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New Frontiers of PhilanthropyA Guide to the New Tools and New Actors that Are Reshaping Global Philanthropy and Social Investing$
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Lester M. Salamon

Print publication date: 2014

Print ISBN-13: 9780199357543

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199357543.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 06 December 2021

New Forms of Grantmaking

New Forms of Grantmaking

Competitions, Prizes, and Crowd Sourcing

Chapter:
(p.514) Chapter 19 New Forms of Grantmaking
Source:
New Frontiers of Philanthropy
Author(s):

Peter Frumkin

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199357543.003.0019

This chapter considers the growing popularity of competitions, prizes, and challenges in grant-making. These devices have the important consequence of making philanthropy more open, participatory, and competitive. They do so by tapping into the robust marketplace of ideas that operates outside the sphere of traditional philanthropy, and by reducing the transaction costs that traditional philanthropy entails. They can thus unearth people and programs that might otherwise not get a fair hearing and full consideration. Competitions also tend to be clearer about selection criteria than traditional grant-making. The chapter utilizes a number of short cases to illustrate each of these features of prizes and competitions and concludes with a critical examination of the limits of these forms of grantmaking and the management challenge they pose for grant-makers.

Keywords:   competition, challenge, prize, X Prize, philanthropy, grants

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