Next Generation Philanthropists are Driven by the Need to Create Social Impact, Finds a New Study

MUMBAI, February 27, 2018 /PRNewswire/ --

Belonging to multigenerational philanthropic families and influenced by their legacy, Next Generation Philanthropists (NGPs) will play a critical role in helping India achieve its Sustainable Development Goals by 2030   

How do Next Generation Philanthropists approach philanthropy?

• Hands-on
• Invest in solutions that create systemic change
• Employ innovative investment instruments
• Create structure and focus through their family foundations
• Impact driven and have an enthusiasm for scale

A new study - 'A Generation Ahead - Helping India's Next Generation Philanthropists Succeed' recognizes Next Generation Philanthropists (NGPs) as the future of philanthropy, and uncovers insights to help accelerate their giving journeys. These philanthropists are characterized by their lineage of multigenerational philanthropy and the culture of giving in their families. The study, funded by Hemendra Kothari Foundation, has been conducted by Dasra in collaboration with Synergos. It draws upon insights from interviews with 20 NGPs and sector experts and 30+ global research publications. It was launched during Dasra Philanthropy Week 2018 that brought together philanthropists, government officials, non-profit leaders, corporates, foundations and development sector experts.

'A Generation Ahead: Helping India's Next Generation Philanthropists Succeed' reveals the rapidly evolving landscape of philanthropy in India as many multigenerational philanthropic families are transitioning responsibility and decision-making power from one generation to the next. India is expected to witness one of the largest transfers of wealth, close to USD 128 billion, from one generation to the next in the coming decade as per India Wealth Report 2017 by Karvy Private Wealth. The majority of this wealth will be managed by family offices, and a portion will be diverted towards charitable and philanthropic activities through family trusts and foundations. Additionally, during the first half of this century, there is likely to be 8-10 times more wealth transferred to philanthropy than in the entire 20th century as per industry resources. 

Over the coming years, this cohort of NGPs is predicted to steer India towards achieving its committed targets for Sustainable Development Goals 2030 through various innovative approaches to philanthropy. "NGPs often want to be more hands-on, and look for opportunities to go beyond just writing cheques. They are also open to exploring a gamut of investment instruments, including grant making, impact investing and crowd-funding," says, Arnav Kapur, Bill & Melinda Gates Foundation.

Deval Sanghavi, co-Founder, Dasra, says, "Next Generation Philanthropists are playing a crucial role in transforming philanthropy by introducing innovative, impact-driven solutions to redefine their family legacies. Fortunately, this vigor is matched by India's many NGOs that have established credible track records, and strong relationships with communities. In addition to funds, these non-profits need managerial expertise and networks to achieve the Sustainable Development Goals that India as a nation has committed to. We at Dasra believe this to be an opportune moment for Next Generation Philanthropists and NGOs to forge powerful partnerships that can enable a billion to thrive with dignity and equity."

The study identifies challenges that NGPs face while exploring their own identities during this period of transition, especially when their interests differ from those of the family legacy. To help emerging NGPs convert these challenges into opportunity, the study also highlights best practices that have been implemented by successful NGPs to plan their giving journeys and create transformational change.  

Read the study here:  http://bit.ly/2EMuVci

About Hemendra Kothari Foundation 

Hemendra Kothari Foundation is a philanthropic establishment, works in Education, Health, Wildlife Conservation, Culture, Heritage & Sports. With its sister organization, the Wildlife Conservation Trust, HKF has contributed to uplifting underprivileged communities in over 130 tiger reserves, parks and sanctuaries across the country. Through education, skills development and health initiatives, HKF complements the massive assistance for protection of vulnerable forest tracts, in collaboration with forest departments 

About Synergos Institute 

Synergos has 30 years of experience promoting inclusive, collaborative, trust-based approaches to development around the world. Its Global Philanthropists Circle (GPC) helps leading philanthropic families and social investors better use these approaches in their own work in order to increase the impact of their giving. 

About Dasra 

Dasra meaning 'enlightened giving' in Sanskrit, is a pioneering strategic philanthropic organization that aims to transform India where a billion thrive with dignity and equity. Since its inception in 1999, Dasra has accelerated social change by driving collaborative action through powerful partnerships among a trust-based network of stakeholders (corporates, foundations, families, nonprofits, social businesses, government and media). Over the years, Dasra has deepened social impact in focused fields that include adolescents, urban sanitation and governance and has built social capital by leading a strategic philanthropy movement in the country. 

For more information, visit http://www.dasra.org  

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