Raay Foundation, is backing innovative and ambitious charitable organisations, that have a potential to scale up and help many more people.
When Raay was introduced to Muskan Foundation, it planned to fund an early intervention center at Wadia Hospital. Looking at the need for such services for children with multiple disabilities, and the unique nature of Muskan’s services, Amit has invested his skills and resources in the growth and scalability Muskan and its founder, Dipti Gandhi, by capacity building, recruitment of key staff, scalability planning, mentoring and funding.
In India, the Venture Philanthropy sector is fragmented and there is a need to enhance the reputation, scale and effective of NGOs. Raay Foundation is taking a best practice approach to being a leader in this sector here in India.