The Changing Practice of Philanthropy

My name is Larry Brilliant I am the Executive Director of Google.org, I want to welcome you to Google. It is such a pleasure for us to have you here. It's really an honor for us to have you here. We are very young in so many ways and new to the field of philanthropy and to have you here as a captive audience for us to learn from means so much to everybody at Google. I really want to tell you how deeply we appreciate you coming to visit us. I jumped at the chance to invite you when Jane who is a dear friend told me that she was looking for a new place for the Global Philanthropy Forum which rotates every year between the west coast and Washington. And we talked about the fact that there had not been a corporate office that had ever hosted the Global Philanthropy Forum and how part of the theme of this meeting will be the new philanthropy. And so we felt that it would be perfect to have you here at what is really a novel, innovative and very different company. What's so different, that's what attracted me to come here. It was the slogan, No Evil that attracted me. I didn't know about the dinosaur then. I didn't know about the space ship. And I certainly had never seen the yellow brick road which you will see as you walk from here to lunch. Google is certainly a very different place. And a wonderful place and I would like to thank the people at Google who have made this possible for you also particularly, I want to thank the Google Event's team which is Lauren Pollock, Julie Collins and Jennifer Shimeroni. If you guys could raise your hands. Thank you. And on the Google.org team I want to particularly thank Meryl Stone and Tara Canobbio, where are you? And that's Canobbio as in OB-I Canobbio. If you have any Google related questions or want to know anything, seek them out or seek out anybody from Google and it is our job to make you feel welcome. So we are all here and we are here really because we share an opportunity and a dilemma. We have the best jobs in the world, we are able to see occasionally from our own hands suffering being alleviated, poverty being mitigated. It is a great blessing the work that we are in. But it's a very difficult job. I think a year ago before I came here and my got my post graduate course the last year with help from Sheryl Sandberg, I don't think I quite new how difficult the job of giving away money, investing money, putting money in resources to work was. So I am reminded of a story. I lived in India for 10 years so I love Indian stories. And it's a story of a saint who comes to Banaras. Now how many of you have been to India? Oh look at this how many of you have been to and know about Banaras. I wager there is not very many places in the United States, you could go to ask that question, have that result. Banaras is a holy place. It is perhaps the holiest place in India. It's where the Ganges come and the burning ghats are there. And where people go to die so that they can die in a holy place and be cremated and their ashes spread on the Ganges. So the story is of a saint who comes to Banaras and he comes with a pocket full of coins, rupees. And the way the burning ghats are established they are of course down at the equivalent sea level and there are thousands of steps that go up to the city. The steps are thousands of years old, they go back into antiquity. And people come to Banaras to die. So as you descend down the steps, you walk past people who have come there at the end of their life and some are lepers, many are beggars, some are on crutches from polio, some are blind from small pox, some have one leg, one arm. And as the saint walked down the steps he said, how do I decide to whom to give my rupees? Is there an algorithm, is there a summum bonum, is there an ultimate guiding principle? Do I have to give one rupee to someone who has one leg and two rupees to someone who has none? How do I weigh the suffering of blindness versus the suffering of polio? So, in a way, well that is a bad example because it's a example about charity, certainly not strategic philanthropy which we are all hopefully engaged in. It is the dilemma that we face it is what we will be talking to each other about today. It is our opportunity, our quandary, our calling get elevates us to a higher and a more noble purpose. And Google is honored to have you here to begin a conversation with you that I hope will last our lifetimes. And we are here because of one person. We are here because of my dear friend Jane Wales. Jane is the founder of the Global Philanthropy Forum. She is the CEO of the World Affairs Council. She is the impresario who brought us together. I think for each one of us, she is our best friend in philanthropy, our guide. It is an honor for me to introduce you now to Jane Wales. Thank you very much. Thank you Larry for welcoming us into, your place of work, your place of innovation and for welcoming us into your heart. Just what's most important. In many ways, the story that Larry just told is the perfect metaphor for for the Global Philanthropy Forum because that's why it was founded. It was founded to help us to move from random acts of charity to a strategic approach to philanthropy. It's an effort to build a community of philanthropists that are all committed to international causes that are committed to being strategic and they want to perpetually learn and to learn from one another. And so we have invited you all to join us for yet another year for the purposes of teach both teaching and learning and I want to thank you for offering to do both. For those of you, who are new to us, let me just say a word or two about the community that welcomes you. It is a community that represents at least six broad trends in philanthropy and these are trends that are reflected in the agenda of the next three days. The first is - trend is that foundations that are founded by living benefactors are beginning to match the scale and the scope and even the impact of those foundations that were founded as a result of an estate or trust. These living benefactors are agile, they are engaged, they are strategic, they are global in their outlook. And by and large they are very much shaped by their private sector experience. The second broad trend is that they are willing to take on extremely large problems. Hence our focus is here on the three problems of poverty, climate change and global health, infectious diseases. These are large problems that we treat as systems. Systems that need to be replaced by new systems and and so while each of us may approach one aspect of the problem or another to reflect our comparative advantage. We recognize that these are complex, multidimensional, dynamic systems. We also recognize, I can see Bill Draper trying to find his way. This will take about a nanosecond. Welcome Bill. We also recognize that while we treat each of these problems in their own right, that the interactions amongst those problems are dynamic, they are non linear and they are not completely known to us. And so the third trend is that there is a deep appreciation amongst new philanthropists and amongst global philanthropy for our members more generally in a deep appreciation of the role of knowledge. The importance of generating new knowledge, the importance of spreading knowledge and particularly and investing in the generation of new knowledge in the developing world, where independent voices where there is a dearth of independent voices, where there is a dearth of think-tanks, where in general there is government tends to dominate the source of knowledge. Now having said, that while knowledge is value, Global Philanthropy Forum members feel they know enough to act. In feel, in fact they feel they must act and so therefore the full trend is that we define philanthropy quite broadly to allow us to employ all the tools, all the methods of financing social change. So philanthropists are willing not only to make grants to build the civil society infrastructure that is so essential to social change but they are also willing to to leverage their personal or their corporate brand to advance their advocacy, they are willing to leverage their assets, they are willing to extend their own credit worthiness to others in order to - through loan guarantees in order to lower the cost of capital for the poor. They are willing to make equity investments to advance their philanthropic goal. And so the fifth trend is that through our desire for leverage we are very willing to collaborate across sectors. We are willing to work with it collaborate with the private sector to unleash private equity to work with the public sector to unleash tax payer dollars, they want to leverage both. Now having said that that of course, has led to the sixth trend and that is the convergence of both the social and the private sectors and that is what will be - the very much the focus of the next three days. After all you are on the campus of Google which is a company that has, as its core mission, the provision of information, usable information, useful information of social good and by virtue of translating the worlds knowledge into languages of the developing world Google makes a contribution to providing to local farmers, to people who are perhaps previously isolated by politics or by poverty, provide them the information they need to succeed. Things that we assume weather reports, news of a crop blight, commodities prices, the tools that we use to succeed can be made available through this method. But it's not only Google's Google, new philanthropists as a general matter are willing to put their companies to the service of their social goals. And we will have many, many examples of that in the next three days. Now despite our fascination with market solutions and our focus on these solutions and the role that the private sector can play, we do ask that you bear three things in mind. The first is that grants represent true risk capital, therefore they are essential, they need to be valued. The second is the policy matters. Markets cannot solve all problems, markets provide for the rational distribution of wealth but not always the equitable distribution of wealth that is the role of a policy and the role for philanthropy. The third is that individuals, ingenious individuals', inventive individuals', brave individuals are the people who provide the keys that you know, they unlock the systems. They offer the acupuncture of the idea that allows new solutions to flow. And so we urge you to take the time to get to know the social entrepreneurs amongst us and particularly take advantage tomorrow evening of the opportunity to meet with them and with their donors, their supporters' one and one to learn to about their strategies, their successes, their failures and their vision of how to effect social change. Now as you listen to their stories I just have three favors to ask, a few favors to ask. The first is that you do your best and we will do our best to try to erase the boundaries between the speaker and audience, to erase the boundaries between grant maker and grant seeker and to erase the boundaries between teacher and students. We really urge you to do so you. All of you are here as experts in your own right, we want to learn from you. The second favor I have to ask is that in order to achieve that goal, to erase those boundaries, we ask that you take very seriously the notion that the Global Philanthropy Forum is a no-fund raising zone. This needs to be a place where donors feel very free, to try on new ideas, to think aloud. To muse with others, to admit mistakes it needs to be that kind of free flowing forum. It also needs to be a place where social entrepreneur and with grant seekers are treated with same level of respect that their expertise requires and suggests and so by respecting that no-fund raising zone you help us to operate as a community, a learning community, in which we learn from one another. The third is that we hope you'll take advantage of our paperless ways. Know that you are preserving both energies and forests in the process, feel free to go to your laptop and I think we also have a bank of computers. I will be, yes, that-a-way and just go click on the - on our website, click on the conference panel that interests you and you will find a collateral material there coming from the various organizations that are doing really effective work in this area. The fourth thing we ask of you is that you do network, that you recognize that what happens in the hallways, the rest rooms, any old place is as important as what happens in this room and in our break out sessions. Take advantage of your name tags that will, through a color coded mechanism, maybe signal to others the things that interest you most. Finally we ask that you enjoy, that you enjoy one another and that you also enjoy the music. Because at that point I am asking Larry to dance with me because that's when the fun begins. I want to return to Larry's story of the man walking down - the saint walking down the Ganges. The conundrum that he faced was very much like the conundrum faced by John D. Rockefeller who started out writing checks in a response to the requests made. He was responding to his own sense of conscience, his own spirituality, his own sense of social responsibility. But what he wasn't responding to is his own sense of strategy. He made that transition from charitable giver to strategic philanthropist, he helped to invent the field of organized philanthropy in the process and he and his sons went on to found just to launch entire systems of public health and to eradicate entire diseases. We are talking about results. So its fitting that my task right now is to introduce to you our - as our keynote speaker, the women who leads the institution that bears John D. Rockefeller's name. Despite the Rockefeller Foundation's powerful legacy including the catalyzing the green revolution Judith Rodin does not believe in resting on yesterday's achievements. She feels that if Rockefeller Foundation is to be an agent of social change, a social change institution that it too must be willing to change and so while you have to Judith Rodin's bios in your programs I think that the best way from me to introduce her to you is to simply say Judith Rodin is both a student of social change and an agent of social change and she is here to share her views with us. Thank you. Thank you very much Jane for that really generous introduction. We have helped like so many of you to support the Global Philanthropy Forum in recent years and it's been an honor and privilege to do so. I am delighted to be here at Google and its great to be in the Bay area with its vibrant economy and leadership in technology, the new media, certainly it's role as a gateway to the Pacific rim and Asia and importantly its dynamic philanthropic sector represented by so many of you in the audience today. It's wonderful to be here at Googleplex, this incubator of ingenuity and innovation, and I certainly can't imagine a better setting for a conference that really aims to both inspire and to inform. I couldn't conceive of a more inspiring group of speakers and learners and collaborators in this process of really coming to know and understand the challenges of the 21st Century with regard to philanthropy because it is a remarkable time in philanthropy. Larry talked about the great privilege of the opportunity to be in this sector. Now something that I think so many of us feel but this is a moment with an abundance of change both in terms of remarkable acts of generosity, that have energized our sector and in terms of the tremendous needs in the world today. Our work has never been more challenging and I think it has never been more necessary but as Jane began, allow me for a few minutes to take you back in time. Back to 1913, the year the John D. Rockefeller Senior created the Rockefeller Foundation with the goal of promoting the well-being of man kind around the world. It was a milestone in the history of philanthropy. A time when industrialists like Rockefeller and Andrew Carnegie were directing substantial parts of their enormous wealth towards some of the world's most difficult problems and were recall the problems were immense. Diseases like yellow fever and hook worm and malaria were rampant but there was little knowledge about how to treat them. Even the basics of public health were as yet unknown. Since taking on my position I've often thought of those early philanthropists and what was happening in the world around them, that's spurred them into action. World War I of course was the great divide. Out of that war came terrible insights into the fragility of modern international, political and economic and social systems. But thankfully also a belief in a better future possible for humanity. Looking back at those early days what strikes me is the responsiveness of the Rockefeller and his advisers to the specific challenges of his day. They saw conditions that needed to change, they did their home work. They invested heavily on world class research, they called on experts and they paid for advice putting many of them on payroll. They experimented and adapted and changed course when necessary. They didn't use the word innovation then they called it scientific philanthropy. But innovation was their game, it was bold, it was risk taking and it was experimental. That first phase of philanthropy, since I am here, let's call it philanthropy 1.0 still forms the bedrock of what we do today. Out of its approach came breakthrough achievements such as a vaccine for yellow fever and the professionalization of the field of public health, the spread of western medicine around the world. It was very ambitious work with a global reach. The first global philanthropy of its kind. In fact in the early days of the foundation the Rockefeller Foundation gave more foreign resources than the US government. It expanded the frontiers of knowledge and it improved the lives of millions but it would take another world cataclysm, the Second World War to launch what we can think of as the next generation of philanthropy. Again it came at a time when faith in the progress of view of humanity were hanging in the balance. World War II shattered old colonial empires and all over the globe new political structures were emerging. The underdeveloped world and its problems came to foreground in new and profound ways. Again the Rockefeller Foundation and the others adapted to the new reality. The result was philanthropy 2.0 with much more work on the ground. The support and encouragement of the NGO sector as critical intermediaries for our philanthropy. At the Rockefeller Foundation this included supporting entities that promoted knowledge about birth control and techniques to improve maternal and child health. And those that would lead to a revolution in agriculture in places around the world where millions were starving. We helped launch and create social justice and civil society organizations at home and around the world. This second phase of philanthropy added to the bedrock of our Foundation literally and figuratively. Philanthropy 1.0 and 2.0, each an adaptation to shifting global realities, each giving rise to new ideas, new ways of leveraging resources and tackling some of the worlds biggest problems at the time, again in new ways. Today I would argue we find ourselves at another inflection point. Once again the world is changing dramatically, the forces of globalization have shaken up the old arrangements. The cold war clearly has ended and once closed societies have now joined the cultural and economic mainstream. We look at the effects of globalization and we can see benefits everywhere. A revolution in technology, greater inter-connection, more inter-dependence. A transformation of our systems of transportation, finance and information. The world grows smaller and for many millions of people economic opportunities have expanded but not for everyone. Some regions and groups are benefiting less than others. In some places globalization has generated more conflicts within and between nations and exacerbated the inequities. Millions of people are still living on less than a dollar a day. Some people are more vulnerable and many more people are falling further behind both abroad and in the United States. To address these new sets of challenges we at the Rockefeller Foundation have been working on our version of philanthropy 3.0. Over the past two years we have been engaged in an intense and rigorous examination of our strategic direction. At a time when the philanthropic sector itself is undergoing a revolution we have asked ourselves the following questions among others. Of course what are the forces of globalization and what are they telling us and where are they taking us with regard to our work. How can we the most of our history and our resources to ensure that we have the greatest impact how can we open our self to the great ideas and tap the wonderful new thinking that's happening in this sector how can we listen better to our beneficiaries, an important question I think for all of us and how can we be more responsive to their needs and concerns and how can we better organize ourselves to continue to address the world's most pressing problems. This much we know as a result of this exciting work. Nearly a century after the Rockefeller Foundation was founded our mission still has profound resonance for us. The fundamentals that John D. Rockefeller Senior identified have not changed. A focus on the root causes of global suffering and global inequity and a determination to address profound social issues around the world. But to fulfill this mission with 21st century tools we are turning a new page. We have seen that innovation emerges in unpredictable ways. So we believe that the pipeline for new ideas and approaches must more deliberately be opened and therefore we've created new mechanisms to do so. For example if you now click on "Ideas" on our home page it will take you to a new page a new web based structure that allow us to search the world for new ideas with regard to improving and solving issues related to poverty and vulnerability. Our new initiatives will focus on specifically defined time limited initiatives that address big problems, where we feel our involvement can make very high impact, where we can really make a difference. We will take on issues where we feel we can bring a distinct and comparative advantage based on our resources, our unique resources, our history, our assets, our values. Without fixed programs and we have changed from a program related structure to a more open architecture we will work much more flexibly across disciplines and areas of expertise organizing ourselves and our program work around the problem and what it will take to solve it. When fully built out many of our initiatives will intersect and overlap in Venn like diagram structures because these problems are knotty and they are inter twined. We are tackling problems that require us to be much more nimble. To jump in quickly when the problems are urgent and time sensitive as well as continuing to invest in those when appropriate that require a longer term commitment. We are seeking novel and strategic forms of partnerships with a variety of players and importantly we are emphasizing work that enhances building capacity and resilience and produces systemic change. Let me give you a few examples of what I mean. We recently formed a strategic partnership with the Stephen and Melinda Gates Foundation called the Alliance for a Green Revolution in Africa (AGRA). Both foundations are committed to alleviating hunger and improving agricultural productivity on the African continent by working with small scale farmers to produce substantial capacity building and systemic change. Here we know that significant progress will only come over a long term horizon. We know that such an investment calls for an intensely multi-layered and multi-partnered approach requiring both small scale pilot work and very large scale interventions. Here each partner is intentionally and delibrately working in a way that each does best emphasizing his own strength and then pooling resources both intellectual and financial. Rockefeller has done deep pilot work on seed breeding and soil fertility and on output markets, creating and supporting local NGOs and large international research consortia. We bring significant presence on the ground in Africa and prior to that experienced helping to affect a green revolution in Latin America and Asia. Gates has supported large scale studies to enhance crop nutrience, develop new water technologies and influence output markets. Together we hope to bring vital energy, intellectual rigor and resources to the drive for the increased agricultural productivity on the continent. All of these many, many elements of a continuum including effective policy are necessary to create an African green revolution. But are now ready as partners to combine these areas of work and take them to scale in 13 African countries. At the same time our goal is to align with and learn from a broader array of partners who are testing their own approaches to enhancing agricultural productivity in Africa. Our alliance hopes to bring together these partners and bring together grantees with public-private sector partners using money expertise and networks to help improve the lives of some of the poorest people in some of the poorest parts of the world. This model of strategic collaboration usefully divides the commitments to seek more leverage around a single problem until the work can be taken to scale. A different example is our initiative in the city of New Orleans as it struggle to recover to from the devastation of hurricane Katrina. When the storm struck the Gulf Coast in the summer of 2005, as we all know, it exploded a horrifying degree of grinding poverty and entrenched poverty suffered by a population that had very long ago been left behind way before the storm waters receded. At first the Rockefeller Foundation along with many others gave Grants for immediate help for shelter and relief. Then months went by as city and state authorities tried to pool together a substantial coordinated plan for the city's redevelopment. But by last spring the planning process had run into a terrible log jam, a log jam caused by a desperate shortage of public resources, a great deal of frustration and uncertainty, many too many competing interests and not enough incentive to compromise. At the Rockefeller Foundation we saw that log jam in an impasse building that would affect thousands of poor and vulnerable people. On short notice we jumped in to help jump start a unified, inclusive and cooperative planning process. Using our influence as well as our money the funds would be instrumental in assuring that New Orleans would be able to tap into critically needed federal funds for long term recovery that could not be released until the plan was in place. We hope that breaking bottlenecks where we can, will become a signature of our new way of working. Our New Orleans initiative help pool together players with different and competing interests including the Mayor and the City Council, the Governor, the Louisiana Recovery Authority and representatives of more than 70 neighborhoods throughout the city. When it was time it provided funds for hiring new leadership to carry out the recovery plan once it was completed. And it provided funds to keep the plight of New Orleans on the national political agenda. This initiative in New Orleans was and still is a gamble. The politics are bitter and the chances for failure are still real. But we knew that we had the resources and the convening power and we hope the credibility to make a difference. We hired a community development expertise, a new program officer specifically for this project and just for a few years. She was some one well-versed in the complexities of urban planning. She moved to New Orleans to help administer the grant and to shepherd the planning process. With her role complete as it will be in only a few years, she will become the Senior Vice President for programs of the great New Orleans Foundation, extending our commitment to build local capacity on the ground. Importantly all of this was planned at the beginning of the philanthropic investment. We knew from the outset that as time goes by our ability to have impact would level off. Others would have to step in and would gladly step in, we hope to push the process forward and therefore we plan carefully and transparently at the start for how our commitment in New Orleans would end. I will take one more quick example to show you some of the array of strategies these initiatives will undertake. This is quite a different example. In the past few months Rockefeller Foundation launched an initiative called Innovation for Development. Many social innovators are experimenting, some with great results and there is so much that we can learn from them. But the challenge is to create systems of innovation that work for poor people by promoting greater access to the use of innovative methods, innovation methods and tools and resources for those who are working on the needs of poor and vulnerable people. The initiative will highlight and promote testing of innovation models. Typically these are models arriving - arising from the public sec - private sector, excuse me and apply them to our problems. Fund several applications of each model to the problems of the developing world. Models that have had demonstrated success in the private sector, for example, but this is not a full list, include crowdsourcing, participatory or user- driven innovations, publicly held and freely available platform technologies or data banks. Patent databases and technology landscapes that can guide innovators towards tools in the public domain and help them avoid the thickets created by proprietary rights. To take just one example and this is an example of the crowdsourcing innovation model. We are partnering with InnoCentive, a private company. It uses the web to find and reward innovators from around the globe who can develop solutions to science and technology issues before issues that companies faced. We are now applying it to issues facing development that will solve problems for poor people. We support the seekers, those with the problem to be solved to use InnoCentive's website for posting problems that need solutions and assay to be developed, a low-cost delivery device, a lower electricity using instrument and we offer a monitory reward to this solver who provides the answer. InnoCentive's registered solvers are a 150000 science and technology experts around the world. They submit solutions and the winning solver collects the reward of the problem if solved successfully. It's a very exciting new model and it is one of the many that we hope to demonstrate, make available and make applicable to the problems of the developing world. Throughout the next year we will be announcing other new initiatives in health, in focusing on the economic insecurity of the American worker and on adaptation in millions in the face of climate change. Another critical component of our philanthropy 3.0 is measurement to assess impact. Our sector must focus some attention on issues and [audio break] not only where we know the needs are great and the problems are profound because there are so many but where we honestly believe that we can have measurable impact. As such each new Rockefeller initiative is now designed with a clear timeframe, identified activities and products, specified learning outcomes and a projected end-point. You can see in the agricultural and in the New Orleans two very different examples. In New Orleans we expected an exponential curve. Our impact was going to be felt most at the beginning and our availability to have impact would level off time. So a short term clear initiative. In AGRA, the Green Revolution in Africa we expect a more linear set of timeframes here. We will need to keep building over time to maximize the impact. So here a longer timeframe, a broader time horizon specified in each case in advance. Will we take risks? Of course. Will every important outcome be easily measured? Certainly not. We can't of course focus only on that which is measurable where we will distort our philanthropy but we must absolutely recognize that the outcomes of our investments really do matter. We have to learn what works and why and how it works in order to gain real leverage and build capacity in the work of this sector. That's what it will take to do really great work. So philanthropy 3.0. For us that means seeking innovation and influence and impact supported by the pillars of our time honored tradition. We intend to be bold, we intend to learn and change and learn again, just as software designers here in Silicon Valley must retool their programs to keep up with the changing times, so must all of us adapt our philanthropic models, adapt our new ways of thinking to incorporate new technologies to monitor and then address local and global realities as they emerge to grasp new opportunities, to seek new opportunities. Old institutions are experimenting with new structures, the public and private sectors are coming together in experimental new forms of burgeoning numbers of public and private partnerships. We were privileged to participate in the formation of many of those in vaccine investment, in searching for new vaccines for some of the most dreaded diseases in developing world. But there are many, many other examples that you'll hear about and discuss at this meeting. Venture philanthropy philanthropreneurs are another buzz word of the day especially out here in the bay area. Whatever you call it, one thing is very clear and Jane mentioned it already, capital is being used more strategically and leverage is more critical than ever and it will be incumbent on all of us to figure out how to get that leverage from much of work that we do. Whatever the label, whatever the structure something radically new and something very exciting is happening within our sector. At the Rockefeller Foundation we have chosen a new structure that's right for us but our model assumes that there are many other forms of philanthropic giving, in fact our model depends on that. We have come to realize that among our most valuable assets not only our money but then the works that we have formed on the ground throughout the world that includes NGOs of all sorts, beneficiaries directly, experts other foundations and partners from the world of philanthropy and government and the private sector sharing knowledge, sharing expertise and above all sharing a profound sense of commitment to the importance of this work. This region has been a laboratory of new ideas and inspiration and know how. This past fall I met with Larry Brilliant the visionary force you have already heard from this morning. I had the pleasure of meeting with Iqbal Paroo from the Omidyar Network and Sally Osberg of the Skoll Foundation and I look forward to getting to know and learn from so many of you over the next months and years. We are excited about trying new ways of working and as Larry himself told the New York Times, Rockefeller is almost the country's oldest foundation and we are almost the newest and we have come to almost identical conclusions about the way to address the world's problems. That's very exciting for both of us and so we have a lot to learn from one another and from many of you. I think it is really clear as we get to philanthropy 3.0, that no single player can solve these major problems alone. This is a dynamic and complex and globalizing world and we've ought to seek solutions to these complex problems together. Seeking advice from and pulling resources with other foundations, seeking local knowledge and insight from people on the ground and partnering with experts in the public and private sectors. As you participate in this conference over the next few days, I challenge you to think about the creative new ways that you can approach your work. How you can widen your circle of partners to get the job done. The Rockefeller Foundation has been enormously reinvigorated by fresh thing. The work has been and continues to be absolutely exhilarating. We are beginning to think about our centennial which is a just a few years away and sometimes that kind of milestone can be a focus on the past and often it is done so both proudly but also wistfully. But I am pleased to say that we don't see it that way, our focus is squarely on our future. We are optimistic about the ability of philanthropy 3.0 to reduce vulnerability, to increase resilience for millions of people worldwide. Working with many of you to change the world is going to be a great experience and we will do it in important and passionate ways because sometimes the passion has come out of the work. So let us recommit ourselves to new ways of working and new ways of thinking and new ways of partnering and a lot of mutual learning. So they were not spending and wasting money reinventing mistakes that others have already made and that many of us could learn from. I look forward to getting to know you as I said and to hearing from many. If we don't have a chance to talk at the meeting call me or e-mail, my colleague Jackie Khor from the Foundation is here but I thank you very much for your attention, this is going to be just a sensational meeting. This is a sensational time for what we do. Thank you.