PND (2/15/2000) -- A New Generation of Philanthropists

A report in the New York Times finds that the widespread emergence of Internet millionaires has given rise to a new generation of young philanthropists with a different slant on charitable giving.

Typical of this new generation is Nicholas Lovejoy, who left e-tailer Amazon.com , where he was manager for financial systems in information technology for three years, to form the Gordon-Lovejoy Foundation with his wife, Barbara Gordon. The foundation supports environmental causes and the sustainable use of the planet's resources. Says Lovejoy, "It's a harder problem. To figure out how to sell books on the Internet may be a hard problem. But to figure out what you want to change about the world and how to change that in an effective way that makes people better off, it's just a far vaster problem."

Rob Glaser, founder of Seattle-based RealNetworks, is another Internet philanthropist with an ambitious long-term agenda. Glaser established the Glaser Family Foundation to address a wide array of social, political, and environmental concerns. "I am focused on making the greatest and deepest long-term impact, and not necessarily doing something that has an immediate impact but only scratches the surface," notes Glaser.

Young philanthropists with a background in technology tend to share a sense of idealism fostered by their having accomplished prodigious feats in a relatively short period of time. Says Lovejoy: "I'm absolutely convinced I can do anything that other people think is impossible, because we did it regularly at Amazon...and that's simply the attitude I want to apply to what we're trying to do now."

And although younger philanthropists may be tackling enormous societal issues, many are uncomfortable with the traditional view of their charitable activities. "The word philanthropy can be very off putting in a way to people," said Paul Shoemaker, director of Seattle-based Social Venture Partners, a "venture philanthropy" fund. "It has sort of this blueblooded connotation to it."

FCnote: The Glaser Family Foundation (WA) had assets of $25,794,599 and made grants totaling $311,611 in the fiscal year ending 12/31/98.

Vervohek, Sam Howe. "Internet's Rich are Giving It Away." New York Times 02/11/2000.

See also: "RealNetworks Announces Charitable Intentions with Stock Filing." Philanthropy News Digest 10/8/97.

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