The Pearl Initiative, a business-led non-profit organisation focused on promoting a corporate culture of accountability and transparency in the Gulf region’s private sector, recently held a virtual convening titled ”Funding for Impact” as part of its Governance in Philanthropy programme. The session explored the ways in which philanthropic donors can enable lasting positive social change with their giving, notably through assessing the progress and measuring the impact of their giving. It was attended by members of the ‘Circle’, a peer-to-peer network comprising institutional and individual donors connected to the Middle East, jointly established and powered by the Pearl Initiative and Philanthropy Age.

The session featured keynote speaker, Kevin Starr, CEO of the Mulago Foundation, a private foundation focused on high impact philanthropy. Kevin shared insights on the importance of taking accountability for impact and the critical role of funders in the philanthropic space. He explained that many donors have the goodwill and drive to make positive change but must learn to define their mission and measure their impact effectively.

With global philanthropy being estimated to be $810 billion, Kevin denoted that it is vital that organisations and their funders establish a clear definition for impact in order to achieve it.The session emphasised the need for donors to track advancement towards their wider impact and mission in order to prevent funding ineffective organisations and programmes. Notably, experts assert that highly impactful charities outperform the average by a factor of 100 by putting greater emphasis on identifying their mission and evaluating their progress at various stages.

Anissa Punjani, Programme Manager of the Governance in Philanthropy Programme at the Pearl Initiative, said: “We were pleased to bring Kevin Starr of the Mulago Foundation in to speak to the Circle network to discuss proven strategies in identifying and funding high-impact philanthropy. By convening and learning from best practices, we hope to continue to demonstrate and encourage strong governance in philanthropic practices among our stakeholders across the Gulf. Funding for impact is not only a crucial component of effective philanthropy, but it also holds the key to ensuring the long-term sustainability of positive change in the region.”

In commenting on the session, Kevin Starr remarked, “Through this session, we want to jumpstart an important conversation about the critical role of accountability for impact in philanthropy. Philanthropy is on the rise globally, but it’s not enough to want to do good – we have to channel money more effectively to those organizations best able to create change in the lives of those we serve.”

The interactive convening also emphasised the importance of investing in scalable solutions that have the potential to produce exponential impact over time. The session ended with an engaging Q&A session, during which attendees addressed their challenges directly with Kevin to learn from the successful approaches of the Mulago Foundation.

The ‘Funding for Impact’ session is part of the Pearl Initiative’s mission to enhance good governance practices in philanthropy by providing a platform for discussion and exchanging ideas among various actors in the philanthropic ecosystem.