The Urgent Call for Speed in Philanthropy: Navigating the Friction Points
Last week, the Knight Media Forum (#KMF24) spotlighted a pressing issue facing the intersection of philanthropy and journalism. In a sector where the urgency of news waits for no one, Maribel Perez Wadsworth , the new Knight Foundation CEO, made a compelling declaration: “philanthropy has to move at the speed of news.” This statement not only captured the essence of the challenges ahead but also set the stage for a critical analysis of how philanthropic efforts can align more closely with the fast-paced demands of news media. However, revelations about a Press Forward Local chapter's decision to delay funding until a comprehensive “landscape study” is completed next year strikes a dissonant chord. It begs the question: how can philanthropy accelerate to match the immediacy of news, when existing mechanisms seem inherently slow?
The Paradox of Speed and Diligence
At the heart of Wadsworth's statement lies a paradox. The philanthropic world is traditionally characterized by its careful, considered approach to funding, emphasizing due diligence and long-term impact. This methodology, while prudent, inherently conflicts with the need for rapid response that the news cycle demands. The delay announced by the Press Forward Local chapter, although aimed at ensuring a strategic approach to funding, exemplifies this friction. Such delays, while grounded in the desire for thorough understanding and effective allocation of resources, highlight a critical barrier to speed: the time-intensive nature of traditional philanthropic processes.
Friction Points to Overcome
To truly move "at the speed of news," philanthropy must confront and navigate several friction points:
领英推荐
A Call to Action for Both Funders and Grantees
The statement from the KMF and the subsequent revelation from a Press Forward Local chapter serve as a wake-up call:
Philanthropy, in its essence, is about making impactful investments. In the context of news media, the greatest impact can often come from the ability to act swiftly. As such, overcoming the inherent friction points in philanthropy is not just beneficial but necessary. The goal should be clear: to create a philanthropic ecosystem that is as dynamic, responsive, and resilient as the news it aims to support.
How Can We Accelerate Philanthropy to Match the Speed of News?
I invite you to share your perspectives and solutions. How can we streamline decision-making processes in philanthropy? What models of funding could offer the flexibility needed for news organizations to respond to emerging stories with the urgency they require? How can technology be harnessed to enhance the efficiency of grantmaking? And importantly, how can we foster a cultural shift within the philanthropic sector to prioritize speed without compromising on the quality of outcomes?
Let's not wait for the news to slow down; instead, let's speed up philanthropy to meet it head-on.
CEO & Co-founder @ Distributed Media Lab
9 个月I can understand how it is hard to move fast when making funding decisions that are not tied to objective outcomes like profit or enterprise value. I wonder if speed can be achieved in this case if the funding organizations have a clear thesis on how to drive objective outcomes like incremental and measurable movement toward sustainable financial operations. Sustainability is measurable and if achieved will provide a clear thesis for scaling growth capital investment.
Founder & CEO, Angle Content & Strategy
9 个月I get the desire to be thoughtful and deliberate. I've also been a philanthropic grantee who has benefited from quick action. I recommend the approach those of us who have done the Media Transformation Challenge Program know well: Start with small, manageable, targeted experiments to get practical insights, grow confidence and buy-in, build and accelerate learning, start moving the needle, and, crucially, get going. With this framework, the chapter's strategic approach to funding at scale emerges from their work in the field rather than the field—the chapter—waiting a year for funding to start percolating. Practically speaking, they identify a key funding priority through dialogue with publishers in the chapter, then develop a funding hypothesis and test it at a small scale with a publisher who is ready to collaborate. Assess, adjust, and do it again.? To the extent they want a "considered approach to funding, emphasizing due diligence and long-term impact," this iterative testing approach: 1. Fuels their careful consideration of a scaled funding approach with real-world data 2. Becomes part of their due diligence 3. Leverages insights from a series of short-term impacts to inform their facilitation of long-term impact.