Philanthropy's relationship with risk and movement building

In business and venture capital, risk is expected—even embraced. In philanthropy? It’s often avoided.

But if we want to solve—not just manage—our biggest challenges, we need to think differently about risk. Not as a liability, but as a core feature of catalytic giving. That’s where the philanthropy stack comes in. Just like in venture capital, funders can layer their giving portfolios:

• Sustaining support to established institutions
• Scaling investments in proven models
• Risk capital for early-stage ideas, new leaders, and long-view movement infrastructure

It’s this top layer that’s most often neglected—and where some of the most urgent, transformative work begins.

Why Movement-Building Belongs at the Top of the Stack

Movements don’t just emerge. They are built—deliberately and often invisibly—long before headlines or hashtag moments. Yet movement-building is rarely funded with intention. Why? Because it’s:

• Hard to measure in the short term
• Politically sensitive
• Often messy, distributed, and leader-full (not leader-led)
• Focused on power, not just programs

But this is precisely why philanthropy must show up. Not just to fund direct services or advocacy wins—but to invest in the conditions that make enduring change possible. That includes:

• Leadership development and training
• Cross-issue coalition building
• Community organizing infrastructure
• Local-to-national network scaffolding
• Strategic communications capacity
• Legal support and data systems
• Rest, resilience, and well-being for movement leaders

This is the slow, vital work of building the engine behind the campaign or movement. Without it, we get flashpoint moments—but not lasting shifts.

Think of Movement-Building as Public Infrastructure

We wouldn’t expect a city to run without roads, water, and power. Likewise, we shouldn’t expect society to evolve without movement infrastructure. Just as VC firms fund R&D, untested prototypes, and visionary founders, philanthropists can fund:

• Early-stage movements
• Emerging ideas and ideologies
• Experimental organizing models
• Unproven—but urgent—approaches to systemic injustice

This is risk capital and philanthropy at its best.

We talk a lot about “investing in impact.” But if we’re only funding what’s safe, measurable, and mainstream—we’re not really investing in change. The most catalytic shifts—from civil rights to public health to worker protections—were made possible by people and movements who had vision before they had validation.

Philanthropy has the privilege of acting early. Let’s fund the groundwork—not just the outcomes.