Interesting piece.........
‘Wealth creation has a new meaning today’
Renu Mehta is one of UK’s youngest, high-powered philanthropreneurs redefining the face of philanthropy. She tells Nona Walia why we need to redefine the concept of giving:
How are young philanthropists changing the concept of giving? I feel young philanthropists are quite different in their approach to philanthropy. There are several super-rich, young billionaires who have reaped the benefits of capitalism but believe it can be applied in the service of charity. The ‘philanthropreneurs’ are driven to do good. This is a new movement, where people don’t leave cash-rich legacy after they turn a certain age, but start giving to society when they’re young in a creative way. They have a passion to bring about social change with their money, time and skills. This is the new face of philanthropy. Therefore, we’ve formed a club of global leaders, celebrity activists, influential entrepreneurs who want to come together collectively to make a difference. I’m closely working with Peter Archer of Sandwell, Prince Azim of Brunei, Timothy Bell, Annabel Goldsmith and The Earl of Iveagh. So, philanthrocapitalists have given a whole new meaning and purpose to wealth creation? Wealth creation has a new meaning these days. Everyone wants to be an ethical money-creator. It also builds on the brand value of companies. Modern-day CEOs just don’t want to come across as hard, money-making men. So, everyone wants creative solutions to making money yet helping out. Charity is often trigged by an emotion that we express through giving. Philanthropy is about channelising it strategically. New-age philanthropists are interacting at the highest level for social change; i do not like to call it socialising. For instance, we exchange ideas to stimulate a new culture of giving. I confess that the glamour attract people and gets the message across. Therefore, we’ve often had Al Gore, Bill Clinton, Milla Jovovich, Deepak Chopra, Michael Douglas for our causes. Is that why you chose to turn your social network into a network for doing good? I wanted to make generosity fashionable again. I work closely with James Mirrlees to give the super-rich a fiscal incentive to dramatically stimulate philanthropic giving. Essentially, the superrich are the most privileged, they can really bring about change. So, new philanthropists don’t just want to give their cash but want to be hands-on with their skills too? Modern-day philanthropy doesn’t end with signing a cheque. I’ve seen the new breed of philanthropists give their entrepreneurial spirit of how they want to make good investments where they are seeking the best social returns. There’s a new synergy. We want things to happen fast to create a better world. It’s about having a global responsibility. We need action-oriented philanthropists. Innovation and entrepreneurship will be needed now more than ever in bringing social change.
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