Simply put, philanthropy is a private pursuit to achieve a public good.
This article is about billionaire philanthropists and how they are stepping up to propel advances in the face of dwindling government budgets.
Private philanthropy is paving the way for innovation through funding research, offering grants, and making incentive prizes (most famously the X Prize, which started the boom in private space exploration).
Think of the impact people like Warren Buffet, Bill and Melinda Gates, and J.D. Rockefeller have had. Giving is part of the fabric of our culture – in fact, nonprofits employ 10% of America’s workforce.