What’s the next $100m idea for social good?
Attendees at the Asian Venture Philanthropy Network conference in Hong Kong this week can find out how to attract the big bucks to their innovative ways of addressing social challenges.
As Korberg will be doing at the AVPN conference, she runs workshops in different global locations to see what people come up with.
She says that attendees at the workshops differ but that’s good for the foundation: “The idea is to really hear from people who may not be connected to the foundation in other ways to really make sure that we are listening and getting the pulse of so many different communities whether that’s social entrepreneurs in India or street organisers in Thailand for example.”
This is part of what the RF calls ‘horizon scanning’: looking for the ideas that they might eventually invest in. Korberg says that typically the whole process will take seven years “from when you get that first kernel of an idea to when you exit a space.”
Foundations have risk capital and can often takes risks that other organisations cannot take
The Rockefeller Foundation does not typically install someone on the board to ensure the money is spent wisely and Korberg suggests that this is because the organisations are usually very capable. For example, it has worked with Starbucks on youth unemployment and agricultural companies on food waste.
The foundation has an in-house monitoring and evaluation (M&E) team to assess impact of investments and has also invested in other M&E organisations in Asia and Africa to make better use of knowledge on the ground: “There’s a model in the past of someone flying in with a suitcase to assess a programme and in reality that’s not the best way to measure impact.”
When asked to name a favourite investment Korberg cites the intervention the foundation was able to make during the Ebola outbreak a couple of years ago. “Our goal in that case was what we called a resilience dividend, not just surviving an emergency, not just building back up the structures that caused some of the vulnerabilities from the start but using that situation to imagine and create a more long term structure.”
For more information about the AVPN conference, click here.
Photo credit: 401(K) 2012