Giving Done Right: Episode Summary
Title: Get Curious and Stay the Course: Advice for Donors from Philanthropists Jeff and Tricia Raikes
Host: Phil Buchanan and Grace Nicolette
Guests: Jeff and Tricia Raikes, Co-Founders of the Raikes Foundation
Release Date: December 12, 2024
Introduction
In this enlightening episode of Giving Done Right, hosts Phil Buchanan and Grace Nicolette welcome Jeff and Tricia Raikes, the dynamic duo behind the Raikes Foundation. With Jeff's extensive background leading the Bill and Melinda Gates Foundation and his tenure at Microsoft, coupled with Tricia’s profound commitment to community and nonprofit advisory roles, the conversation delves deep into effective philanthropy, strategic giving, and the importance of perseverance in donor activities.
Guest Backgrounds and Journey into Philanthropy
Phil Buchanan shares his unique journey from growing up on a farm in Nebraska to leading significant initiatives at Microsoft and the Gates Foundation. His upbringing instilled values of hard work, honesty, and integrity, which later fueled his commitment to social justice and effective philanthropy. Jeff describes his transition from corporate success to philanthropy as a "graduate degree in philanthropy," emphasizing the importance of catalytic philanthropy—funding that ignites significant, sustainable change.
Tricia Raikes recounts her upbringing in a close-knit, working-class family in Seattle, where giving back was a deeply ingrained value. Her early experiences with volunteerism and mentorship from influential philanthropists like Mary Gates shaped her philanthropic ethos. Tricia highlights her role in establishing marketing and brand management at Microsoft, where she met Jeff, marking the beginning of their collaborative journey in philanthropy.
Notable Quote:
Phil Buchanan [01:11]: "My journey is perhaps not the obvious one for philanthropists... it led to an opportunity to lead the Gates Foundation, which I oftentimes call my graduate degree in philanthropy."
Establishing the Raikes Foundation
Jeff and Tricia delve into the genesis of their philanthropic adventure, which began earnestly in 2002 with the establishment of the Raikes Foundation. The catalyst was their transition post-Microsoft going public, which provided them with increased resources and a sense of responsibility to give back intentionally. Their focus settled on supporting young people, driven by personal experiences such as their eldest child's struggle with bullying, prompting them to question and address systemic flaws in the education system.
Tricia emphasizes the importance of addressing not just immediate needs but the root causes of societal issues:
Tricia Raikes [07:18]: "We were raising our three kids... seeing our child... wonder about how the school system was also failing millions of other young people."
Philanthropic Focus: Empowering Young People
The Raikes Foundation concentrates on empowering youth to reach their full potential, recognizing that merely providing quality education is insufficient without fostering a supportive environment. Their research emphasizes the critical connection between identity, purpose, and belonging in achieving successful outcomes for young people. This holistic approach has led them to invest in research practices and advocate for policy changes within the U.S. education system and other sectors like juvenile justice and foster care.
Tricia encapsulates their mission:
Tricia Raikes [13:31]: "Our ultimate goal is certainly to build a multiracial, inclusive democracy with a shared prosperity and a culture of belonging."
Strategic Philanthropy: Partnership and Feedback
A pivotal theme in the conversation is the importance of treating grantees as partners rather than contractors. Jeff and Tricia stress the necessity of proximity—maintaining close, meaningful relationships with those directly affected by the issues they aim to address. This approach ensures that their philanthropic efforts are informed by the experiences and insights of those on the front lines.
Phil Buchanan elaborates on the significance of feedback and partnership:
Phil Buchanan [18:00]: "You can't treat the grantees like contractors. You have to treat them as partners... it's important to have that depth of proximity."
Advice for Aspiring Donors
When asked about guidance for new philanthropists, Tricia encourages boldness and curiosity:
Tricia Raikes [18:27]: "Don’t be timid about getting started... reach out and explore a lot of different resources."
She advises donors to approach their giving strategically, akin to building an investment portfolio, where funds are allocated not just to immediate needs but also to addressing underlying systemic issues.
Jeff adds that patience and perseverance are crucial, as meaningful societal changes take time and sustained effort:
Jeff Raikes [36:26]: "Think of philanthropy as a journey. It’s not going to just happen overnight, and it’s going to be important to stick with it."
Balancing Business and Philanthropic Approaches
A lively debate arises around the analogy of philanthropy to business and investing. Jeff expresses reservations about this comparison, noting that philanthropy often requires collaborative strategies rather than competitive, ROI-driven approaches typical in business. However, Phil Buchanan finds merit in using the investment metaphor figuratively, emphasizing active involvement and strategic allocation of resources to drive societal change.
Phil Buchanan [25:35]: "If you take the investing metaphor too literally, then there are some real downsides... But if you think of it as a little bit more figuratively, the idea that you're not just giving away money, but you're actually investing back in society..."
Addressing Criticisms of Philanthropy
Grace Nicollette raises concerns about cynicism towards the ultra-wealthy’s role in philanthropy, referencing Anand Giridharadas’s critiques. Jeff and Tricia respond by acknowledging that while some may use philanthropy for self-serving purposes, many philanthropists genuinely seek to improve society. They highlight examples of using their influence to amplify marginalized voices and advocate for policy changes, thereby challenging the notion that all philanthropic efforts are hypocritically motivated.
Phil Buchanan [32:58]: "There are some people who are using philanthropy to burnish their image. And then there are others... who have the desire to improve society."
Collaboration and Community Engagement
Jeff and Tricia emphasize the importance of collaboration in their philanthropic endeavors. They invite listeners to join their initiatives and collaboratives, fostering a community of funders and leaders committed to systemic change. By pooling resources and expertise, these collaboratives aim to tackle complex societal issues more effectively.
Tricia Raikes [30:35]: "There really is very little that we do now that is not in partnership with others... We need to be in collaboration with others and also tap their expertise."
Key Takeaways and Conclusions
- Strategic, Long-Term Giving: Effective philanthropy requires patience, perseverance, and a strategic approach akin to investing in a diversified portfolio.
- Partnership and Proximity: Building strong, collaborative relationships with grantees ensures that philanthropic efforts are grounded in real-world experiences and needs.
- Focus on Root Causes: Addressing systemic issues rather than just immediate needs leads to more sustainable and impactful outcomes.
- Active Listening and Learning: Engaging with and learning from those directly affected by societal challenges enhances the effectiveness of philanthropic initiatives.
- Collaboration Over Competition: Working collectively with other funders and organizations amplifies the impact of individual philanthropic efforts.
Final Quote:
Phil Buchanan [38:47]: "Philanthropists working on policy change that may defy their self-interest... that’s a very, very good thing."
Conclusion
Jeff and Tricia Raikes offer invaluable insights into the essence of effective philanthropy—emphasizing strategic, collaborative, and informed approaches to giving. Their experiences underscore the importance of staying committed to long-term goals, understanding the complexities of societal issues, and fostering partnerships that amplify collective impact. For both seasoned donors and those new to philanthropy, their advice serves as a guiding beacon toward meaningful and sustained charitable contributions.
Additional Resources:
- Raikes Foundation: raikesfoundation.org
- Center for Effective Philanthropy: cep.org
- Giving Done Right: givingdoneright.org