April 22, 1999
Venture Capital and Philanthropy: a Bad Fit
An increasing number of foundations like to think of themselves as venture capitalists, investing in new organizations and helping them grow. The comparison is attractive, even romantic in a swashbuckling sort of way. But as I can attest after years in both philanthropy and venture capital, it is seriously misleading. More important, the fallacies of this metaphor illustrate the broader limitations of transplanting successful for-profit models into the very
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