logo logo
Donate
    • Membership
    • Donate
  • Social Justice
    • Racial Justice
    • Climate Justice
    • Disability Justice
    • Economic Justice
    • Health Justice
    • Immigration
    • LGBTQ+
  • Civic News
  • Nonprofit Leadership
    • Board Governance
    • Equity-Centered Management
    • Finances
    • Fundraising
    • Human Resources
    • Organizational Culture
    • Philanthropy
    • Power Dynamics
    • Strategic Planning
    • Technology
  • CONTENT TYPES
  • Leading Edge Membership
  • Newsletters
  • Webinars

Nonprofit Newswire | More People Eyeing Philanthropy Prizes

Bruce S Trachtenberg
March 22, 2010
Subscribe via E-Mail Get the newswire delivered to you – free! {source} [[form name=”ccoptin” action=”http://visitor.constantcontact.com/d.jsp” target=”_blank” method=”post”]] [[input type=”text” name=”ea” size=”20″ value=”” style=”font-family:Verdana,Geneva,Arial,Helvetica,sans-serif; font-size:10px; border:1px solid #999999;”]] [[input type=”submit” name=”go” value=”GO” class=”submit” style=”font-family:Verdana,Arial,Helvetica,sans-serif; font-size:10px;”]] [[input type=”hidden” name=”m” value=”1101451017273″]] [[input type=”hidden” name=”p” value=”oi”]] [[/form]] {/source} Subscribe via RSS Subscribe via RSS Submit a News Item Submit a News Item

March 19, 2010; New York Times | Instead of grants, a growing number of public-spirited wealthy people are offering philanthropic support for notable causes and ideas in the form of prizes. The New York Times reports that some $375 million in prize money is available each year.  Along with the growth in numbers and sizes of awards, these prizes are shifting from recognizing “past accomplishments”‘ to providing cash to be applied to support future accomplishments.

Former entrepreneurs turned philanthropists are particularly attracted to these kinds prizes. “There’s an increasing recognition that setting up prizes is a good way to spur innovation and bring about the outcomes they want,” said Tom Riley, vice president of the Philanthropy Roundable. “Fortunately, money is a great tool to bring about the outcomes you want.”

An example is the Kravis Prize, set up five years ago and offering $250,000 to nonprofit groups around the world whose recognition might help them expand their outstanding work.  This year’s winner, Pratham, educates children in rural India. The money is being awarded to the group with some hope that this attention will garner more money that will enable Pratham to serve even more children.

Sign up for our free newsletters

Subscribe to NPQ's newsletters to have our top stories delivered directly to your inbox.

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

Prizes versus traditional grant awards do have their unique set of challenges, according to some observers. Some fret about the cost of promoting a prize so that it draws enough worthy entries. “If you give a prize and no one knows about it, it’s a waste,” said Melissa A. Berman, president and chief executive of Rockefeller Philanthropy Advisors. “Getting it known costs money.” Others worry that prizes might create expectations that can’t be delivered.

That’s why philanthropic prize advocates suggest the better the defined the better they are. The Times describes the X Prize as the “best-known new example” of an incentive award program for achieving a specific goal. It awarded $10 million in 2004 for the design of a new spacecraft. Maybe we need a prize to determine the best philanthropy prize.—Bruce Trachtenberg

Our Voices Are Our Power.

Journalism, nonprofits, and multiracial democracy are under attack. At NPQ, we fight back by sharing stories and essential insights from nonprofit leaders and workers—and we pay every contributor.

Can you help us protect nonprofit voices?

Your support keeps truth alive when it matters most.
Every single dollar makes a difference.

Donate now
logo logo logo logo logo
See comments

You might also like
Why Guardianship Reform Is a Civil Rights Imperative
James A. Lomastro
Advocates Seek to Protect Children with Disabilities from Federal Cuts
María Constanza Costa
Big Tech Comes to Tucker County, West Virginia
Laura Harbert Allen
What Happens When Your NSF Grant Is Canceled?
Nicole Walker
Amid Job Corps Cuts, HBCU Leaders Are Stepping Up
Rebekah Barber
New Tariffs Will Likely Deepen Economic Burdens for Women of Color
Rebekah Barber

Upcoming Webinars

Group Created with Sketch.
June 26th, 2:00 pm ET

From Performance Management to Mutual Commitment

Fostering a Culture of Joyful Accountability

Register
Group Created with Sketch.
July 24th, 2:00 pm ET

Organizing in Divided Times

The Relational Infrastructure We Need to Protect Democracy

Register

    
You might also like
Conservatives Attack Nonprofits on Capitol Hill
Isaiah Thompson
Glass-paneled exterior of the Microsoft building.
Microsoft Axes Free 365 Software for Nonprofits
Isaiah Thompson
US Capitol Building
Tax Provision Would Give Trump Administration Unilateral...
Rebekah Barber and Isaiah Thompson

Like what you see?

Subscribe to the NPQ newsletter to have our top stories delivered directly to your inbox.

See our newsletters

By signing up, you agree to our privacy policy and terms of use, and to receive messages from NPQ and our partners.

  • About
  • Advertise
  • Careers
  • Contact
  • Copyright
  • Donate
  • Editorial Policy
  • Funders
  • Submissions

We are using cookies to give you the best experience on our website.

 

Non Profit News | Nonprofit Quarterly
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.