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Warren Buffett Celebrates Birthday By Loving His Children


Parsad
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If I had the type of money Buffett/Gates has I'd take a little different approach to philanthropy.  I'd setup a foundation similar to X-Prize to offer cash awards when specific goals are met.

 

Several reasons I like this idea:

 

1.  Its a way to leverage your money when giving by having various competitors investing money to reach the prize.  In some cases you can get 5 to 1 or 10 to 1 leverage. 

2.  The money is only paid out when goal of the prize is accomplished. 

3.  You have more brainpower committed to solving problems by having various competitors competing with various ideas on how to solve a problem.

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It looks like Bill Gates is thinking along same same lines MVP.

 

http://www.economist.com/node/21560990

 

Interesting, I had no idea Mr. Gates was doing that.   

 

Even the Gates Foundation itself, which hands out around $3 billion each year, has devoted just $6.5m to its Reinventing The Toilet Challenge. But that will change as the project moves from conception to delivery. The foundation plans to spend up to $80m a year on sanitation, an investment that the World Health Organisation estimates will produce a return of 900% in the form of social and economic benefits from increased productivity and reduced health-care costs.

 

This is why I like prizes you seem to get more bang for your bucks while doing good.

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