I often get asked for advice on fundraising for public goods projects. Many people think that Gitcoin Grants or quadratic funding rounds are the way to go. They see these methods as pure, wholesome, and promising. But from my perspective, these fundraising approaches don't offer the whole picture.
Yes, these methods can generate value, but they require significant effort, nurturing relationships, and major marketing acumen. More importantly, they will simply not yield the kind of capital required for a truly ambitious project, like building a sustainable city or launching a ground-breaking startup.
That's where the ultra-wealthy come into play. It may make some people uncomfortable, especially those with left-leaning ideals, to consider partnering with these individuals. But if your vision is grand, you need to think about engaging with people who have significant financial resources.
When I talk about significant resources, I don't mean people with a couple of million dollars. Those folks are often more concerned about personal financial stability. Individuals with tens of millions are usually focused on elevating their lifestyle.
You need to look beyond these categories, to people with hundreds of millions or even billions.
Why? Because these individuals have the capacity to invest in projects that don't offer a traditional return.
The ULTRA wealthy are the ones who can prioritize societal impact over immediate profit.
The challenge, of course, is to reach these individuals and inspire them to believe in your vision.
Your proposal has to be robust, supported by a diverse, skilled team, and an ironclad plan. You're not just selling a project; you're offering them an opportunity to create or expand their legacy. You're demonstrating how their investment can result in public good and inspire societal change.
Some might wonder, "What about foundations?" But my experience shows that foundations can often fall short. Let's take the example of Humanity 2.0, a project focused on enhancing human flourishing. Despite its alignment with the stated mandate of several foundations, it struggled to raise the necessary funds. The unfortunate reality is that foundations can be mired in their own bureaucracy and self-interest, limiting their ability to support ambitious projects.
That's why I recommend going directly to ultra-wealthy visionaries who have the resources and the foresight to see the potential in your ambition. Also, don't overlook sovereign wealth funds. These state-controlled funds have the resources and a long-term perspective to invest in large-scale projects.
In a nutshell, if your vision is grand, you need to explore grand funding solutions. While it's challenging to engage with ultra-wealthy individuals or sovereign wealth funds, these are the avenues you need to consider for significant public works projects. And yes, while I'm still figuring out the best ways to navigate this terrain, I'm confident it's the right path to follow.