Daniel BermanTo the Next Generation of Philanthropists
Two decades ago, when starting our journey in
philanthropy, we were fortunate to have a very wise
advisor: Warren Bu ett.
Warren had been donating his money since the 1960s,
and he helped us think critically about how to donate
ours. We wanted to improve education in the United
States and fight poverty and disease around the world,
and Warren pushed us to be ambitious. In 2006, Warren
donated the bulk of his fortune to our foundation, and he
gave us a mandate. “Swing for the fences,” he said.
Neither of us were enormous baseball fans, but we
understood what he meant. When you swing for the
fences, you’re putting every ounce of strength into hitting
the ball as far as possible. You know that your bat might
miss the ball entirely—but that if you succeed in making
contact, you’re going to hit a home run.
Today, that’s how we think about our philanthropy,
too. The goal isn’t just incremental progress. It’s
to put the full force of our e orts and resources
behind the big bets that, if successful, will save and
improve lives.
This year, the fence we’re swinging for—and indeed,
the entire world is swinging for—is a very obvious and
very high fence. The world must end the Covid-19
pandemic and soften its ripple e ects, including the
adjacent economic crisis that has plunged 37 million
people back into poverty. To address the challenge,
countries must devote all the money and expertise they
possibly can—and even then, it may not be enough.
This is a moment when new philanthropists can step in
and help fill the gaps.
For those who are just starting out in philanthropy,
we’ve written some general advice below. There aren’t any
baseball metaphors, but we hope there is something in
here that is useful to you—just as Warren’s wisdom has
been to us.
Swing for the fences,
Bill & Melinda Gates
Don’t expect to change the world overnight. Covid-19
isn’t just exploiting the pre-existing conditions in people’s
bodies; it’s exploiting the pre-existing conditions in our
societies, including racism, sexism, and poverty. We know that
the virus is disproportionately killing Black Americans and
that women are losing their jobs fastest in the recession.
These inequalities are the result of centuries of discrimination,
and there’s no one grant that can erase that history. For
philanthropists trying to solve society’s most entrenched
problems, please know two things: It will take years of
sustained generosity, but we think your work will be worth it.
“If you’re a philanthropist who always succeeds,
you’re a philanthropist who is failing.” This is more good
advice from Warren. His point was: It’s philanthropy’s job to
do what other institutions, like businesses and governments,
usually can’t: take risks. By definition, that means
philanthropy’s success rate can be lower than other sectors.
But those failures pave the way to breakthroughs.
Philanthropy can be a team sport. This is the closest we
come to a baseball metaphor. Historically, philanthropists have
put a limit on their impact by working alone. But that’s
starting to change. Groups like the Audacious Project,
Co-Impact, Blue Meridian Partners, Lever for Change, and the
Climate Leadership Initiative are making it easy for donors to
pool their money and share their expertise. They can absorb
large grants—from $10 million to $100 million or more—and
fund really smart solutions to big social problems like poverty,
education, and climate change.
Star t now. It’s important to do your research before
you start to give, but it’s also important to learn by giving.
Modern philanthropy is a relatively new field. There’s no
textbook. The sooner you become a philanthropist, the sooner
you’ll become a good one.
6 | PENTA | December 2020