Breakthrough

Medical research is flooded with government and corporate funding. When federal grants and biopharmaceutical research and development support 98 percent of American medical research, how can private donors find a distinctive niche? In our cover story, Adam Keiper offers six high-impact strategies that donors in this space are pursuing. Donors are investigating unconventional hypotheses, fostering collaboration among researchers, and accelerating the move from lab to market. They are funding researchers early in their careers, raising awareness among the general public, and focusing on rare and neglected diseases. By carefully targeting their funding, private philanthropy has the ability to punch well above its weight—and achieve catalytic breakthroughs. 

Champion of Choice

Patrick Byrne, a self-described “rapacious capitalist,” is the chairman and CEO of Overstock.com, where he has boosted annual revenues from $1.8 million a decade ago to nearly $900 million today. In 2001, Mr. Byrne created Worldstock, a store within Overstock that sells handcrafted products from artisans in the developing world, generating more than $40 million to date for more than 10,000 participating craftsmen. Since 2005, he has built 22 private schools throughout Africa, India, Asia, and Latin America, all of which are structured around a profit-making enterprise to sustain their ongoing operations. Closer to home, Mr. Byrne works to reform American education through his service as chairman of the Friedman Foundation for Educational Choice. Philanthropy talked with Mr. Byrne about his giving for education reform, both at home and abroad, and economic development.

Adventurers in Philanthropy

In September 2009, America lost three great leaders in philanthropy: Norman Borlaug, who died September 12; Irving Kristol, who died six days later; and Don Fisher, who passed away on September 27. Together, these three individuals represent the highest aspirations of philanthropy, and we salute them in this special section on “Adventurers in Philanthropy.”

Reviews and Commentary

Nassim Taleb and Malcolm Gladwell explore the role of risk, chance, and contingency in determining success. Megan McArdle examines what their books mean for donors.

Evan Sparks takes a look at Wikipedia—a social media website that philanthropists can’t afford to ignore.

Departments

President’s Note: Adam Meyerson thanks the Roundtable's Board for a great 2009.
Briefly Noted: Gates underwrites KIPP's Houston expansion; donors move toward donor-advised funds; the Cleveland Museum of Art re-directs endowment funds; Aldine takes home the Broad Prize; the philanthropic roots of modern architecture in Columbus, Indiana; and Carnegie honors higher education leaders.
Staffing Up: Edward Rover, Dana Foundation; Robert E. Norton II, Lynde and Harry Bradley Foundation; Joseph Pon, James Irving Foundation; and Leah Vincent, The Philanthropy Roundtable.