Gordon and Betty Moore Foundation president, Harvey V. Fineberg, M.D., Ph.D., muses on how philanthropy serves as society’s venture capital in an interview with International Innovation.
In a world facing increasingly complex challenges, Dr. Fineberg explains that “philanthropy plays a unique role because it has the ability to leverage change for the better in ways that other sectors are simply not as well positioned to accomplish.” For example, in the business sector, shareholders drive decision-making, while in government, leaders are beholden to what may be popular or politically acceptable.
The philanthropy sector, he shares, can take a long-term view. The Moore Foundation specifically “invest[s] in projects that are uncertain in their return, but if successful could prove enormously valuable.” Fineberg uses basic science as an illustration: experiments do not always pan out or innovations seem impossible. “If you take a thoughtful, informed and measured risk, you can undertake the investment, do the experiment, and see whether the idea will pan out. And, by having a kind of experimental, open mindset, philanthropy, and the Moore Foundation specifically, can be prepared to take risks and not worry that the risk alone represents a source of failure. Instead, it represents a window towards ultimate success.”
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