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Raising Growth Capital

"I'm Not a Rockefeller": 33 High Net Worth Philanthropists Discuss Their Approach to Giving
Summarizes the results of interviews with 33 high net worth philanthropists to better understand how they make their decisions about giving. The results show a diverse practice, but one reliant on peers for information and a negative view of evaluation.

"Stepping Out of the Maze" Series: SROI Act II: A Call to Action for Next Generation SROI
SROI Act II: A Call to Action for Next Generation SROI Readily available, commonly accepted systems that enable nonprofits to compare their results to their costs do not currently exist. Despite advances in knowledge about what the social sector does and how it does it, we really do not know what it costs to accomplish social mission goals. Until we have systems that address this need, we won’t be able to credibly assess social investment returns. Social Return On Investment (SROI) is a concept that has been embraced by the field as one standard for determining social ROI in the nonprofit sector. In this paper, REDF proposes significant improvements to existing SROI approaches. This is the second article in REDF’s “Stepping Out of the Maze” series. The series grew out of our concern for the environment in which nonprofits carrying out critical social change must operate.

A Framework for Determining Advocacy Capacity
The California Endowment has funded this paper published by the TCC Group to provide frameworks and methodologies that meaningfully evaluate policy change efforts. As advocacy becomes increasingly widespread as a strategy in nonprofits, foundations are looking to fund more of this type of work; nonprofits are learning how to harness its power to achieve their mission; and both are trying to better understand how to evaluate success. The purpose of this paper, drawing on a variety of sources, is to look at the context for policy and advocacy work and the distinctive characteristics of such work, outlining a model for evaluating organizational capacity and describing how this is adapted for advocacy organizations.

A New Kind of Grant
The toughest thing about building or expanding a nonprofit enterprise is getting the funding. Here's a different way to find the money you need without ending up on the fund-raising treadmill: the Sustainable Enhancement Grant: A New Funding Tool for Building Organizations.

A New Tool for Scaling Impact: How Social Impact Bonds Can Mobilize Private Capital to Advance Social Good
The purpose of this publication is to provide an overview for a broad audience of both the promise and challenges of developing and implementing Social Impact Bonds in the United States. Despite the many complexities, multi-stakeholder interactions, and varying dimensions of risks, Social Impact Bonds represent a potentially valuable new tool for scaling social impact.

A Technical Guide to Developing a Social Impact Bond: Vulnerable Children and Young People
This guide aims to set out the steps that are required to assess the feasibility of a Social Impact Bond (SIB) idea. It starts with the identification of a social issue where a SIB might be applicable and examines each factor that must be considered if a SIB is to be effective. The guide is written to assist those developing SIBs to reach a stage where it would be possible to establish a contract between a public sector commissioner and investors. This guide is one in a series of technical guides. Each document focuses on how a SIB can be developed to address the root causes of a specific social issue.

Accounting Service Helps Charities Raise Growth Funds, for a Price
NFF Capital Partners has devised a strategy to make it easier for nonprofits to raise growth capital. They have developed an accounting system which tracks the growth funds separately and provide regular updates which helps donors determine if the charity is making progress.

Almost everything you ever wanted to know about Impact Investing
The best teachers are those who understand their subjects so thoroughly they can focus on the learners, not on the material. When it comes to the topics of impact investing and blended value, Antony Bugg-Levine and Jed Emerson can be called good teachers.

Assessing Impact Strategy: A Discussion Guide (requires login)
This discussion guide includes targeted questions to aid investors and investment advisors when assessing a fund manager’s approach to issues related to social and environmental impact and provides supplemental data available from GIIN's ImpactBase, a comprehensive online directory of global impact investment funds designed for impact investors as a tool for early search.

Billions of Drops in Millions of Buckets: Why Philanthropy Doesn't Advance Social Progress [requires purchase]
This book suggests that if donors were smarter about where, when, and how much money they gave, the organizations could devote more attention to making better use of greater amounts of money. Author Steven Goldberg explores three critical questions: Why does the social sector need more effective capital markets? What would robust nonprofit capital markets look like? How can such markets be created? Goldberg addresses how the nonprofit market should be structured to best allocate funds in support of high-performing organizations that deserve additional resources to achieve optimal scale.

Blended Value Investing: Capital Opportunities for Social and Environmental Impact
Blended value investments would generate significant demand from many types of investors who do not now take account of how they might create blended value in making capital investment decisions. Investments meeting the goal of real social returns together with financial returns that are not concessionary to the risk adjusted rate investors could otherwise attain would be fairly easy to trade and have investment terms that are understood by the average investor.

Breaking the Wall Between Funding Direct Services and Advocacy
This article from the National Committee for Responsive Philanthropy dispels the myth that funding direct services precludes funding advocacy and community organizing, which is an assumption held by many grantmakers. The piece features two foundations that fund important social services their communities need as well as policy and civic engagement efforts that seek to address the root causes of critical social issues. May their stories inspire other foundations to break the imagined silos.

Can Foundations Take the Long View Again?
Discussion of the value of foundations making larger, longer-term operating grants of unrestricted funds that can be used to support the organization and its overall mission, not just specific projects or programs.

Case Study: Preparing for a Pay for Success Opportunity
Third Sector Capital Partners, with support from the Rockefeller Foundation, has published a case study on its experience working with Roca, Inc. on their successful response to Massachusetts’ Social Innovation Financing project for juvenile justice. The case discusses the challenges, lessons learned, and process of launching the nation’s first state-level Pay for Success contract.

Changing Capital Markets and Their Implications for Community Development Finance
Summarizes research from the Community Development Innovation and Infrastructure Initiative (CDIII) an 18-month project on the future of community development and community development finance asking where does the community development field need to be in order to have impact in the new economic and financial world, and how does the industry move into this new position?

Collaborative Funding for Greater Impact: A Case Study of the Cincinnati Experience
A group of 15 grantmakers collaborated to deliver funding and technical assistance to nonprofits working to improve outcomes - from cradle to career - for young people in the region. This guide explains their story and offers takeaways that apply to any grantmaker that wants to join with others to amplify impact and support nonprofits in collaborative ways.

Collective Impact
This paper was published in the Stanford Social Innovation Review. Large-scale social change requires broad cross-sector coordination, yet the social sector remains focused on the isolated intervention of individual organizations. Substantially greater progress could be made in alleviating many of our most serious and complex social problems if nonprofits, governments, businesses, and the public were brought together around a common agenda to create collective impact.

Creating a Capital Curve for Social Enterprises
A key question many impact investors have is how best to arrange the financing mix of the social businesses they support in order to achieve greatest possible impact. Acumen Fund has worked with thousands of social enterprises to help them scale their businesses. This paper shares Acumen’s insight into how best to help social enterprises navigate the path towards scale and sustainability.

Creating Philanthropic Capital Markets [requires purchase]
Creating Philanthropic Capital Markets presents practical strategies for re-imagining philanthropy. It suggests that the resources of individual philanthropic players -- people and institutions -- can have a far greater impact, provide more satisfaction, and contribute to a better world if the system of philanthropy as a whole is redesigned. Through a coherent framework for pursuing improvement, the book suggests new ways for individuals and organizations to invest grant funds, approach regulatory structures that guide giving, and define their goals, activities, outcomes, and achievements.

Divining a Vision for Markets for Good
This article, which was published in Alliance Management magazine, argues that social entrepreneurship will continue to face challenges in promoting more intelligent, proactive and generous philanthropy via the Internet unless new strategies are invoked to remove impediments to progress. Buzz Schmidt revisits early initiatives that attempted to facilitate more generous and intelligent philanthropy from the past 15 years. He proposes an alternative vision for the philanthropy ecosystem and stresses the need for social entrepreneurs to pursue opportunities for coordinated or collective action across the ecosystem.

Encouraging Social Innovation Through Capital: Using Technology to Address Barriers
This paper builds upon the Innovation for the Public Good project’s first publication, “Steering Capital: Optimizing Financial Support for Innovation in Public Education,” which examined what it would take to foster a robust capital market for public education innovation. It examines the application of a specific lever—technology—to a particularly challenging aspect of that ecosystem: the flow of investment capital to fuel innovation. How can technology optimize the investment resources available from private, philanthropic, and public sectors so they more effectively identify and support innovations in ways that help achieve the public good of improving students’ outcomes and educational productivity?

Family Charities Shift Assests to Donor Funds
Philanthropists are choosing to unwind private foundations due to the high administrative work and expense. Instead, they are moving to donor-advised funds.

From Potential to Action: Bringing Social Impact Bonds to the U.S.
This report explains how Social Impact Bonds (SIB) are structured, assesses their potential in two specific program areas (homelessness and criminal justice), describes the various stakeholder groups involved, and presents the results of a pro forma analysis of a hypothetical SIB.

From Grantmaker to Federal Grantee: Risks and Rewards
This guide highlights three grantmakers that participated in the Social Innovation Fund's inaugural year. The report includes their experience of shifting from grantmaker to federal grantee (benefits and barriers), how they strengthened their own knowledge and what capacities they developed to make the partnership with the federal government work.

Funder-Intermediary Relationships: Promise & Pitfalls Survey Report
Findings of the Fieldstone Alliance online survey outlines critical success factors that lead to positive, mutually beneficial relationships between funders and intermediaries. Includes success factors which can be used by both funders and intermediaries as a guide when developing contracts or grants, and as a tool to manage the ongoing work of the partnership.

Good Growth, Bad Growth, And How to Tell the Difference
When nonprofit executives talk about growth, it’s usually in positive terms. However, when growth isn’t carefully planned and managed, bigger is not better and may turn out to be worse. This article, published by The Conservation Company, discusses how the nonprofit world is very different from what it was a decade ago. Funding sources have tightened, while the demand for services has expanded and intensified. In this new environment, growth has become a more compelling issue-and a far more complex one.

Guide to Effective Social Investing
This guide is intended to provide a means for bringing greater rationality to the ways in which nonprofits are selected to receive funds, and for clarifying how to think about the measurable social value that they - and those who invest in them - can and should be held accountable for creating.

How Can Grantmakers Aggregate Resources to Grow Impact?
In the midst of a mounting imperative to achieve better and more results, grantmakers of all kinds are shifting the way they think about scale, emphasizing not size or reach but impact. Growing impact doesn’t necessarily require organizational growth or the wholesale replication of programs — it may instead require expanding an idea, technology, advocacy or policy change. With impact as its central focus, the philanthropic sector is forging some promising new pathways for innovation, working beyond the traditional constraints of individual grants, initiatives or organizations to more intentionally grow what works.

How Can Grantmakers Support Readiness to Scale Impact?
In philanthropy, there are multiple definitions for and ways to think about “scale,” including the expansion, replication and adaptation of programs to new areas or populations or the deepening of programs within an already-served area. There is great virtue in helping successful nonprofit organizations and effective programs expand, but it is not the only way grantmakers can achieve impact — and it is often not the most effective way to do so. Recognizing this, grantmakers of all kinds are shifting the way they think about scale, emphasizing not size or reach but impact.

Impact Investing 2.0: The Way Forward – Insight from 12 Outstanding Funds
This report is designed to be a resource for the broad community interested in the future of impact investing, but especially for impact investing practitioners – those fund managers, investors, entrepreneurs, policymakers and advisors creating and managing new and existing funds and working hard to achieve successful social and financial performance. The report, created in partnership with CASE i3, InSight at Pacific Community Ventures and ImpactAssets, identifies twelve high-performing funds that have seen both financial and social returns on their investments. The funds represent a rich and diverse cross-section of impact investing and prove that concurrently delivering significant social impacts and financial returns that meet investor expectations is not only possible, but is being done at significant scale.

Impact Investing: Harnessing Capital Markets to Drive Development at Scale
Impact investing is emerging at a time when financial markets worldwide are in turmoil. While industry participants can do little in the short term to address the wealth destruction that is reducing available capital, they can work strategically to position the industry to absorb a greater share of investment capital when markets inevitably thaw.

In New Brand of Philanthropy, Nonprofits Invest in For-Profits
Increasingly, philanthropy is taking its cues from Wall Street and Silicon Valley. The shift stems from a new generation of philanthropists, like Bill and Melinda Gates, Pierre and Pam Omidyar and Steve and Jean Case, hoping to stretch their dollars. According to this article, the pool of philanthropic assets is too small to make a dent in seemingly intractable social problems and corporations and individual philanthropists alike are looking for ways to reuse existing financing and to attract new types of capital.

Insight Into the Impact Investment Market
This research report, which was released by J.P. Morgan and the Global Impact Investing Network (GIIN) finds that the majority of the 52 surveyed impact investors have tempered optimism about the impact investing industry: they believe it is "in its infancy and growing." It also finds that 1) investor use of third party systems for impact measurement has increased by 10 percent since 2010, 2) the lack of track record of successful investments is one of the industry's biggest challenge, 3) the biggest risks are investment illiquidity and uncertainty of financial returns and 4) increased government activity and infrastructure development are helping to address these challenges by increasing market information and promoting growth. The purpose of the report is to advance a broader understanding of impact investing as an appropriate and economically effective way to complement government aid and philanthropy in solving the world's greatest problems at scale.

Investing for Impact: Case Studies Across Asset Classes
Governments and charities do not have sufficient capital nor the complete skill set required to solve the world’s pressing challenges. At the same time, the recent economic crisis has shaken established orthodoxies about the risk and return profiles of traditional investments. The Impact Investment sector is emerging as a partial answer to the twin challenges that these two realities present: Impact Investment unlocks substantial capital to build a more sustainable and equitable global economy while allowing for diversification across geographies and asset classes.

Investing For Social And Environmental Impact: A Design For Catalyzing An Emerging Industry
A growing group of investors around the world is seeking to make investments that generate social and environmental value as well as financial return. This emerging industry of impact investing has the potential to become a potent force for addressing global challenges. This report examines impact investing and how leaders could accelerate the industry's evolution and increase its ultimate impact in the world. It explores how impact investing has emerged and how it might evolve, including profiles of a wide range of impact investors. The report also provides a blueprint of initiatives to catalyze the industry. In addition to the full report and executive summary, a brief, two-page snapshot that highlights a number of the key concepts from the report is also available.

Investor Spotlight: UBS
Mario Marconi, Head, Philanthropy and Values-Based Investing at UBS, Shares his Perspective with the GIIN Community.

Is Grantmaking Getting Smarter?
The Grantmakers for Effective Organizations (GEO) describes a study on how funders are seeking additional ways to stay plugged in, including seeking feedback from grantees to help strengthen their performance. Funders are increasingly participating in dialogue with their peers through communities like the GEO network. In particular, grantmakers with an ear to the ground tended to use their investments to help build strong, adaptable nonprofit organizations. It is these resilient nonprofits that stand the greatest chance of making a difference at times when their communities are in the greatest need.

Making Growth Work: Planning and Management Guidelines for Nonprofit Organizations
This briefing paper published by The Conservation Company draws on its experience examining the benefits, dimensions, and challenges of organizational growth, and discusses techniques for managing growth in a way that maximizes a nonprofit’s impact.

Money Matters: the Structure, Operations and Challenges of Nonprofit Funding
Analysis of various sources of data pertaining to the financial status of nonprofit organizations in the US and activities of institutions and individuals who provide funds to those organizations addressing the role that scale plays in determining nonprofits’ access to and use of funds.

Money to Grow On
Discusses the need for donors to provide funding for growth capital to help the best nonprofits grow to reach their full potential. It then provides some guidelines for donors to assist them in performing their due diligence.

More Than Money: Making a Difference with Assistance Beyond the Grant
This paper published by The Center for Effective Philanthropy analyzes the provision of assistance accompanied with grants by foundation staff and consultants, which is often categorized as “capacity building,” “technical assistance,” and “organizational effectiveness.”. The paper examines the perspectives of grantees receiving this type of assistance and what its potential impacts may be.

Moving Ideas and Money: Issues and Opportunities in Funder Funding Collaboration
This paper presents a first level of analysis of funding collaboration, reports general findings from a diverse sample of experienced collaborators, and frames tensions funders face when choosing a collaborative approach. The final section suggests both cautions about funder collaboration, as well as opportunities that funder collaboration offers philanthropy.

New Frontiers in Mission-Related Investing
Explores whether a private foundation can prudently make investments from its endowment that support its mission without jeopardizing the value of that endowment and, consequently, its ability to support that mission in the future?

Online Philanthropy Markets - from "Feel-Good" Giving to Effective Social Investing?
Keystone, a British citizens’ organization, presents their in-depth study on the emergence and benefits of online philanthropy. After almost a decade of online philanthropy, it has become clearer what the key drivers of its present success and how it can be even more effective in the future.

Out of Philanthropy's Funding Maze. Roadmap #1: Strategic Co-Funding
Discusses the need for a more strategic and collaborative effort- defined here as strategic co-funding -- in funding nonprofits. The article provides the key characteristics of strategic co-funding, which are taken from lessons learned from the for-profit world. This is the first in a series of three articles which explores ways that private sector financing practices, especially those in private equity and venture capital, can be adapted to improve practices in nonprofit funding.

Pathways to Grow Impact: Philanthropy's Role in the Journey
This publication is the result of a collaborative project with Ashoka, Social Impact Exchange, Taproot Foundation and TCC Group that sought to answer the question: How can grantmakers best support high-performing nonprofits in their efforts to grow their impact? It offers a framework for understanding different approaches to scaling impact, stories from nonprofit leaders who have successfully grown their organizations' impact, and practical recommendations for grantmakers seeking more effective ways to achieve better results.

Patient Capital: The Next Step Forward?
This speech discusses why nonprofit capital funding often backfires, and how we can adapt traditional capital campaigns to fix the problem.

Perspectives on Progress: The Impact Investor Survey
Perspectives on Progress, the latest report by J.P. Morgan and the GIIN, reveals the experiences, expectations, and perceptions of 99 impact investors in 2012, as well as their plans for 2013. The report indicates a growing market, with the vast majority of respondents feeling that progress was made last year across six key indicators of market growth.

Philanthrocapitalism: How the Rich Can Save the World
An examination of how today’s leading philanthropists are revolutionizing the field, using new methods to have a vastly greater impact on the world. For philanthropists of the past, charity was often a matter of simply giving money away. For the philanthrocapitalists – the new generation of billionaires who are reshaping the way they give – it’s like business. Largely trained in the corporate world, these “social investors” are using big-business-style strategies and expecting results and accountability to match. Matthew Bishop and Michael Green examine this new movement and its implications. Proceeding from interviews with some of the most powerful people on the planet—including Gates, Bill Clinton, George Soros, Angelina Jolie, and Bono, among others—they show how a web of wealthy, motivated donors has set out to change the world.

Real Results: Why Strategic Philanthropy is Social Justice Philanthropy
This report from the National Committee for Responsive Philanthropy’s suggests that prioritizing and including underserved communities and support of community organizing are important components of successful philanthropic strategy regardless of issue focus. The last several years have seen a shift in philanthropy: an emphasis on maximizing impact has grantmakers aiming to be more organized, focused and, perhaps above all, “strategic” in their efforts. While this admirable shift has made philanthropy more effective, our society and the nonprofit sector continue to confront significant disparities.

Seen But Not Heard: Strengthening Nonprofit Advocacy [requires purchase]
Seen but not Heard is a comprehensive analysis of the results of the Strengthening Nonprofit Advocacy Project, a joint research effort of OMB Watch, Tufts University, and the Center for Lobbying in the Public Interest. The book should be of interest to anyone concerned with nonprofits, as well as anyone who makes policy and tries to influence it. It is written from the perspective of one who believes it is right, proper, and beneficial for nonprofits to engage in the formation of public policy.

Serve America Act, 2009, 111th Congress
The Edward M. Kennedy Serve America Act (H.R. 1388) received final passage on March 31, 2009. The act creates new service and volunteer opportunities for Americans that will help to build a stronger country. It will launch a new era of service that will give Americans of all ages the opportunity to help make progress on education, health care, energy and other key goals by volunteering.

Social Impact Bonds Hit the U.S.: Using Private Capital To Do Public Good
Instead of asking the government to invest its slim budget in innovative programs, what if you could invest in them and get paid back if they save money? That’s the premise of these popular new financial instruments for good.

Social Impact Bonds: A Conversation with Simon Jawitz
Social Impact Bonds may be the latest and newest instrument for drawing private investment into entrepreneurial social programs. But with only one major example of Social Impact Bond financing, from the United Kingdom, and efforts to gin up Social Impact Bond initiatives in Boston and the Twin Cities having only just begun, there are as yet too few results to trumpet. NPQ contributing editor Jon Pratt sat down with Simon Jawitz, board member of and senior advisor to Growth Philanthropy Network, to discuss the concept’s prospects.

Social Impact Bonds: A Promising New Financing Model to Accelerate Social Innovation and Improve Government Performance
This report examines the social impact bond, including why existing government approaches create barriers to social innovation, describing the social impact bond model and the U.K. Peterborough Prison test, discussing the key challenges in selecting promising applications, and discussing the work to be done to establish the first U.S.-based tests of the model.

Social Movements and Philanthropy: How Foundations Can Support Movement Building
This report published by The Foundation Review identifies five core elements to movement building: organizing an authentic base; leadership; vision and ideas; alliances; and advocacy infrastructure. Because a funder's role should focus on supporting movement building, it should, likewise, focus on outcomes and benchmarks related to progress associated with developing the five core components of movement building.

Technology-Related Grantmaking: Amplifying Social Impact in a Connected Age
This research project was motivated by ZeroDivide’s longstanding commitment to strengthening the quality and quantity of philanthropic investment in nonprofits’ use of technology for social impact — with an emphasis on nonprofits representing historically underserved communities. This report outlines funders’ interests in technology-related grantmaking for social benefit, identifies the key barriers to increased philanthropic investment, and explores suggestions that could help the sector in surmounting these barriers.

Ten Nonprofit Funding Models
Unlike the profit sector, the nonprofit sector has not been strong in defining their funding strategies. This article outlines 10 funding models of some of the largest nonprofits in the U.S. These models can serve as guides to help nonprofits leaders more clearly define their own funding models to better support the growth of their organizations.

The Capital Curve for a Better World
This article from Innovations, an MIT Press Journal, outlines a movement called "philanthrocapitalism" in which refers to the middle of a fundamental rethinking of the process of social innovation, with the goal of making it far more efficient and effective than ever. The “capital curve” refers to the move from start-up finance to venture capital. Although the finance sector does a good job of matching the right kind of capital to the best prospects for profitability, the social sector needs an explosion of innovation and new thinking to follow suit, including developing its own well-functioning capital curve.

The Emerging Capital Market for Nonprofits [requires registration]
This Harvard Business Review article states that the new generation of charitable foundations and intermediaries is changing the game by measuring the social impact of donations and offering ways to funnel dollars to the most-effective nonprofits. It sketches out how the nascent capital marketplace for nonprofits is developing. The article starts by looking at the current deficits in the sector’s infrastructure.

The Equity Capital Gap
For-profit businesses can efficiently and quickly raise large amounts of money to fund growth and innovation by tapping equity capital-money that people invest in a company in return for ownership and a share of profits. The nonprofit world has no corollary, making it difficult, costly, and time-consuming to raise money. In this article the author explores ways that nonprofits and funders can create their own version of equity capital, and, just as important, develop an equity approach to doing business.

The Growth Capital Market in the U.S. (subscription required)
Uses a College Summit organizational case study to illustrate that insufficient capital exists for growing social innovations to scale in the U.S.

The Impact Investor: People and Practices Delivering Exceptional Financial and Social Returns
This report published by Pacific Community Ventures focuses on recent growth and development of impact investing, its current challenges, and potential advancements. Impact investing is at an inflection point, building off the rich histories of community finance in the United States and other countries, microfinance, international development, and the integration of environmental, social and governance factors in institutional portfolios more broadly. For over 30 years, these practices have been laying the foundation for an expanded continuum of investor options for thematic and asset allocations into privately-owned investments structured for financial returns and social and environmental impacts.

The Nonprofit Sector In Brief: Facts and Figures from the Nonprofit Almanac
This brief highlights trends from the seventh edition of the Nonprofit Almanac, which is the latest in the Urban Institute’s series of statistical profiles of the nonprofit sector and focuses primarily on 501 (c)(3) public charities. It also highlights key findings on private charitable contributions and volunteering.

The US Nonprofit Capital Market: An Introductory Overview of Developmental Stages, Investors and funding Instruments
This article presents a basic framework for understanding the work of funders and practitioners, and the resources that connect the efforts of both. It uses as its basic frame of reference the for-profit capital market, drawing parallels and lessons from that comparison. It is an effort to help inform the thinking of those concerned with understanding the strategic use of philanthropic capital in the pursuit of charitable goals.

Tomorrow's Philanthropist
A study discussing the future of philanthropy in the US, UK, and around the world.

Tools to Support Public Policy Grantmaking
This article published by Grantmakers in the Arts asserts that achieving large-scale and lasting results for individuals or communities — a goal linked to many foundation missions — typically cannot be accomplished with private resources alone. Larger and more sustainable funding sources are needed to scale up those interventions and broaden their impacts. Public policy grantmaking has been described as “one of the most powerful tools available to foundations for creating real change."

Venture Philanthropy 2002: Advancing Nonprofit Performance Through High-Engagement Grantmaking
Advances the practice of high-engagement grantmaking in all its many forms. In a series of essays and profiles sharing knowledge with the broader philanthropic community through the voices of those who are leading the way to help nonprofit leaders understand how they can approach and succeed in high-engagement partnerships.

Virtuous Capital: What Foundations Can Learn from Venture Capitalists [requires purchase]
This article published by Harvard Business Review address new ways U.S. foundations and nonprofits, that work diligently on behalf of society's most needy, can learn to be more effective with their limited resources. Venture capital firms offer a helpful benchmark for foundations and nonprofits on how to invest not only in program innovation but also in organizational needs. Foundations and nonprofits are encouraged to develop hands-on partnering skills to more effectively achieve their respective missions.

Widening the Pool: Open and Inclusive Grant Competitions
This guide explores how grantmakers designed and managed open grantmaking processes as a condition for receiving SIF grants. Topics include broadening the applicant pool, open communication, consistent technical assistance to applicants, and application review. Lessons are applicable to grantmakers interested in making their processes open and transparent.