"Philanthropy has more than one tool," writes Felix Oldenburg of Ashoka in Forbes today:
Maybe it is time to rehabilitate grants as a key tool in the investor toolbox. They are not a “loser currency” but can be the precursor or companion of investments, for example as investment readiness grants, as loan guarantees, even as equity without dividends. Applied to the same organization or field, smart grants can leverage investments many times over, as long as they do not carry pointless restrictions, and are part of a larger plan creating other unrestricted, long term sources of income.
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