From Boardroom to Philanthropy: Leveraging Business Acumen to Save Lives

In 2004, an article in Fortune magazine left a lasting impression on me. It detailed Michael Milken, a prominent financier who leveraged his business acumen to advance cancer research, significantly reducing prostate cancer deaths by 26%. You can read the original article here.

At the time, I was 27 and unfamiliar with many entrepreneurs or financiers. What struck me profoundly was the realization that one doesn’t need to be Hippocrates or Louis Pasteur to save lives.

I became captivated by individuals who, after achieving remarkable success in business, dedicated the next phase of their lives to public service. This shift requires a unique mindset—a relentless drive to succeed in business, followed by a commitment to serve the public.

Public service can take three forms: politics, religion, or nonprofit philanthropy. I am interested in learning from those who focus on nonprofit philanthropy.

Many people recognize Bill Gates' and Richard Branson's incredible contributions. While I deeply respect these remarkable entrepreneurs and philanthropists for their significant impact, my aim is to draw insights from and highlight the lessons of leaders who aren’t billionaires or celebrities.

Let’s explore leaders more relatable to the majority of us:

• Gary Cohen: Executive Vice President at BD (Becton, Dickinson and Company). Founder of Together for Girls, which addresses sexual violence against children, reaching over 40 million people.
• Kathy Giusti: Founder of Multiple Myeloma Research Foundation (MMRF). It focuses on accelerating treatments for multiple myeloma, raising over $500 million, and funding more than 80 clinical trials.
• Jeffrey Walker: Former Managing Partner at CCMP Capital. Focuses on global health through Millennium Promise, helping over half a million people in sub-Saharan Africa achieve sustainable development goals.

Studying success is essential because it enables us to glean insights from the experiences and strategies of others. By delving into the journeys of accomplished individuals, we uncover patterns, principles, and tactics that have stood the test of time. This knowledge is invaluable in navigating challenges, making informed decisions, and expediting our personal and professional growth. Learning from the successes of others not only conserves time and resources but also steers us clear of common pitfalls. In essence, this process of observation and emulation provides us with the tools and mindset to achieve our ambitions and aspirations.

This is why Tim Ferriss’ podcast is so popular—he breaks down success and shares the most effective tools and tactics that others can use in their own lives.

Apply Business Acumen to Nonprofit Philanthropy

Highly successful business leaders can bring many skills to the world of nonprofit philanthropy:

• Effective Use of Funds and Scaling Operations: Business skills enable the efficient allocation of resources, the ability to set a compelling vision, and strategic planning with clear, achievable goals to scale philanthropic efforts.
• Innovation and Risk Mitigation: Business-like innovation and high-risk tolerance help overcome obstacles, while strategic planning mitigates risks, including funding challenges, by designing long-term sustainable business models.
• Leveraging Networks and Partnerships: Business networks and strategic partnerships are leveraged to amplify philanthropic impact, focusing on “who” can help achieve goals rather than “how” to do it alone.

When Would NOW Be a Good Time to Get Started?

You should never wait to start giving back and helping others because your impact begins immediately, no matter how small your contribution. My purpose in writing this newsletter and dedicating a few hours each week to discussing the gift of giving is to inspire others to recognize this truth. Don’t fall into the trap of thinking, “When this happens, then I’ll have the time, resources, and passion to make a difference.” The best time to start making a positive impact is now.

We will end on this quote:

"We make a living by what we get, but we make a life by what we give."

- Winston Churchill

Gratefully yours,

Alex

P.S. My original newsletter was over 1300 words, twice as long as this article. Research suggests that 600-800 words is the optimal length for a newsletter. I’d love to hear your thoughts on what you think is the ideal length for a weekly newsletter. My friend, Bob Glazer, a prominent author and thought leader, reminded me of this Mark Twain quote: "I didn't have time to write a short letter, so I wrote a long one instead." You can join Bob’s 200,000 subscribers from 60 countries here: Friday Forward.