The practice emerged in the 1990's in the US and was based on the premise that if social entrepreneurs could be supported with funding and given access to tools and business advice that would accelerate their ability to achieve their goals, great things could happen.
The establishment and maturing of pioneering organisations is driving real change. There are now 30 venture philanthropy funds in the US, UK and Australia.
Practises that characterise a venture philanthropy model are:
- Multi-year funding;
- Support to a select portfolio of non-profit ventures where depth of impact is received;
- Capacity building and strategic management advice via business mentoring; and
- Outcomes measurement and reporting the social return on investment.
Is this the way of the furure for Social Enterprise (SocE) development in South Africa?
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