A Philadelphia-based company is pioneering a new form of philanthropy, based on the belief that for-profit companies can do a better job of getting the most bang out of a charitable buck.
Geneva Global, founded in 1999 by a group of emerging-market investors, differs from traditional cheque book charities in its focus on results and the need to bring together all investors for the maximum benefit of everyone involved.
Serving as clearing houses that match donor and non-governmental organisation requirements, performance philanthropy's success lies in its ability to assure donors that their investments are being used efficiently.
Timothy Ogden, the organisation's chief knowledge officer, said its founders were excited by the need to give something back to places where they had made a great deal of money.
They expected to donate in the same way they had made money - by looking for opportunities, giving feedback and adjusting their approach to create the maximum benefit.
'We are not yet profitable but will be by the end of 2009. Our fees vary based on the services required by the client but average about 15 per cent of the grant amount,' he said.