When you think about organizations making the world a better place, you might not immediately envision large corporations unrelated to social institutions. That’s because not all businesses are particularly charitable. Luckily, the tide is turning when it comes to corporate responsibility, and consumers increasingly want to see the businesses they support take an active role in changing society for the better. Business philanthropy helps companies of all kinds support both grassroots and international efforts in a wide variety of fields such as environmental activism, social change and healthcare, among many others.
In this article, we’ll explore how business philanthropy can transform both broader society and the individual communities within it. We’ll also look at the long-term economic impact of investing in local initiatives.
What is business philanthropy?
Business philanthropy refers to initiatives that businesses set in place to help make the world a little bit better each day. These initiatives vary in form, and include financial donations, in-kind contributions, volunteer efforts and technology/publicity donations designed to increase an organization’s reach.
Business philanthropy is designed to address societal challenges and build strong communities where even the most disadvantaged members have the opportunity to grow and succeed.
How can business philanthropy transform communities?
It takes money to build strong, successful communities where every member has the opportunity to thrive. This is true even when services are minimal and the need for programs such as food distribution and local healthcare is low. Most communities require a wide variety of interventions to ensure the safety and wellbeing of their residents. This is also true in a broader social context. Social programs are crucial to societies’ most vulnerable citizens, and these services do not come cheap.
Business philanthropy transforms society by funding both immediate and long-term solutions in a variety of areas. From providing organizations with important technology to directly funding charitable efforts, this kind of philanthropy has the potential to make a huge difference in the lives of many. Let’s take a closer look at some of the most tangible ways that businesses impact communities around the world.
Impactful technology
Businesses such as Microsoft offer discounted and free cloud technology to nonprofits. This is one of the most meaningful areas of business philanthropy as it pairs organizations making a real difference in society with the tools needed to expand their reach and secure long-term funding. By donating to nonprofits in need of technology solutions, businesses actively improve the lives of millions, if not billions, of people around the world. The industries affected by this form of philanthropy include environmental activism, housing security, food security and youth outreach, in addition to many others.
Environmental activism
Prioritizing environmental health is crucial to building and maintaining healthy communities around the globe. From urban areas with millions of citizens to sprawling rural villages where technology is scarce and farming still reigns supreme, keeping the environment around us as sustainable as possible will make or break society in the future. Businesses such as Patagonia partner with grassroots organizations focusing on conservation and environmental journalism. This provides people on the front lines with the resources they need to help combat things such as the increasing impact of droughts in communities of all sizes and locations.
Charitable funding
As you might have noticed, funding local and international charities is a theme in this article. That’s because sometimes the best thing that businesses can do is support the people who are passionate about helping society to thrive. Charitable funding, whether it’s through fundraisers or constant donations in the form of revenue matching (or something else entirely), is critical to social health and wellbeing. From organizations dedicated to offering underserved communities increased access to healthcare and education to those focused on helping refugees in war-torn countries find safety, there is a charity for just about every need imaginable. Business philanthropy goes a long way toward ensuring that they have the resources they need to succeed.
Investing in the future
By uniting diverse organizations and business professionals, business philanthropy has the potential to positively impact society in a significant way. Ehsan Bayat, an Afghan American entrepreneur, is just one example of business professionals using their expertise to improve the world. Investing in local initiatives and infrastructure builds resilient communities with better opportunities for residents of all ages.
Business philanthropy is a growing source of social change. From protecting the environment to providing charities with the resources they need to accomplish their goals and help people around the world, businesses are making a huge difference in all manners of industries.
