Organizations within the philanthropy sector must explore new funding models such as impact investing, blended finance, and social enterprises to maintain relevance, industry experts have stated.
During the opening ceremony of the 2024 Grantmakers Summit, attendees emphasized that these models offer sustainable growth opportunities and enhance the resilience of philanthropic initiatives. The summit convened 159 organizations from the East African region to discuss innovative and strategic approaches in philanthropy.
Eric Kimani, Chair of the East Africa Philanthropy Network (EAPN), noted that the evolution of philanthropy in the 21st century has given rise to tech-savvy grantmakers committed to impactful giving. “Philanthropy must transition from static, one-size-fits-all models to dynamic frameworks that quickly adapt to emerging challenges and opportunities,” Kimani asserted.
EAPN CEO Evans Okinyi highlighted the critical gaps often associated with traditional grantmaking that undermine its effectiveness. He pointed to a pervasive lack of transparency that has eroded trust and fostered inefficiency. “The top-down approach, where decisions are made in isolation from the communities we serve, often results in initiatives misaligned with local needs. Additionally, inadequate impact measurement mechanisms obscure the true efficacy of our efforts. We must confront these systemic flaws candidly,” Okinyi stated.
Okinyi urged participants to remain vigilant and responsive to changing circumstances, advocating for a recalibration of their approaches as needed.
The summit, themed “Strategic Philanthropy in a Dynamic Era,” brought grantmakers together to discuss the future of philanthropy amid global shifts. Kimani also stressed the importance of a holistic approach that integrates environmental, social, and economic dimensions to address root causes and promote systemic change. He called for strategic alliances across sectors and geographies to amplify impact and achieve the Sustainable Development Goals.
Emphasizing community involvement in decision-making, the summit advocated for a shift from a top-down approach to one that empowers local communities. Kimani underscored the need to incorporate local insights to create more relevant and effective interventions.
Discussions also highlighted technological advancements as essential tools for improving efficiency, data-driven decision-making, and accountability in philanthropy. Kimani urged the sector to stay ahead by continuously exploring innovative technological solutions.
“Innovation in philanthropy requires moving away from isolated efforts toward collaborative ventures. By pooling our resources, expertise, and networks, we can significantly amplify our impact,” he remarked.
Okinyi echoed this sentiment, emphasizing that collaborative models foster a culture of shared learning and mutual support, enabling more effective responses to complex challenges. “This cooperative spirit must be the foundational ethos of our work. We should seek partnerships that unite diverse stakeholders with a common purpose,” he said.
Looking to the future, industry leaders called on grantmakers to develop long-term strategies that build resilience and capacity for future generations. They emphasized the importance of investing in education, innovation, and infrastructure to create a sustainable foundation for tomorrow.
Philanthropy Sector Urged to Embrace Innovative Funding Models
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.
Leave a Reply
Kenyan News is more than just a news platform, it’s a vibrant community dedicated to showcasing the diverse voices and stories that shape our nation.
Founded with a mission to inform, inspire, and empower, Kenyan News strives to be the go-to destination for insightful, engaging, and impactful content.
