New Frontiers of Philanthropy:
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1 New Frontiers of Philanthropy: THE REVOLUTION IN SOCIAL PURPOSE FINANCE Dr. Lester M. Salamon Johns Hopkins University
2 PHILANTHROPY S BIG BANG SOURCE: Lester M Salamon, Ed., The New Frontiers of Philanthropy, (New York: Oxford University Press, forthcoming), 2014).
3 THE REVOLUTION IN SOCIAL PURPOSE FINANCE Beyond grants Beyond bequests Beyond foundations Beyond cash LEVERAGE
4 NEW FRONTIERS OF PHILANTHROPY PARADIGM PHILANTHROPY = The mobilization of private resources for social and environmental purposes TRADITIONAL PHILANTHROPY Foundations, Individuals Operating income Grants Nonprofits Social return Limited leverage Output Focus NEW FRONTIERS OF PHILANTHROPY Multiple Investment funds Investment capital Diverse financial instruments/capital tranches Social ventures Social + financial return Expanded leverage Outcome focus/ metrics
5 NEW FRONTIERS OF PHILANTHROPY ECOSYSTEM NEW SOURCES OF FUNDS NEW ACTORS NEW TOOLS NEW AGENTS BENEFICIARIES
6 WHY? DEMAND FACTORS: The New Inferno Tapped-out Government and Charity Rise of Social Entrepreneurs SUPPLY FACTORS: Early Responders New Concepts: Fortune at the Bottom of the Pyramid New Players/ New Mindsets: Philanthrocapitalists Financial crisis and tepid capital markets Infrastructure Technology
7 IS YOUR FOUNDATION READY FOR THE NEW FRONTIERS OF PHILANTHROPY? the definitive chronicle of the innovations that are infusing new life into the well-intentioned but often-staid world of philanthropy. ~ Mario Marino, Venture Philanthropy Partners a roadmap to the significant revolution underway in the worlds of philanthropy and social investment. Available now at bit.ly/nfpsalamon or oup.com.
8 IS YOUR FOUNDATION READY FOR THE NEW FRONTIERS OF PHILANTHROPY? An accessible overview of the new actors and tools reshaping philanthropy and social investment with recommendations for overcoming the challenges they still face. ~ Rip Rapson, Kresge Foundation Available now at bit/ly/lfgsalamon or oup.com.
9 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Philanthropic Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives TYPES OF TOOLS Loans / Credit Enhancements Bonds Securitization Equity Investments Micro Insurance Social Impact Bonds Social Investing & Purchasing Prizes, Crowd-sourcing
10 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Philanthropic Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives
11 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Philanthropic Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives
12 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Philanthropic Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives
13 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Phil. Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives
14 FOUNDATIONS AS PHILANTHROPIC BANKS Break down Chinese Wall between investment / program Tap asset base for mission Beyond grants alternative tools Beyond PRIs
15 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Phil. Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives
16 PHILANTHROPICATION THRU PRIVATIZATION (PtP) COUNTRY FOUNDATIONS NUMBER % Austria % Belgium 1 0.2% Brazil 3 0.6% Canada 1 0.2% Czech Republic % Germany % Hungary 1 0.2% Italy % Netherlands 1 0.2% New Zealand % Norway 4 0.7% Poland 4 0.7% Slovakia 2 0.4% Sweden % United Kingdom 9 1.7% United States % Other* 5 0.9% Total cases: 539 Total assets: US$135bn / 102bn *Assets not available for some foundations **Includes Bolivia, Chile, Morocco, Peru, and Uruguay Source: Lester M Salamon and Associates, Philanthropication Thru Privatization: Building Assets for Social Progress, March Available at: bit.ly/ptpsalamon.
17 5 TYPES OF PtP ACTIONS ASSET CAN TAKE ANY OF 5 FORMS I. State-owned enterprise II. Other state-owned asset III. Flow of proceeds owed to state IV. Debt swap V. Quasi-govt l organization (e.g. nonprofit)
18 ACTORS/TOOLS TYPES OF ACTORS Capital Aggregators Enterprise Brokers Secondary Markets Capacity Builders Online Portals Social Stock Exchanges Corp-Originated Charitable Foundations as Philanthropic Banks Conversion Foundations Quasi-Public Investment Funding Collaboratives TYPES OF TOOLS Loans / Credit Enhancements Bonds Securitization Equity Investments Micro Insurance Social Impact Bonds Social Investing & Purchasing Prizes, Crowd-sourcing
19 ACTORS/TOOLS TYPES OF TOOLS Loans / Credit Enhancements Bonds Securitization Equity Investments Micro Insurance Social Impact Bonds Social Investing & Purchasing Prizes, Crowd-sourcing
20 ACTORS/TOOLS TYPES OF TOOLS Loans / Credit Enhancements Bonds Securitization Equity Investments Micro Insurance Social Impact Bonds Social Investing & Purchasing Prizes, Crowd-sourcing
21 REMAINING OBSTACLES No good deed goes unpunished The social-impact measurement conundrum Still a boutique business The pesky issue of deal flow Getting beyond comforting assumptions
22 NEXT STEPS VISUALIZE PUBLICIZE INCENTIVIZE CAPACITIZE ACTUALIZE
23 IMPLICATIONS FOR FOUNDATIONS & GOVERNMENTS NEW PARTNERS NEW FINANCIAL MECHANISMS NEW SKILL REQUIREMENTS NEW AUTHORITIES?
24 ARE YOU READY FOR THE NEW FRONTIERS OF PHILANTHROPY? Now available at: amazon.com oup.com
25 THE NEW FRONTIERS OF PHILANTHROPY - FURTHER INFORMATION LESTER M. SALAMON lsalamon@jhu.edu Website: ccss.jhu.edu
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January 12 th,
www.financeisrael.mof.gov.il Table of Contents 1 Main Indicators 2 Real Economy 3 Foreign Trade and Balance of Payments 4 Labor Market 5 Fiscal Stance 6 Price Stability and Monetary Policy 7 Innovative
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