Venture philanthropy. It’s a buzz phrase going around and gaining ground in the nonprofit arena. Early last month, LLS announced an exciting new venture philanthropy partnership with Celgene Corporation, the makers of Revlimid, a drug for multiple myeloma.
So what are we talking about here?
Venture philanthropy brings concepts and techniques from venture capital finance and high tech business management together and applies them in support of a philanthropic goal. In this case, our mission to cure blood cancers and improve the quality of life for patients and their families.
Venture philanthropy has some common “characteristics:”
- There’s a willingness to try new approaches
- There’s a focus on measurable results or benchmarks
- Funding on a multi-year basis
LLS’s new partnership with Celgene is designed to accelerate innovative research in areas with significant unmet medical need and advance our understanding of blood cancer biology. The blending of cutting-edge academic science with pharmaceutical company resources yields new, life-saving therapies. For blood cancer patients it means more opportunities to give thanks, more holiday cheer with family and friends and more New Years’ Eve countdowns.