Doing GOOD
According to this WSJ story (subscription required), one heir is trying to do GOOD. I think it's a great idea who's time has come, and if done right, the publication could reach many younger people (rich and not so rich) who want to do good with however much money they have to give.
We're not philanthropists. We're not just wanting to give away money for the sake of giving money, nor for the social or other benefits some giving brings. We want our money put to good use. We want to see change. To see our money make a visible difference...not squandered on reinventing the wheel or competing with other like-minded organizations.
For the first time last year, we pulled a financial commitment to a nonprofit because it wasn't taking advantage of the other organizations that were already in the field doing complementary work. Even though we met with the Managing Director (the ED was too busy to meet) and conveyed our concerns, they were more keen to tell us that they knew what they were doing and how much experience they had running nonprofits. Well they lost us not only as donors but also as supporters, and it appears from the most recent invitation to their LA fundraiser, we weren't the only ones they lost.
Bernie Goldhirsh, the founder of Inc. magazine, amassed his fortune by selling entrepreneurs ideas on how to make money. Now, his son Ben is trying to make money by telling people how to give something back.
...With some of that money, his 26-year-old son plans to launch a magazine in September called GOOD with a dual purpose: build a profitable business and serve as a platform for people looking to do good. Mr. Goldhirsh is funding the initial $2.5 million start-up cost himself, and he has assembled a core group of about 12 employees -- all under 30.