We are excited to bring you the third installment of the Social Innovations Journal’s new series on financing social impact -- “The Social Innovation Finance Series.” Across the globe there has been a rapid rise in the number of social sector innovators and entrepreneurs who want to find out-of-the-box ways to solve or “move the needle” on society’s problems, and they are increasingly deploying the methods of business and private capital to do so. Today’s social entrepreneurs are now tapping markets for finance, in addition to seeking grants from donors and philanthropists looking to support innovative ideas and businesses that offer an opportunity to deliver sustainable social impact. The power of finance supporting social innovation has the potential to spark a social sector revolution by harnessing the energy of social innovations, enterprises, and partnerships that drive innovation, entrepreneurship, and capital to bring the dream of social innovation and impact to life.
Our special series will continue to reveal breakthrough initiatives within Social Mobility, Health, and Human Services while exploring new funding opportunities through philanthropy, impact investing, policy as investment, raising capital, and new financial instruments. We will continue to bring you the freshest social innovation fiscal models that include: Funding Systems Change; Health Care Bonds; Philanthropic Roundtable; Raising Capital; Regional Focus; Philanthropic Equity; Program Related Investments; and Social Impact Bonds.
Abraham Lincoln’s words, “The best way to predict the future is to create it,” inspire the collective energy of our third edition. We embark on the new frontier of untapped finance in philanthropy by exploring what the future holds. What will philanthropy look like in 2030? What issues will it have addressed during the previous decade? What new philanthropic strategies discussed today will become commonplace 10 years from now?
The answers to these questions remain elusive but following the work of today’s leaders, Changemakers, and field builders will provide us with a glimpse of the bright future ahead. Avery Tucker Fontaine, Head of Strategic Philanthropy at BNY Mellon Wealth Management, shares her insights of what the future of Philanthropy and Impact Investing hold in an article she penned and during an interview in this special edition – “The Social Innovation Finance Series Part III.” In this one-on-one interview with Social Innovations Partners President Mike Clark, Avery outlines a series of practical strategies across philanthropy and investing that can be adopted by individuals, foundations, and donor advised funds to unlock capital to impact the issues that matter most today and tomorrow.
Admittedly, innovative social entrepreneurs still have a difficult time securing funding sources to seed and scale their work. In this edition, we explore the potential for an additional two percent of assets through charitable foundations and donor advised funds. This would establish nearly $20 billion in additional support to fund cutting edge solutions to tackle society’s greatest challenges.
Yet, unlocking even a fraction of these funds will take a new level of commitment, behavior change, and forward-thinking. Luckily, leaders like Avery Fontaine Tucker -- are stepping up to serve as practical guides on this exciting journey into the future of philanthropy funding social innovation.
We hope that this edition helps you to see the bright future social innovation finance holds, and the pathway forward we are hoping to carve out with “The Social Innovation Finance Series." Together, we can better respond to some of the largest issues facing our communities through smart, sustainable solutions that can change the trajectory of our lives and world, for generations to come.
Yours in innovation,
Nicholas Torres and Tine Hansen-Turton, Co-founders
Mike Clark, President and Alescia M. Dingle, Managing Editor
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